The nation’s economy may have started a journey into another recession with the Central Bank of Nigeria’s latest report showing that the manufacturing sector has been in contraction for two consecutive quarters.
Economists explain recession as a period of two consecutive quarters of negative gross domestic product, when reduced production and unemployment become pronounced.
Specifically, the new CBN report indicates that the Purchasing Managers Index for the manufacturing sector has recorded six months of contraction.
The statistics department of the CBN stated in its October Purchasing Managers Index survey report that the contraction started in May.
The report obtained by the Punch read in part, “The manufacturing PMI in the month of October stood at 49.4 index points, indicating slowing contraction in the manufacturing sector compared with the last five months.
“Of the 14 subsectors surveyed, six subsectors reported expansion (above 50 per cent threshold) in the review month in the following order: electrical equipment, transportation equipment, printing & related support activities, chemical & pharmaceutical products, textile, apparel, leather & footwear and cement.
“The remaining eight subsectors reported contraction in the following order: primary metal, petroleum & coal products, paper products, fabricated metal products, furniture & related products, non-metallic mineral products, plastics & rubber products and food, beverage & tobacco products.”
At 50.0 points, the production level index in October 2020 for the manufacturing sector indicated halting in contraction which commenced since May 2020.
Of the 14 subsectors surveyed, seven subsectors recorded expansion in production level, one subsector maintained current level, while six subsectors recorded a decline in production in October 2020.
Abuja-Kaduna train resumes to services Tuesday, says NRC
The suspended Abuja-Kaduna fast train will resume operations tomorrow, Tuesday January 31, 2023, the Nigerian Railway Corporation has said.
The train service was suspended by the NRC last week after a derailment recorded at the Kubwa Station on Friday January 27.
A statement announcing the recommencement of the train signed by the NRC Director of Operations, Niyi Alli, obtained on Monday, read, “The board and management of the Nigerian Railway Corporation is pleased to announce the recommencement of the Abuja-Kaduna Train Service which was suspended on Friday 27th January 2023 due to the derailment that occured at Kubwa Station on the same date.
“The service will resume on Tuesday 31st January 2023 with the following daily schedule; KA2 departs Rigasa at 0700; Ak1 departs Idu at 10.00; KA4 departs RIGASA at 13.00hrs; AK3 departs idu at 16.00.
“However on Wednesdays only KA2 will depart Rigasa at 0700 and and AK 4 will depart Idu at 16.00.
“The corporation once again regrets any inconvenience our esteemed passengers may have experienced as a result of the temporary suspension of the service.”
Lagos gov, FRSC boss for Nigeria Auto Awards where Chinese, popular brands will flex muscles
The Lagos State Governor, Babajide Sanwo-Olu, and the Corps Marshal of the Federal Road Safety Corps (FRSC), Dauda Biu, will be special guests at the forthcoming Nigeria auto industry award.
The award scheduled to hold at the Oriental Hotel in Victoria Island, Lagos, on February 9, 2023 will witness the emergence of the car of year (2022), outstanding pickup and best-performing truck in Nigeria, among others, where both popular brands are competing with Chinese products.
According to the organisers, Nigeria Auto Journalists Association, other stakeholders that have also indicated interest to be part of the prestigious award ceremony are Toyota Nigeria Limited (TNL), CFAO Motors, Dangote Peugeot, Kewalram Nigeria Limitedrarf, Mikano Motors and Lanre Shittu Motors.
RT Briscoe, Elizade Autoland, Jet System, Nord Motors, Autochek, GUO Transport, among others have equally confirmed their participation in the formost auto industry event in the country.
Already, finalists have been shortlisted for the auto awards, with GAC GS4, Geely Coolray and Suzuki S-Presso nominated for the ultimate car-of-the-year award category.
NAJA Auto Awards is an annual event that celebrates auto brands across the entire industry value chain in Nigeria.
According to the awards committee, dozens of distinguished automotive journalists from different mediums selected the finalists based on their evaluation of each eligible vehicle as part of their professional work.
In the Truck-of-the-Year category, the contest will involve Sinotruk by Dangote, Shacman truck by TSS and JAC truck from Lanre Shittu Motors.
Innoson, Mikano and GAC will slug it out in the Assembly Plant-of-the-Year category.
In the luxury car segment, Porsche, Mercedes and BMW models are the front runners.
Elizade Autoland (JAC), Stallion Hyundai and CFAO Motors will battle for the outstanding auto workshop honour.
In the SUV category (compact), Kia Selto, Geely Coolray and GAC GS4 have been nominated.
For Large SUV, Toyota Land Cruiser will lock horns with GAC GS8, BMW X7 and Range Rover (Autobiography).
Toyota Hilux, Mitsubishi L200 and Ford Ranger will battle for the Best Pickup award.
Lanre Shittu (JAC truck), TSS (Shacman) and Dangote Sinotruk will also battle again for the truck plant of the year award.
Giving insights into the nominees, Chairman of the 2022 Award Committee, Rasheed Bisiriyu, said all vehicles nominated in the various categories represent exceptional value and designs.
“We are using our respected, trusted platform to recognise and acknowledge best-performing brands in different segments and categories across the entire auto value chain.”
According to him, the award event, which has now become a major industry show, celebrates and rewards automotive excellence.
He also disclosed that the Managing Director of RT Briscoe, Mr Seyi Onajide, and Deputy Managing Director of CFAO Motors, Mr Kunle Jaiyesimi, would be honoured with the Auto Personality of the year in recognition of their immense contributions to the development of Nigeria’s auto industry.
In his own comment, Chairman of NAJA, Mike Ochonma, said the auto journalist body has always believed in bringing together all the stakeholders in the automotive sector to build a stronger community and strengthen consumers’ confidence and trust in the industry and their brands.
“I would like to congratulate all the nominees for the 2022 edition and look forward to their presence at the grand ceremony,” he added.
Accidents: FRSC boss recommends truck barrier on Ojuelegba Bridge, warns against ‘one-way’ driving
The Federal Road Safety Corps has recommended the construction of a truck barrier on Ojuelegba Bridge in the Surulere area of Lagos to prevent articulated vehicles especially trucks carrying containers from using the bridge and falling on other vehicles.
The FRSC Corps Marshal, Dauda Biu, made the recommendation while reacting to an accident around the bridge on Sunday in which a container-carrying truck fell on a passenger bus, killing nine people including two children.
A statement by the Corps Public Education Officer of the FRSC, Bisi Kazeem reported the corps marshal as expressing deep concerns over the fatal accident, which he noted was becoming a regular occurrence.
Biu also spoke on another accident recorded on Sunday that claimed 11 lives on Soka Bridge on the Lagos-Benin Highway and warned against excessive speeding and driving against the traffic popularly called one-way.
The statement said, “Whilst his concerns stem from the reoccurring container crashes on Ojuelegba bridge that has claimed several lives, the Corps Marshal recommends the construction of barricades against articulated vehicles (tankers, trucks, trailers and other heavy duty vehicles) on Ojuelegba Bridge as a permanent solution to the reoccurring crashes.”
The corps marshal who frowned on the incident explained the importance of barricading the bridge against articulated vehicles citing some of the dangers that come with their continuous use of the bridge as he called for efforts to be made towards expanding the connecting roads under the bridge to accommodate all articulated vehicles.
He revealed that FRSC rescue teams in collaboration with other Emergency Management Agencies had cleared obstructions from the crash scenes for ease of movement while the driver of the Mack truck had been arrested and handed over to the police for further investigation and possible prosecution.
The corps marshal also reiterated the need for the enactment of laws that will bring justice to victims of these crashes and where such laws already exist, efforts should be made to activate them so that justice will be served accordingly to both the drivers and the victims.
It stated that a preliminary investigation conducted into the fatal crashes revealed that the Ojuelegba crash involved a Mack Truck with a 40ft container with the registration number KJA 380 KD, who apart from engaging in excessive speed, also indulged in an act of wrongful overtaking and a Suzuki mini bus registered as KTU 921 YD; while the Soka avoidable menace involved a truck driven against the traffic and a Macopolo bus.
The statement said, “The container mounted on the Mack truck at Ojuelegba, according to our operatives, fell off the truck and landed on the Suzuki mini bus filled up with passengers which obviously led to the death of 9 of the passengers.
“As at the time of this statement, 11 victims were burnt beyond recognition at the Soka Bridge while the Ojuelegba crash involved 13 people comprising of nine males and four females. Out of the 13 people, nine were killed comprising five male adults, one male child, one female child and two female adults.
“Out of the four victims who survived the Ojuelegba crash, two were rescued without injuries while the remaining two sustained various degrees of injuries.
He urged the public to always use the FRSC toll free line 122 and the National Traffic Radio 107.1 FM which are always available for all road users to report emergencies at any given time.
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