Business
Use our short code to block unsolicited messages, NCC advises subscribers
The Nigerian Communications Commission has released a code that network subscribers can use to end unsolicited messages by Value Added Services providers and network providers.
The Zonal Controller, NCC, Enugu, Ogbonnaya Ugama, gave the code as 2442 while speaking with the News Agency of Nigeria on Monday in Enugu.
He noted that most often, the VAS providers and network sent unsolicited messages and marketing calls to its customers.
He described the provision of the short code by the NCC as “protection of the right of the consumers” to choose freely, the services they desire for.
“To stop unsolicited messages, use our do not disturb code of 2442 by typing ‘STOP’ and sending to 2442, to stop all unsolicited messages, or send ‘HELP’ to same code and follow the prompt to choose the options of the types of messages you want to receive.
“You can also send ‘STATUS’ to 2442 to see if your choices have been implemented,” Ugama stated.
The zonal controller also advised Nigerians to use the 112 toll free line provided by the commission in the event of an emergency.
He said the number is easy to remember and toll-free to reach any first responders.
“You can use the number to call the police, Federal Road Safety, fire service, ambulance and health authorities,” he said.
Ugama, however, expressed the determination of the commission to protect the rights of customers of the telecommunication companies in the country.
He stated that NCC had the interest of the public and telecom consumers at heart and would do their regulatory duty to protect it.
On SIM Card Porting, the zonal controller said consumers could easily move from one network to another and still retain the phone number they were using.
According to him, some people find it difficult to switch from one network provider to another, stressing they were afraid of losing their number or contacts.
“With the ability to port, their number contacts are secured,” 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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