Business

Tanker crashes: Govt to enforce ban on rundown trucks

Published

4 years ago

November 25, 2020

The Federal Government is set to strictly enforce its ban on importation of trucks older than 10 years to curb frequent road accidents involving fuel tankers.

The government has also mandated the Federal Road Safety Corps to start the enforcement of the maximum load capacity of 45,000 litres of petroleum products by trucks.

These were part of the resolutions reached by the Major Oil Marketers of Nigeria and the National Association of Road Transport Owners at a workshop in Abuja.

A statement on Tuesday by the Corps Public Education Officer at the FRSC, Bisi Kazeem, titled ‘FG takes measures with strategic stakeholders against petroleum tanker crashes’ said the FRSC Corps Marshal, Dr Boboye Oyeyemi, represented the Secretary to the Government of the Federation, Boss Mustapha, at the meeting.

It stated, “Government to consider issuing directives on enforcement of the 10-year policy on importation of trucks, so that any articulated vehicle that is beyond 10 years of age should not be allowed into the country.”

It said the meeting recommended that the SGF should consider securing a presidential directive for urgent intervention in the provision of soft loans for truck renewal using a similar template as applicable to pharmaceutical companies and other sectors of the economy at the peak of COVID-19.

It read, “Members further called for a timeline to be set for the enforcement of the maximum load capacity of 45,000 litres of petroleum products by trucks operating from the tank farms across the country.

“The meeting resolved that enforcement of all safety standards including anti-skid, anti-rollover and anti-spill (safety valves) be prioritised within a given time frame as outlined in the similar communiqué reached in 2018.”

It added that part of the resolutions was that “the FRSC, MOMAN and NARTO are to organise a joint enlightenment campaign for articulated vehicle drivers including production and placement of jingles in different languages on radio and television stations, production of handbills and also convene a press conference within two weeks.”

Clement Isong and Aloga Ogbogo, executive secretaries of MOMAN and NARTO respectively and the corps marshal of the FRSC endorsed the resolutions, the statement said.

Business

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

Published

9 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

10 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

14 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%.”