Business
Nigeria’s economy can’t survive second lockdown, MAN, LCCI warn
The Manufacturers’ Association of Nigeria, the Lagos Chamber of Commerce and Industry and other economic groups have said Nigeria’s economy is still fragile and cannot survive another lockdown.
They stated this in separate interviews against the reported ride in COVID-19 cases in the country, just as some states including Lago and Kaduna have threatened to shut down their public spaces and the economies if people continued to ignore the recommended guidelines against the virus spread.
Nigeria’s economy slipped back into recession after its gross domestic product contracted for the second consecutive quarter, according to data released by the National Bureau of Statistics in November.
The Federal Government imposed lockdown in Lagos and Ogun states as well as the Federal Capital Territory in April this year.
The phase three of the lockdown, which was extended to other parts of the country, ended in September.
But there have been concerns about the increasing coronavirus cases with at least 26 generals and the Lagos State Governor, Babajide Sanwolu, testing positive for the virus. The Nigerian Army had also said a general, Olu Irefin, died of the virus.
The Director-General of the LCCI, Dr Muda Yusuf, in an interview with The PUNCH, said a second lockdown was not wise considering the current state of the economy.
He stated, “A second lockdown is not advisable. The social and economic environment is too tense and fragile to withstand the shock of another lockdown. What needs to happen is to intensify the sensitisation and awareness of COVID-19 protocols. Some subtle enforcement should also be put in place.”
Also, the acting Director-General of MAN, Ambrose Oruche, said the state of health of Nigerians was of paramount importance and the spread of the coronavirus should be prevented.
He, however, noted that it was not advisable for the government to introduce a complete lockdown considering the fragile state of the economy and the need for people to earn a living.
He advised the government to ban large gatherings and enforce the Nigeria Centre for Disease Control protocols like the wearing of facemasks, regular hand washing and observing of social distancing.
President, Nigeria-Malaysia Business Council, Michael Aderohunmu, said it would be counterproductive to lock down the nation’s economy again.
He said, “We are talking about productivity, humans produce and consumed products. You can see the last effect of the lockdown on the economy. Consumption crashed and most products were short in the markets.
“So humans should not be locked down again, rather massive advocacy should be done. If people don’t go to work again, the effect will be devastating on production, consumption and the economy.”
The National Vice President, Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture, who doubles as the President, Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, stated that a lockdown would not mean well for production in Nigeria.
Railway
Lagos Rail Mass Transit part of FG free train ride – NRC
Lagos Rail Mass Transit part of FG free train ride – NRC
The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.
The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).
This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.
While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.
READ ALSO:
- Nigeria denies alleged plot to destabilise Niger Republic
- Navy arrests 19 Nigerians attempting to reach Europe by hiding on ship
- Troops arrest four Ambazonian rebels in Taraba
Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.
“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.
Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.
He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.
Lagos Rail Mass Transit part of FG free train ride – NRC
Business
NNPC denies claim of Port Harcourt refinery shutdown
NNPC denies claim of Port Harcourt refinery shutdown
The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.
The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.
Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.
READ ALSO:
- Like Ibadan, stampede claim 10 lives for Abuja Catholic church, 17 in Anambra
- Marketers react after NNPCL slashes petrol price to N899 per litre
- Electricity: We installed 184,507 meters, issued 50 licences in Q3, says FG
The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.
“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”
He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”
NNPC denies claim of Port Harcourt refinery shutdown
Business
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.
The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.
The arrangement will be in effect from December 19, 2024, to January 30, 2025.
Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.
Transactions to occur at the prevailing NFEM rate
The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.
READ ALSO:
- Badenoch’s negative portrayal of Nigeria Police unfair-PCRC
- Bitcoin price crashes to $95,000 as market continues to react to Federal rate cuts
- Bauchi high court dismisses blasphemy, cybercrime charges against Rhoda Jatau
All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.
The circular read in part:
“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).
This window will be open between December 19, 2024 to January 30, 2025.
“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”
The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”
These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.
This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
-
metro2 days agoCourt stops customs from seizing imported rice in open market
-
Railway13 hours agoLagos Rail Mass Transit part of FG free train ride – NRC
-
metro3 days agoFG transfers electricity market regulatory oversight in Lagos to LASERC
-
metro2 days agoAfe Babalola: Court grants Dele Farotimi bail, barred from media interviews
-
metro2 days agoIbadan stampede: Tinubu orders probe as death toll hits 40
-
News2 days agoAdebayo Ogunlesi, 2 other Nigerians make Forbes 50 wealthiest Black Americans list 2024
-
metro24 hours agoIbadan stampede: Ooni reacts after arrest of ex-wife
-
metro2 days agoNAFDAC seizes N5bn fake rice, seals factory in Nasarawa
You must be logged in to post a comment Login