Business
Travel agencies advise new committee members on professional ethics
-By Ebere Chibuzor
National Association of Nigeria Travel Agencies, NANTA has advised newly inaugurated committee members to adopt a professional approach in achieving profitability and sustainability in their business activities.
Vice President, Lagos Zone of the association, Yinka Folami, at the inauguration of committee members in Lagos, said this recently.
He enjoined the inducted members to serve with every sense of professional conduct, adding that such development would enable them to demonstrate a high level of competence.
Folami commended efforts made by the different government agencies and other players in ensuring that people observed all COVID-19 measures as directed by the government.
He commended all travelling publics, aviation stakeholders and the entire Nigerian community for their steadfastness throughout the trying times.
He said, “As we begin to stabilise from the devastating effects of COVID-19 pandemic, we urge that there should be no loss of concentration and that we should continue to abide strictly by the set protocols.”
He also commended stakeholders and other guests present during the event including the National President, NANTA Susan Akporiaye; NANTA Lagos zonal officers, Lola Adewole.
He urged them to continue on the path of exemplary leadership.
He unveiled members of the committee responsible for monitoring and advising on approaches, travel policies, and practices to achieve balance in Lagos travel trade market as Chudi Aligwekwe, Omonike Adesokan, Chinwe Eluchie, Funmilayo Oriola, Yinka Eniayekan, Nwankwo Ifeanyi, among others.
While committee responsible for interpreting code of conduct as stipulated in the NANTA constitution and administer standard which NANTA members must comply with is made up of Arit Tunde-Imoyo, Lawal, Folakemi Fatade, Alabi Kazeem Ishola, Adetunji Farinu, Lola Adefope Oluwasanmi Shobayo and Lola Adewole as exco observer.
Those for establishing and maintaining relationships with both active and passive members and stakeholders are Efetobo Awhana, Adekunle Oluwole, Joanna Owolabi, Taiwo Omoifoh, Abimbola Abiona, Elohor Kagho, Eke Stella and Taiwo Oludayo.
Folami recalled as part of NANTA’s Corporate Social Responsibility, a committee was set up for providing relief materials to families within the neighborhood of NANTA headquarters in Lagos.
He said the committee supported the COVID-19 safety protocols by distributing 1,500 face masks to the aviation frontline workers such as Federal Airports Authority of Nigeria, FAAN, Nigerian Civil Aviation Authority, NCAA, International Air Transport Association, IATA, Bi-Courtney and the Nigeria Immigrations Service.
He said, “That was successfully executed in August 2020, and as part of NANTA’s way to maintain a culture of giving back to society.”
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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