Tinubu Harps On Processing Raw Minerals Locally

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

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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Unemployment Rate Rises to 5.3% in Q1 2024

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

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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FG Approves Consolidated Public Service Salary Structure For Workers

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

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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World Bank To Grant $1.5bn Loan To Nigeria

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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Enugu Govt. Signs Deal to Revitalize Sunrise Flour Mills

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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NFIU: Cutting Off Funds Critical to Counter-Terrorism Efforts

BusinessNewsNigeriaNFIU: Cutting Off Funds Critical to Counter-Terrorism Efforts

By Ezinwanne Onwuka (Senior Reporter)September 18, 2024

The Nigerian Financial Intelligence Unit, NFIU, has pledged to disrupt the financial channels used by terrorists and other criminal elements in the country. The agency asserts that cutting off these financial routes will impair the terrorists’ ability to carry out further criminal activities. Hafsat Bakari, Director-General of the NFIU, made this commitment in Abuja on Tuesday during the GIABA workshop on investigating and prosecuting terrorism financing cases. Bakari stated, “Nigeria has faced an acute threat...

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India Trains Over 27,500 Nigerian Professionals In Diverse Fields

BusinessNewsNigeriaIndia Trains Over 27,500 Nigerian Professionals In Diverse Fields

Hassan Umar Shallpella (Regional Correspondent)September 17, 2024

India has trained at least 27,500 Nigerian professionals in diverse fields under the Indian Technical and Economic Cooperation (ITEC) in the last 45 years. The High Commissioner of India to Nigeria, Gangandharan Balasubramanian disclosed this on Monday, during the 2024 ITEC Day reception at the High Commission of India in Abuja. The envoy said India provides more than 22,500 scholarships to people from different parts of the world every year, and explained that ITEC is...

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