Business
Nigeria’s poverty situation unacceptable – Akinwumi Adesina
Nigeria’s poverty situation is unacceptable considering the country’s abundant natural resources, President of the African Development Bank (AfDB), Akinwumi Adesina,
He said this on Saturday, during a convocation lecture he delivered at the American University of Nigeria (AUN), Yola, Adamawa State capital.
Adesina said Nigerians deserved wealth, not poverty, adding that the nation must learn how to manage its diversity for prosperity.
The AfDB president stated that 38.5 per cent of youths in the country are unemployed, “lacking skills, economic opportunities, discouraged, angry and restless, as they look at a future that does not give them hope”.
He said that the government should prioritise investments in the youth.
“I speak to you today as a Nigerian. As I have quite often said, I will live as a Nigerian, die as a Nigerian, and on the resurrection morning, I will ask God for permission to rise as a Nigerian, with the green-white-green flag in my hand!” Adesina said.
Adesina also said, “Nigeria is blessed with incredibly rich diversity: of people, of cultures, of religions, of mineral resources, oil, and gas, amazingly rich biodiversity, that should make us the envy of the world. We are blessed with abundantly diverse agro-ecologies, that should also make us a land of bountiful harvests with capacity to feed Africa.
“We are a religious nation, so we should understand that God loves diversity. The diversity of rich and brilliant colours that we see in our forests, oceans, seas, and in flora and fauna, reflect the beauty of the Creator. Therefore, our diversity is not our problem. Diversity is our strength. But when mismanaged, diversity becomes divergence. Rather than unite, we become splintered, with each entity believing that, somehow, it is better without the other. We must manage diversity for collective good.
“Nigeria must start managing its diversity for prosperity. We must drive for national cohesion, not ethnic nationalities. We must address the fundamental reasons for agitations, by listening, understanding, removing prejudices and allowing for open, national dialogues, without preconditions, but with one goal: build one cohesive, united, fair, just and equitable nation for all, not for a few or for any section of the nation or religion.
“Nigerians deserve wealth, not poverty. For all the abundant wealth of natural resources, Nigeria’s poverty situation is unacceptable. Today, sadly, there are way too many poor people in Nigeria. The Government is implementing bold social programs to reduce the number of poor, through interventionist programs, but the fact of the matter is poverty is not just about money.”
Adesina further said there should not be a Nigeria for the rich and another for the poor, adding that every citizen has the right to a decent life.
Business
Naira exchanges N1,650/$ in parallel market
Naira exchanges N1,650/$ in parallel market
Yesterday, the Naira appreciated N1,650 per dollar in the parallel market, compared to N1,655 on Monday.
Similarly, the Naira appreciated to N1,535 per dollar in the official foreign exchange market.
Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the Nigerian Foreign Exchange Market (NFEM) fell to N1,535 per dollar from N1,537 per dollar on Monday, indicating N2 appreciation for the naira.
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Consequently, the margin between the parallel market and NFEM rate narrowed to N115 per dollar from N118 per dollar on Monday.
Naira exchanges N1,650/$ in parallel market
Business
Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation
Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation
The exchange rate between the naira and the dollar ended the year at N1,535/$1 representing a 40.9% depreciation for 2024.
The official exchange rate between the naira and dollar closed in 2023 at N907.11/$1 thus depreciating by 40.9% for the year which compares to a 49.1% devaluation at the end of 2023.
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Nigeria introduced several foreign exchange policies in 2024 as the central bank expanded on market-friendly forex policies to attract foreign investors.
Meanwhile, on the parallel market where the exchange rate is sold unofficially, the naira exchanged for N1,660 to the dollar when compared to N1,215/$ according to Nairametrics tracking records. This represents a 26.8% depreciation.
Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation
Business
Warri refinery: Marketers hopeful of further petrol price drop
Warri refinery: Marketers hopeful of further petrol price drop
There was excitement on Monday as the Warri Refining and Petrochemical Company (WRPC) commenced partial production.
This is coming after nearly a decade of dormancy as the 125,000 barrels per day refinery was confirmed to be working at 60 per cent capacity, according to the Nigerian National Petroleum Company Limited (NNPCL).
The refinery, inactive since 2015 due to prolonged repairs, reportedly began refining activities last Saturday at its Area 1 plant, where crude oil was successfully pumped into the system.
This was coming about a month after the commencement of operations at the 60,000-barrel-per-day-old Port Harcourt Refinery.
The NNPCL Group Chief Executive Officer, Mele Kyari, announced the resumption of operation at the Warri Refinery during a tour of the facility on Monday.
Kyari was seen in a video posted by Channels TV addressing a tour team, which included the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed.
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Earlier, Kyari explained that the inspection aimed to show Nigerians the level of work completed so far.
He said though the repairs on the facility were not 100 per cent complete, operations had commenced.
He said, “We are taking you through our plant. This plant is running. Although it is not 100 per cent complete, we are still in the process. Many people think these things are not real. They think real things are not possible in this country. We want you to see that this is real.”
With the addition of Warri Refinery, Nigeria’s refining capacity has further increased with marketers anticipating a further reduction in price of premium motor spirit (PMS).
The 650,000-barrel Dangote Refinery has commenced production in addition to the Port Harcourt Refinery with a total capacity of 210,000 barrels per day (bpd) comprising 60,000 bpd for the old plant and 150,000 bpd for the new plant.
It’s good for business, prices may reduce – Marketers
Major Energy Marketers’ Association of Nigeria (MEMAN) and the Independent Marketers Association of Nigeria (IPMAN) welcomed the revival of the Warri refinery, saying it would deepen competition, diversify supply and ultimately resort to price reduction.
Executive Secretary of MEMAN, Clem Isong in a chat with our correspondent stated that the Warri Refinery is the shortest route to the North, describing its revival as good news.
“The market becomes more competitive and we are diversifying supply,” he said.
On whether it would lead to price reduction, he stated, “There are many factors that affect price, competition is always good and you can always get your product at the best price.”
National Public Relations Officer of IPMAN, Alhaji Olanrewaju Okanlawon in a chat with our correspondent said, “If there is excess supply, it will keep bringing down the price. We now run a free market and it is about demand and supply. It will continue bringing down the price. It will decongest Lagos.”
Energy expert, Dr. Ayodele Oni said the resumption of Warri Refinery would boost the local refining capacity in addition to enabling the country to sell to other neighbouring countries.
“We can refine more and even have some to sell. We now stop being hewers of wood and drawers of water. We add value to what we produce and can make/ do more with our base resources. This is very pleasant news,” he said.
Warri refinery: Marketers hopeful of further petrol price drop
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