Business

Why Micking emerged Nigeria’s oil of the year – Promoters

Published

2 years ago

March 13, 2023

Micking brand of lubricants has won the Engine Oil of the Year award at the NAJA (Nigeria Auto Journalists Association) Awards.

The event attended by captains of auto industry, took place on February 9, 2023 at the Oriental hotel, Victoria Island, Lagos.

Micking brand is Korea’s number one premium motor oil, which has been in the international engine oil market for many decades and was introduced into the Nigerian market by Golden Stone Limited, championed by Mr Andy Offor.

Managing Director of Golden Stone Investments Limited, Offor, listed some of the qualities of the engine oil that made it the leading lubricant not only in Nigeria but also in South Korea, where the oil is rated as the best.

According to him, Micking gives up to 10,000 mileages before changing, extends the service interval as well as engine life, and drains the engine. The oil also improves protection against sludge and harmful deposits.

Apart from guaranteeing easy engine starting, and excellent high – and low temperature performance, he said the has remarkable anti-wear and anti-oxidation properties.

He said that as a result of its quality, Micking has a very large customer base, such as Dangote Automobiles, Briscoe Motors, Mandilas, Automedics, Clusco Motors, Kewalram, GIG Motors, and Mercedes-Benz. Others include ABC Transport, Ineh-Mic Motors, Izuchuckwu Motors, German Motors, and other corporate companies. “Micking’s exploit is all over the world because it covers all engine oil needs for any vehicle brand. From OW20 to 5W30, 5W20, 10W40, 20W50, etc Micking has it all and is the best too,” Offor added.

The managing director stated that winning the award was just the beginning of what the product was about to do in Nigeria.

He advised motorists and auto companies yet to test the product to do so and give their engines the oil they have been waiting for.

Offor said, “We have done our comparable analysis, and I can confidently tell you that Micking product stands out, and no company in the country has the kind of wide range like Micking. Many have confessed to the quality, as it has solved smoking due to sludge, drying of oil in their engines, among others. It should be recalled that Micking is the first Korean oil maker to win a NAJA award since its inception.,”

Business

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

Published

15 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

16 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

20 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%.”