Business
Tinubu, German Chancellor back Siemens electricity, railway projects in Nigeria
Tinubu, German Chancellor back Siemens electricity, railway projects in Nigeria
President Bola Tinubu and German chancellor Olaf Scholz have affirmed that power project deal with Siemens AG will be given priority attention.
They also expressed support for the company to build a high-speed railway network in Nigeria.
A statement released by Ajuri Ngelale, presidential spokesperson, said Tinubu spoke with Scholz on the sidelines of the G20 Compact with Africa economic conference, in Berlin, Germany, on Monday.
In 2019, under the presidential power initiative (PPI), Nigeria signed a deal with Siemens, Germany-based firm, to deliver 7,000 megawatts (MW) of electricity to the national grid by 2021, and 11,000 megawatts by 2023 — in phases one and two of the initiative, respectively.
The deal between the Nigeria and Siemens was with the support of the German government.
A year later, the Federal Government approved the payment of €15.21 million and N1.708 billion as counterpart funding for the project.
In December 2021, the Federal Executive Council (FEC) also approved $1.9 million and €62.9 million for phase one of the project which sought to modernise, rehabilitate, and expand the national grid.
Abubakar Aliyu, former minister of power, had said the three-phased project would expand Nigeria’s electricity to 25,000MW when completed, and “commence in the first quarter of 2022”.
But the project has since been behind schedule.
In August, Oladayo Orolu, head of business development and government relations, said plans to complete the revamping of Nigeria’s power infrastructure would take an additional five years than originally planned due to delays caused by the (COVID-19) pandemic.
Orolu also cited “high prices” of materials as a reason for the delay.
According to Ngelale, Tinubu assured the German chancellor that unsteady implementation of the PPI would now have a more deliberate process of project execution.
“For me, I am very much committed to pursuing all aspects of the Siemens Power project and the skill development opportunities that will emerge from that project for our talented youths who can participate in sustaining the industry,” Ngelale quoted his principal as saying.
Tinubu also expressed his interest in the new 2,000km high-speed rail network Siemens is presently constructing across 60 cities in Egypt, urging the German company to replicate the advancements in Nigeria.
While Scholz expressed readiness, he said there was a need to resolve the current administrative and financial hurdles brought about by governance problems.
“I know that there is a lot of work that has been done. There is already a big production of electricity in Nigeria, but it is not getting to the population,” he said.
“Of course, this has to do with the need for a provision of stations and infrastructure on the grid.
“Siemens has developed the plan and is ready to deepen implementation, but it is now up to your new government to take the follow-up action that you are now committed to taking.
“On the railway plans, Siemens will be very happy to do this when more progress is made on the power project which has been started already.”
In response, Tinubu said he was determined to prove foreign investors who are still “paranoid” about the Nigerian business system wrong.
Scholz expressed optimism for Nigeria’s growth, saying “there is nothing too unique on the growth of China”.
“It came down to a lot of investment from overseas that leveraged on cheap and skilled labour with adequate internal infrastructure and shipping infrastructure for imports and exports to flow easily,” he added.
“These things are possible in Nigeria. You even have abundant natural resources. Step by step, it is achievable, Mr. President,” he added.
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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