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EconomyNewsNigeriaPoliticsTinubu Harps On Processing Raw Minerals Locally

Uzoamaka Ikezue (Staff Reporter)September 26, 2024

President Bola Ahmed Tinubu on Wednesday harped on processing raw materials to avoid deepening Africa’s underdevelopment, cautioning against the dire consequences of the continent’s long-standing profile as a supplier of raw minerals to countries of other continents. The President made the observation while delivering his keynote address during the African Minerals Strategy Group (AMSG) meeting on the sidelines of the ongoing 79th Session of the United Nations General Assembly in York, United States. He pointed...

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EconomyNewsNigeriaFG Approves Revised Public Service Salary Structure to Reflect New Minimum Wage

By Ezinwanne Onwuka (Senior Reporter)September 25, 2024

…Implementation to Begin July 2024 The Federal Government has approved the revision of the Consolidated Public Service Salary Structure, CONPSS, with effect from 24 July 2024. This was announced by the Chairman of the National Salaries, Incomes and Wages Commission, NSIWC, Ekpo Nta, during a press briefing held in Abuja on Tuesday. Nta stated that President Bola Tinubu gave his assent to the Act after the bill was forwarded to him by the National Assembly....

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BusinessEconomyNewsNigeriaUnemployment Rate Rises to 5.3% in Q1 2024

By Ezinwanne Onwuka (Senior Reporter)September 25, 2024

NBS Reports Gender and Regional Disparities Nigeria’s unemployment rate rose to 5.3 per cent in the first quarter of 2024, compared to 5.0 per cent in the last quarter of 2023, the National Bureau of Statistics, NBS, disclosed on Tuesday. This increase highlights a concerning trend, with more Nigerians unable to secure jobs. The report from NBS further broke down the figures by gender and location. Unemployment among females stood higher at 6.2 per cent,...

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BusinessEconomyNewsCBN Hikes Interest Rate by 50 Basis Points as Inflationary Pressures Mount

By Ezinwanne Onwuka (Senior Reporter)September 25, 2024

The Central Bank of Nigeria, CBN, has raised the Monetary Policy Rate, MPR, to 27.25 per cent, a 50-basis-point increase from 26.75 per cent. This decision was reached during the 297th meeting of the Monetary Policy Committee held in Abuja on Tuesday. The Governor of the CBN, Mr Yemi Cardoso, who chaired the meeting, explained that the rise is aimed at controlling inflation, which remains a major concern. In addition, the cash reserve ratio for...

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EconomyNewsNigeriaFG Approves Consolidated Public Service Salary Structure For Workers

Hassan Umar Shallpella (Regional Correspondent)September 25, 2024

Following the signing of Memorandum of Understanding (MoU) between the Federal Government and labour leaders on the implementation of new Minimum Wage, the federal government has approved the upward review of the consolidated public service salary structure (CONPSS). Recall that on July 29, President Bola Tinubu signed the minimum wage bill into law and on September 20, the committee on consequential adjustments in salaries for civil servants said the agreement will come into effect from...

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BusinessEconomyNewsNigeriaNigeria’s Economic Outlook: Rewane Forecasts 3.5% Growth and $400bn GDP by 2026

By Ezinwanne Onwuka (Senior Reporter)September 20, 2024

….Minister Edun Reports $2.35bn Foreign Reserves Inflow As Taiwo Oyedele Voices Concerns The Managing Director and Chief Executive Officer of Financial Derivatives Company Limited, Bismarck Rewane, has projected that the Nigerian economy will experience a 3.5 per cent growth by 2026, increasing the country’s Gross Domestic Product (GDP) to approximately $400 billion. Rewane made this disclosure during the Access Bank Customer Forum held in Lagos on Thursday. He remarked, “The Nigerian economy will grow at...

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BusinessEconomyNewsNigeriaWorld Bank To Grant $1.5bn Loan To Nigeria

Hassan Umar Shallpella (Regional Correspondent)September 20, 2024

The Federal Government of Nigeria will soon receive a new loan totaling $ 1.5 billion from the World Bank. The financial institution said the loan will be approved on September 26. The federal government had received $750 million from the World Bank for humanitarian and social reforms and $1.5 billion for its economic stabilization plan. The $1.5 billion will be distributed through three major development projects aimed at improving Nigeria’s economic stability and resource mobilization...

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BusinessEconomyNewsNigeriaEnugu Govt. Signs Deal to Revitalize Sunrise Flour Mills

Ije Ulasi (Regional Correspondent)September 19, 2024

The Enugu State Government has signed a forty billion naira deal with Jelfah Group to revitalize the state-owned Sunrise Flour Mills located at Emene in Enugu East Local Government Area. Signing the deal at the Government House Enugu, the Enugu State Governor Dr. Peter Ndubuisi Mbah said revitalizing Sunrise Flour Mill is in line with his administration’s zero tolerance to moribund government assets as it aims to grow the state’s economy from $4.4bn to $30bn...

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EconomyNewsNigeriaNigeria’s Inflation Rate Drops to 32.15% in August Despite Rising Fuel Costs

By Ezinwanne Onwuka (Senior Reporter)September 17, 2024

Nigeria’s headline inflation rate dropped to 32.15 per cent in August 2024, marking the second consecutive month of decline, according to the latest data from the National Bureau of Statistics, NBS. This represents a 1.25 percentage point decrease from the 33.4 per cent recorded in July 2024. Despite this slowdown, analysts caution that the relief may be temporary due to recent petrol price hikes, which have sparked widespread discontent amidst the country’s worst cost-of-living crisis...

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EconomyNewsNigeriaFuel to Sell At N1,019 in Borno as NNPC Releases Estimated Pump Prices

By Ezinwanne Onwuka (Senior Reporter)September 16, 2024

The Nigerian National Petroleum Company Limited, NNPCL, has released the estimated pump prices for Premium Motor Spirit, PMS, commonly known as petrol, sourced from the Dangote Refinery. The prices are based on the refinery’s September 2024 pricing. According to a press statement issued by the NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, petrol prices will no longer be set by the government but will be negotiated directly between involved parties, in line with the provisions...

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