Business
World Bank: Nigeria’s unemployment rate rose five-fold in 10 years
The World Bank says the unemployment rate in Nigeria rose five-fold in the last 10 years.
From 6.4 percent in 2010 to 33.3 percent at the end of 2020, the Bank said the significant increase affected Nigerian youth in their quest to find gainful employment opportunities.
In March, the National Bureau of Statistics (NBS) reported that Nigeria’s unemployment rate climbed to 33.3 percent in the fourth quarter (Q4) 2020 from 27.1 recorded in the second quarter (Q2) 2020.
The NBS had said a total of 23.18 million persons in Nigeria either did nothing or worked for less than 20 hours a week, making them unemployed during the fourth quarter (Q4) 2020.
According to StatiSense, a data technology company, with 33.7 percent, Nigeria ranked top among the list of countries with the highest unemployment rate globally.
In its recent report, titled, ‘Of Roads Less Travelled: Assessing the Potential for Migration to Provide Overseas Jobs for Nigeria’s Youth’, the World Bank said the labour market has significantly worsened following the 2016 recession and COVID-19.
The Bank said the acute jobless crises caused socio-economic challenges for the rising working-age population resulting in an increase in the number of citizens seeking asylum and refugee status in other countries.
“The expanding working-age population combined with scarce domestic employment opportunities is creating high rates of unemployment, particularly for Nigeria’s youth,” the report added.
“Since 2018, the active labour force population has dramatically decreased to around 70 million—lower than the level in 2014— while the number of Nigerians in the working-age population but not active in the labour force has increased from 29 million to 52 million between 2014 and 2020.
“Similarly, Nigeria’s active labour force population, that is, those willing and able to work among the working-age population, grew from 73 million in 2014 to 90 million in 2018, adding 17.5 million new entrants to Nigeria’s active labour force.”
The Bank advised Nigerian institutions to promote managed migration approaches that help create opportunities for prospective job seekers to find employment internationally.
It also added that Nigeria to implement and support schemes that increase the returns to human capital investments for youth.
Auto
New dawn in Nigeria automotive solutions as Motul Lubricants, Winpart by CFAO launch partnership
New dawn in Nigeria automotive solutions as Motul Lubricants, Winpart by CFAO launch partnership
A new era in automotive solutions opens in Nigeria as Motul Lubricants and Winpart by CFAO have officially launched their strategic partnership in Lagos.
The nation’s auto industry is expected to receive unparalleled benefits from the formal collaboration between the two automobile solution giants.
The launch held Wednesday at the Whitestone Event Centre in Lagos, marks a significant milestone in the automotive sector with both brands affirming their commitment to delivering premium quality and exceptional value to their customers.
While Motul is a globally recognized leader in the formulation, production and distribution of high-tech engine lubricants and industrial products, Winpart by CFAO remains a leading distributor of multi-brand spare parts and lubricants in Nigeria.
Both companies noted at the launch that by combining Motul’s global expertise in high-performance lubricants with Winpart by CFAO’s established distribution network for multi-brand spare parts and lubricants, the partnership would make world-class automotive products more accessible to consumers in Nigeria.
Some of the industry stakeholders at the event are fleet maintenance companies, workshop owners, distributors, retailers and biker communities.
Senior Marketing Officer at Winpart by CFAO, Michael Ikiebe, stated, “This partnership is more than just about products; it’s about providing high-quality lubricants to a broad range of customers —from motorcycles to cars and trucks— ensuring that they can maintain and maximize the lifespan of their vehicles.”
“We are thrilled to partner with Winpart by CFAO, a name synonymous with quality and trust in the automotive industry.
“Together, we are setting a new standard for lubricant availability and service delivery in Nigeria,” said Omar Mecheri, Business Development Manager for Key Countries Africa at Motul.
Mohamed Taleb, General Manager at Winpart by CFAO, added, “This partnership marks a significant milestone for us.
“Our shared values and complementary strengths will undoubtedly provide unmatched value to our customers, and we are excited for the opportunities ahead.”
Key benefits of the partnership highlighted include: Enhanced accessibility in which Winpart by CFAO’s extensive distribution network will ensure that Motul products are widely available in key markets throughout Nigeria.
Expert support was also guaranteed with the partnership leveraging the technical expertise of both brands to educate and guide consumers and mechanics on best lubrication practices.
Sustainable solutions will be offered as both Motul and Winpart by CFAO expressed commitment to sustainability, ensuring their operations and products support environmentally friendly automotive care.
Attendees had the opportunity to experience Motul’s high-performance lubricants firsthand, gaining insights into their role in enhancing engine durability and overall vehicle performance.
Discussions also focused on how the partnership will foster innovation and improve automotive maintenance practices across the country.
The reliability and performance of Motul products were attested to by David Yakubu, promoter of 4teesautowerks, a performance garage in Lagos.
He said, “I’ve been using Motul products for over eight years, and I can personally attest to the superior quality of their lubricants and other automotive products.”
In another testimonial, Olukayode Kosile-Palmer, President of the Bikers with Attitude and Determination (B.A.D.) club, stated, “Our members have relied on Motul products for years to improve the performance and longevity of our bikes.”
Business
Shocking, Port Harcourt refinery stops working days after operation resumed – Investigation
Shocking, Port Harcourt refinery stops working days after operation resumed – Investigation
The Port Harcourt Refining Company (PHRC) has stopped production of petroleum products days after the Nigerian National Petroleum Company (NNPC) Limited boldly announced the resumption of the refinery’s operation, which instantly elicited jubilation across the country.
Photos and videos of loading of fuel trucks from the just rehabilitated refinery on the day of announcement were flaunted on the internet, generously used by both conventional and online media.
However, an investigation by a reporter who visited the refinery on Friday showed that the facility was idle, with no visible signs of operation.
This tallies with the position of a Rivers State community leader (from Alesa), Timothy Mgbere, who declared that the refinery was yet to start producing fuel.
Indeed, Mgbere who came on a national television on Thursday accused the NNPCL of lying to Nigerians and faulted the claim that the revived facility was already processing 1.4 million barrels of fuel per day.
Although he confirmed that the refinery had commenced skeletal service, he said the NNPCL only sent out old stock of fuel in the so-called first loading to mark its resumption.
“They released that stock and then loaded six trucks and then televised it to Nigerians that it is the production from the old refinery. That is not true,” he said.
A report by PUNCH in Saturday also quoted one of refinery’s workers as revealing that the loaded trucks contained ‘dead stock’.
He said, “Before the refinery was shut down between 2015/2016, we had dead stock left in the tank, including some Premium Motor Spirit (petrol) DPK (kerosene), and Automated Gas Oil (diesel). These products were in large quantities in stores in those tanks.
“So, the product that was loaded was dead stock, that is the old product that was in the system.
“So, after these dead stocks, they will have to clean the tank, remove all the debris before pumping the new project into that tank, and redye it.”
It was also leant that the facility was still undergoing a calibration process, which might continue until next week.
The NNPC had earlier proudly claimed that trucks had commenced loading petroleum products, including petrol, diesel and kerosene from the refinery but would restrict its fuel supply to the NNPCL retail outlets for now.
The Chief Corporate Communications Officer of NNPCL, Femi Soneye, came out to debunk Mgbere’s claim that the refinery was not producing fuel and declared that it was operating at 90 per cent capacity.
He tried to rubbish any contrary report describing it as “sheer mischief and blatant display of ignorance.”
But Mgbere insisted, “Let it be clear here; no single product has moved from the Port Harcourt refinery area into the product reception area of the depot.”
He stressed the need for a complete system audit to establish the true status of the refinery’s operations.
Business
Updated: NNPC debunks claims Port Harcourt refinery trucking-out old product
Updated: NNPC debunks claims Port Harcourt refinery trucking-out old product
The Nigerian National Petroleum Company (NNPC) Limited has denied claims by a community leader in Alesa, Rivers State, alleging that the Port Harcourt refinery is not yet producing fuel.
In a statement released on Friday, NNPC spokesperson Olufemi Soneye criticized the comment made by the community leader, it was based on ignorance about refinery operations.
Soneye explained that while he would have typically ignored such remarks, he felt compelled to respond in order to clarify the situation.
Timothy Mgbere, a leader in the Alesa community, appeared on national television on Thursday, where he accused the NNPCL of misleading Nigerians by claiming that the Port Harcourt refinery was already processing crude oil.
READ ALSO:
- Many dead as boat carrying 200 people capsizes in Niger State
- Container from truck falls on couple’s car in Oyo
- No child should go to bed hungry, Tinubu seeks French investment in Nigeria’s food security
But Soneye said the Port Harcourt refinery was currently operating at 90% capacity.
He emphasized that the allegations lacked merit and were inconsistent with the facts.
The NNPC spokesperson noted that the community leader had acknowledged fuel being loaded out from the refinery’s gantry but dismissed it as “old stock” from the previous refinery, which, Soneye argued, further undermined the credibility of the allegations.
“He (Mgbere) claimed that the old Port Harcourt Refinery was only operating skeletally and was not processing PMS. His proof was that the PMS truck-out was done at the gantry of the new Port Harcourt Refinery as against the gantry of the old Port Harcourt Refinery.
“This betrays his scant knowledge of the operations of the refinery. The old and new Port Harcourt refineries have since been integrated with one single terminal for product load-out.
“They share common utilities like power and storage tanks. This means that storage tanks and loading gantry which he claimed belong to the new Port-Harcourt Refinery can also receive products from the Old Port Harcourt Refinery
“The nameplate capacity of the refinery is 60,000 barrels of oil per day. It is currently producing at 90 per cent throughput which translates to Straight-Run gasoline (Naphtha) blended into 1.4 million liters of PMS, aside from other products like diesel and kerosene.
“We call on the general public to disregard the claims of the self-acclaimed ‘community person’ which are obviously borne out of sheer mischief and blatant display of ignorance,” Soneye said.
Port Harcourt refinery now 90% operational, says NNPC, tackles community leader claim
-
Entertainment3 days ago
Davido: They want to cancel my show in Nigeria over economy comment
-
metro3 days ago
Tinubu appoints Jami’u Abiola as Senior Special Assistant
-
metro3 days ago
Drama as Yahaya Bello calms supporters after judge storms out of court over rowdiness
-
metro2 days ago
Why we relocated Osun airport — Gov Adeleke
-
News1 day ago
No child should go to bed hungry, Tinubu seeks French investment in Nigeria’s food security
-
Opinion1 day ago
What NNPCL staff revealed about reported revival of PH Refinery – Farooq Kperogi
-
metro2 days ago
JUST IN: DSS arrests Kano-based activist over suspected Facebook post
-
metro19 hours ago
Appeal court frees Lagos doctor convicted for defiling wife’s niece