Unemployment Rate Rises to 5.3% in Q1 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,...

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

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...

FG Approves Consolidated Public Service Salary Structure For Workers

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...

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

….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...

World Bank To Grant $1.5bn Loan To Nigeria

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...

Enugu Govt. Signs Deal to Revitalize Sunrise Flour Mills

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...

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

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...

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

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...

Minister Hails $1 Billion Iron Ore To Steel Project Planned For Kogi 

The Solid Minerals Development Minister, Dr. Oladele Alake has hailed the $1 billion (N1.6Trillion) new iron ore to steel project planned for Kogi State. He noted that the move is a breakthrough in the Federal Government’s campaign to make local value addition the model of development in the solid minerals sector. While addressing the promoters- Chart and Capstone Integrated Limited of Nigeria and Sinomach-He of China-on the sidelines of the visit of President Bola Ahmed...

Petrol Production Kicks Off At Dangote Refinery

….First Batch of 25M Litres of Petrol Ready to Hit Nigerian Market The Dangote Refinery, Africa’s largest oil refining facility, officially commenced petrol production on Tuesday, 3 September 2024. This development is expected to significantly impact Nigeria’s fuel supply, reducing the country’s reliance on imported petroleum products. The refinery, located near Lagos, will initially supply 25 million litres of petrol daily, with plans to increase this to 30 million litres by October, according to the...

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