Business
Recession: Nigeria remains Africa’s fastest growing economy, says UK envoy
Nigeria is still the fastest growing economy in Africa despite entering into a second recession in five years, United Kingdom Trade Envoy to Nigeria, Helen Grant.
She stated this on Saturday at a two-day Nigerian Diaspora Investment Summit organised by Nigerians in Diaspora Commission (NiDCOM), in collaboration with Nigeria Diaspora Summit Initiative (NDSI).
The event, the third edition, which began on November 20, has as the theme: “Post-COVID-19 Economic Resurgence: Targeting Diaspora Investment”.
Grant was also reported as saying efforts would be intensified to strengthen the UK, Nigeria relations.
Nigeria on Saturday entered its second economic recession in five years, also its worst economic decline in four decades.
But the UK official expressed optimism about the Nigerian economy bouncing back fast and was excited about the prospects.
Grant said Nigeria was full of investment opportunities and potential, adding, “We look forward to coming to Nigeria to identify with viable businesses that the UK government could partner with in generating real and long-term benefits for both countries.”
She said that the UK government was ready to educate, as well as learn from Nigeria by enhancing the bilateral trade between the two countries.
She said that the UK and Nigeria had so much uniting them, especially in the areas of culture and language, and stressed the need to build on such existing relations to bring about economic growth.
Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, who also spoke at the event, said that the Federal Government, through the Economic Sustainability Committee (ESC), had launched the Economic Sustainability Plan (ESP).
The efforts, he said, were aimed at actualising the recovery of the economy from the effect of the COVID-19 pandemic.
He noted that Nigerians in the Diaspora were key drivers of achieving the recovery growth plan.
He listed some of the programmes of the Federal Government in cushioning the effects of the pandemic on the citizens as the release of N200 billion loans for Micro Small and Medium Enterprises in Nigeria.
Minister of State, Foreign Affairs, Alhaji Zubairu Dada, commended NiDCOM, NDSI and other collaborators for organising the event targeted at bringing about constructive interface between Diaspora investors and business owners in the country.
He said Nigerians in the Diaspora were potential resources in the areas of skills, experiences and resources which could be tapped in bringing about national development.
He added that the Ministry of Foreign Affairs would continue to stress the importance of engaging with the Nigerians in Diaspora in bringing about economic resurgence and national development in the post-COVID-19 era.
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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