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Friday, 19 April 2024 04:40

Only 6 percent of Nigerians own vehicles, FG reveals

During a meeting with vehicle component manufacturers aimed at enhancing efficiency and local production in Nigeria's automotive sector, Joseph Osanipin, the Director General of the National Automotive Design and Development Council (NADDC), disclosed a striking statistic: only 6 percent of Nigerians possess vehicles in the country. This revelation, made yesterday, underscores the pressing need to bolster domestic vehicle ownership rates and drive sustainable growth within the sector. Osanipin emphasized the imperative of leveraging Nigeria's abundant talents and resources to achieve this objective. Comparing Nigeria's vehicle ownership rate to that of South Africa, which stands at 17.4 percent, he highlighted the…

Friday, 19 April 2024 04:39

Iran fires air defense batteries in provinces as explosions heard near Isfahan - Associated Press

Iran fired air defense batteries early Friday morning as explosions could be heard near a major air base near Isfahan, raising fears of a possible Israeli strike following Tehran’s unprecedented drone-and-missile assault on the country. It remained unclear if the country was under attack, as no Iranian official directly acknowledged the possibility and Israel’s military did not respond to a request for comment. However, tensions have remained high in the days since the Saturday assault on Israel amid its war on Hamas in the Gaza Strip and its own strikes targeting Iran in Syria. One Iranian government official and later…

Thursday, 18 April 2024 04:49

FG says students in private institutions, prison inmates won’t benefit from students loan

The management of the Nigerian Education Loan Fund (NELFUND) led by its Managing Director, Akintunde Sawyerr, has shed light on why students from private institutions and incarcerated individuals are excluded from the upcoming student loan fund launch. Addressing journalists at UNILAG, Sawyerr emphasized the fund's focus on aiding "indigent" students. He clarified that private institution attendees aren't deemed financially disadvantaged and stressed the fund's aim at redistributing wealth to deserving candidates, monitored via mechanisms like BVN verification. Regarding inmates pursuing education, Sawyerr cited challenges in loan recovery from individuals serving lengthy sentences. Executing a transparent selection process, NELFUND plans to…

Thursday, 18 April 2024 04:48

Russia’s economy in 2024 will outpace economies of Western countries that imposed sanctions on it - IMF

An influential global body has forecast Russia's economy will grow faster than all of the world's advanced economies, including the US, this year. The International Monetary Fund (IMF) expects Russia to grow 3.2% this year, significantly more than the UK, France and Germany. Oil exports have "held steady" and government spending has "remained high" contributing to growth, the IMF said. Overall, it said the world economy had been "remarkably resilient" "Despite many gloomy predictions, the world avoided a recession, the banking system proved largely resilient, and major emerging market economies did not suffer sudden stops," the IMF said. The IMF…

Wednesday, 17 April 2024 04:49

CBN’s support for the Naira eats deep into Nigeria’s foreign reserves - Bloomberg

Nigeria is burning through foreign-exchange reserves at a rate not seen in four years, raising concerns that the central bank is depleting its dollar holdings to support the naira after pledging it would allow the currency to float more freely. Liquid reserves declined 5.6% since March 18, when the naira started its rebound from record-low levels against the dollar, to $31.7 billion as of April 12, according to Bloomberg’s calculations based on the latest available datafrom the Central Bank of Nigeria. That’s the biggest decline in a similar period since April 2020, according to data compiled by Bloomberg. The currency…

Wednesday, 17 April 2024 04:48

NCAA suspends license of private jet owners for using aircraft for commercial flights

Nigerian Civil Aviation Authority (NCAA) has taken action against three private jet owners for conducting commercial flight operations, as announced on Tuesday. Chris Najomo, Acting Director of NCAA, revealed this development, stating that the use of private jets for commercial purposes led to directives from Aviation Minister Festus Keyamo to halt such activities. Earlier warnings had been issued to permit holders for non-commercial flights (PNCF), cautioning against passenger cargo carriage. Following intensified monitoring at airport terminals, three operators were found violating regulations, leading to the suspension of their PNCF. Najomo emphasized a reevaluation of all PNCF holders by April 19,…

Wednesday, 17 April 2024 04:45

Lawyers demand resignation of CJN Ariwoola for ‘corruptly’ appointing children as judges

Civil Society Consortium on Judicial Accountability (CSCJA) has demanded the immediate resignation of Chief Justice of Nigeria (CJN), Olukayode Ariwoola, citing alleged abuse of office and favoritism in his duties. The group, comprising public interest lawyers, protested in Abuja, expressing outrage over the appointment of the CJN's children as judicial officers. They accused the CJN of nepotism, pointing to the appointment of his son and daughter as judges. The group delivered a letter to the CJN demanding his resignation and urged the unbundling of the CJN's office to prevent further abuse. The appointments have sparked concerns about conflicts of interest…

Tuesday, 16 April 2024 04:52

Goldman Sachs projects Nigeria’s economy to overtake German, Japanese, French, Russian economies by 2075

Goldman Sachs, a leading global investment bank, forecasts Nigeria to become the fifth-largest economy globally by 2075, solidifying its position as Africa’s largest economy. The report also predicts Nigeria to rank 15th by 2050, with a projected GDP of $13.1 trillion by 2075. This places Nigeria ahead of Germany, Japan, France, United Kingdom, Pakistan, Egypt, Brazil, and others. The shift in economic power is driven by Nigeria's large and youthful population, potentials in agriculture, energy, and emerging technology sectors. However, challenges like political instability and infrastructure deficits could hinder growth. The report highlights the significant rise of Asian economies, with…

Tuesday, 16 April 2024 04:51

National grid collapses again - 141st time since privatization started 11 years ago

Once again, Nigeria's electricity grid suffered a collapse, plunging several cities into darkness. The collapse occurred at 2:42 a.m. on Monday, with electricity generation plummeting to 64.70 megawatts. The Jos Electricity Distribution Company (Jos DisCo) confirmed the outage, attributing it to the loss of power supply from the national grid. In a statement by Friday Elijah, the Head of Corporate Communications at Jos DisCo, the company expressed hope for a swift restoration of normal power supply once the grid is back to stability. This incident marks another setback for the power sector, which has been grappling with challenges such as…

Tuesday, 16 April 2024 04:50

Nigeria inflation rises further - NBS

In March 2024, Nigeria experienced a surge in inflation, with the rate reaching 33.20 percent, up from 31.70 percent in February, according to the National Bureau of Statistics (NBS). The consumer price index (CPI) report released by the bureau revealed that food inflation also rose to 40.01 percent during the same period. This increase represents a 1.50% point rise compared to February 2024 and an 11.16% point increase compared to March 2023. On a month-on-month basis, the headline inflation rate decreased slightly to 3.02% in March, down from 3.12% in February. Food prices were identified as a major contributor to…

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Tuesday, 16 April 2024 04:49

Subsidy on petrol currently paid by FG more than ever before - El Rufai

Nasir El-Rufai, former governor of Kaduna State, revealed that fuel subsidy has been reinstated by the federal government, stating that the government is now paying even more than before. Speaking to journalists in Maiduguri, the Borno State capital, El-Rufai noted that the measures put in place to mitigate the impact of fuel subsidy removal were ineffective, leading to the reversal of the policy. While President Bola Tinubu initially announced the removal of fuel subsidy in his inaugural speech, El-Rufai expressed support for the policy but highlighted the need for necessary adjustments. He emphasized that despite the government's efforts, the impact…

Sunday, 14 April 2024 04:49

The much anticipated Iranian attack on Israel happened last night. Here’s what we know so far

Iran launched a swarm of explosive drones and fired missiles at Israel late on Saturday in its first-ever direct attack on Israeli territory, risking a major escalation as the United States pledged "ironclad" backing for Israel. Sirens wailed and Reuters journalists in Israel said they heard distant heavy thuds and bangs from what local media called aerial interceptions of explosive drones. Authorities said a 7-year-old girl was critically injured. Israel's military spokesperson Daniel Hagari said Iran launched dozens of ground-to-ground missiles at Israel, most of which were intercepted outside Israeli borders. They included more than 10 cruise missiles, he said.…

Sunday, 14 April 2024 04:48

Nigeria pioneers roll out of new meningitis vaccine, WHO says

Nigeria has become the first country in the world to roll out the "revolutionary" new Men5CV vaccine against meningitis, the World Health Organization (WHO) said. Nigeria is one of the hotspots of the deadly disease in Africa. Last year, a 50% rise in annual cases was reported across 26 African countries regarded as meningitis hyperendemic countries, according to the WHO. “Nigeria's rollout brings us one step closer to our goal to eliminate meningitis by 2030," Tedros Ghebreyesus, WHO Director General, was quoted as saying in a statement. Between last October and mid-March this year, 1,742 cases were suspected in the…

Saturday, 13 April 2024 04:56

Buyers shun Nigerian oil, ‘with more than half of scheduled cargoes unsold’

Nigeria’s crude for May loading has been very slow to find buyers so far, with more than half of the scheduled cargoes yet clear. More than 30 of the nation’s cargoes are still looking for buyers, according to traders specializing in West African crudes. A total of at least 53 are scheduled to load from Nigeria next month, according to data compiled by Bloomberg. Most of the consignments are one million barrels. The country’s crude cargoes can be openly traded into either Asia, Europe or even the US, making the pace of sales a closely watched market detail. Demand for…

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