Business
With $537m, US Begins Construction of Largest Consulate Globally in Lagos
The United States Government yesterday commenced the construction of a new Consulate office, which would be the largest globally, to be situated at the iconic Eko Atlantic City in Lagos.
An impressive ground-breaking ceremony on the project, estimated at $537 million, was witnessed by Governor Babajide Sanwo-Olu, who was joined US Ambassador, Mary Beth Leonard, and US Consul General Claire Pierangelo.
Located on a 12.2-acre site in the rapidly developing Eko Atlantic City, the new US Consulate General in Lagos would support diplomatic and commercial relations between the United States and Nigeria and provide American and Nigerian Consulate employees with a safe, secure, sustainable, and modern workplace.
“When completed, it will be the largest US Consulate in the world, demonstrating the importance of the relationship between the United States and Nigeria,” according to a statement issued after the ceremony by the Public Affairs Section of the U.S. Consulate General, Victoria Island, Lagos.
The new Consulate, the statement said, would directly benefit the Nigerian people, and throughout the project, an estimated $95 million would be invested in the local economy, with the project employing approximately 2,500 Nigerian citizens, including engineers, architects, artisans, construction workers, and administrative staff.
“These workers will have the opportunity to learn new technical skills and safety awareness that will help distinguish them in the local market,” the statement said.
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In her remarks at the ceremony, Leonard expressed appreciation to the federal government and Lagos State Government for their support.
“Our vision for this remarkable Consulate campus is to create a facility that both honours the vibrant relationship between the United States and Nigeria and communicates the spirit of American democracy, transparency and openness,” Leonard added.
“Nigeria and the United States have a long-standing history of people-to-people engagement fostering bridges between our two nations. We look forward to the many accomplishments we will continue to achieve together in the future,” Pierangelo said.
The new Consulate would provide a modern space for the largest consular operation in Africa, including improved public-facing interview and waiting areas.
The construction project targets Leadership in Energy and Environmental Design (LEED) Silver Certification ––a globally recognised designation for achievement in high performance, best-in-class, green buildings –– and incorporates many features designed to make the building more sustainable.
Ennead Architects LLP of New York is the design architect, Pernix Federal, LLC of Lombard, Illinois, is the design/build contractor, and EYP, Inc. of Albany, New York, is the architect of record. The construction project would take approximately five years, with completion expected in 2027.
THISDAY
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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