Nigeria’s GDP Grows by 3.46% in Q3 2024

Nigeria’s economy grew by 3.46 percent in Gross Domestic Product (GDP) in the third quarter (Q3) of 2024, up from 3.19 percent in Q2 2024, the National Bureau of Statistics (NBS) reported. This marked an improvement from 2.54 percent in Q3 2023. “In the quarter under review, aggregate GDP at basic price stood at N71.13 trillion ($42.15 billion) in nominal terms,” the NBS stated, noting a year-on-year growth of 17.26 percent compared to N60.66 trillion...

FG Commends MD of Stine Industries for Implementing New Minimum Wage

The Federal Government of Nigeria, through the Federal Ministry of Labour, has commended Chief Akai Egwuonwu, the Chief Executive Officer and Managing Director of Stine Industries, for the implementation of the new minimum wage. This commendation was conveyed by Mrs. Oji-Ogbuehi Bernadine, the Anambra State Controller, Federal Ministry of Labour, during a courtesy call to Chief Akai’s office in Awka. During the visit, Mrs. Bernadine and other senior Federal Ministry of Labour staff members noted...

FG Secures $134m AfDB Loan to Boost Food Production Nationwide

The Federal Government of Nigeria has secured a $134 million loan from the African Development Bank, AfDB, to enhance seed and grain production, according to a press release from the Federal Ministry of Agriculture and Food Security. The Minister of Agriculture and Food Security, Senator Abubakar Kyari, disclosed this during the launch of the 2024/2025 National Dry Season Farming initiative in Calabar. The event was attended by the Deputy Governor of Cross River State, Peter...

CBN Reports 39.77% Rise in 2024 Nigeria’s Foreign Debt Payments

…State Debt Soars to N11.47 Trillion, Fuelled by Currency Devaluation The Federal Government of Nigeria spent $3.58 billion on foreign debt servicing from January to September 2024, reflecting a 39.77 per cent increase from the $2.56 billion spent in the same period in 2023, according to data from the Central Bank of Nigeria, CBN. The CBN’s report on international payment statistics indicates that the highest monthly debt servicing expenditure in 2024 was recorded in May,...

Petroleum Marketers Group and Dangote Agree On Direct Fuel Sale

Petrol price reduction is imminent as the Independent Petroleum Marketers Association of Nigeria will commence direct sales of Dangote’s Premium Motor Spirit (Petrol) to its members. The direct sale agreement means that petrol marketers will no longer depend on imported fuel but will go for Dangote petrol. The agreement between IPMAN and the 650,000 barrels per day Dangote Refinery brings an end to the middleman posture played by the Nigerian National Petroleum Company Limited on...

Minimum Wage: Nigeria Labour Congress To Commence Indefinite Strike

Members of the Nigeria Labour Congress, NLC in states yet to commence the implementation of the new minimum wage are to begin an indefinite strike from December 1, 2024. This is contained in a communique issued after the NLC National Executive Council, NEC, meeting held at the weekend. The communique of the meeting read in part, “The NEC notes with deep frustration the persistent delay and outright refusal by some state governments to implement the...

Fuel Price Hike:  Car Owners in Kano Now Use Bicycles, Electric Bikes

Due to high cost of petroleum which jumped to N1, 150, 00 in Kano state, some car owners have abandoned their vehicles and resort to trekking, while others use bicycles, electric bikes and commercial tricycles for mobility. It was observed that the number of pedestrians, bicycle riders and electric bike users have increase with fewer cars on the road. One of the pedestrians, Sani Isa, said he resorted to the use of a bicycle because...

Okonjo-Iweala Emerges Sole Candidate for WTO Second Term

Dr Ngozi Okonjo-Iweala, the Director-General of the World Trade Organisation, WTO, has been confirmed as the sole candidate for a second four-year term, with overwhelming support from member states. This development follows the African Group’s proposal for Okonjo-Iweala’s reappointment, backed by 58 countries. Okonjo-Iweala, who made history as the first woman and African to lead the global trade body in 2021, is set to conclude her first term on 31 August 2025. The WTO formally...

Hon. Chidi Ibemeka Champions Skill Acquisition in Njikoka I Constituency

The Anambra State House of Assembly member representing Njikoka I constituency, Hon. Chidi Ibemeka, has commenced up skilling programme to train and equip his constituents with all the necessary tools that would enable them to thrive in the marketplace. The programme which commenced in Enugwu-Ukwu a few days ago, has St. Anthony’s Catholic Church Hall Enugwu-Ukwu, as the venue of the training. However, this training is expected to be extended throughout the Njikoka I State...

Our Compliance with the New Minimum Wage is Out of Conviction – Akai Egwuonwu

Chief Akai Egwuonwu, also known as “Anambra Rice,” the Chief Executive Officer of Stine Industries; a reputable Nigerian industry with an interest in agriculture, food production, retailing, shipping, and oil and gas, has said that his company’s compliance with the new minimum wage of N70 thousand Naira is borne out of conviction. This, he disclosed during a recent interview session with the West African Pilot News, in his office. According to Chief Akai Egwuonwu who...

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