Business

MTN, Airtel, others lose 64.3 million lines to NIN-SIM verification

Published

4 weeks ago

October 29, 2024

MTN, Airtel, others lose 64.3 million lines to NIN-SIM verification

The recently concluded verification of the National Identification Numbers (NINs) linked with mobile SIMs has led to a significant drop in the subscriptions database of all mobile network operators in the country as MTN, Airtel, Globacom, and 9mobile yanked off 64.3 million lines.

According to the latest data released on Monday by the Nigerian Communications Commission (NCC), the huge loss was significantly driven by two of the operators, Globacom and 9mobile, which shed massive weight due to unverified NINs during the exercise that closed on September 14.

Globacom, which had 62.1 million active subscriptions as of March was left with 19.1 million subscriptions at the end of September, losing a whopping 43 million subscriptions.

Similarly, 9mobile, which had lost numerous customers in the past years was left with only 3.6 million active subscriptions at the end of September.

MTN still maintains market lead

Despite the sanitization and pruning exercise on the telecom operators’ databases, MTN Nigeria still maintained its top spot in the market with 78 million active subscriptions as of September.

The company, however, also lost 3.7 million subscriptions to the exercise as its active subscriptions database stood at 81.7 million in March.

Airtel Nigeria, which occupies the second position, ended September with 53.7 million active subscriptions.

The telco also lost about 9.6 million subscriptions over the last six months bringing its database down from the 63.3 million it recorded in March.

MTN, Airtel, others lose 64.3 million lines to NIN-SIM verification

Business

PH refinery: 200 trucks will load petroleum products daily, says Presidency

Published

6 hours ago

November 26, 2024

Trends Admin

Port Harcourt Refinery

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.

PH refinery: 200 trucks will load petroleum products daily, says Presidency

Business

Breaking: CBN increases interest rate to 27.50%

Published

7 hours ago

November 26, 2024

Trends Admin

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

Published

11 hours ago

November 26, 2024

Trends Admin

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%.”