Petrol Price More Than Triples In One Year – NBS

By

-

October 28, 2023

The average retail price for a litre of Premium Motor Spirit (PMS) also known as petrol, more than tripled in one year, according to the National Bureau of Statistics.

The latest PMS price watch report showed that the price of petrol rose by 226.2 percent to N626.2 in September 2023 from N191.6 in the same period of last year.

“Likewise, comparing the average price value with the previous month (.i.e. August 2023), the average retail price decreased by 0.08 percent from N626.7,” the report said.

It said Taraba had the highest average price for petrol which stood at N665.6 in September, while Bornu and Benue states had N657.4 and N641.3 respectively.

Rivers (N602.6), Delta (N605.9) and Jigawa states (N617.4), recorded the lowest price.

“Lastly, on zonal profile, the North-East had the highest average retail price of N638.3, while the South-South Zone had the lowest price of N618.5,” the NBS added.

The removal of the petrol subsidy in May this year by President Bola Tinubu , tripled the petrol price to N617 from N184, causing public transportation providers such as buses, tricycles and motorcycles to raise transportation fares.

“It is getting difficult daily for Nigerians, especially with the petrol subsidy removal and other reforms that the president has done. They are good reforms but they are seriously hurting Nigerians and businesses,” Collins Osho, a civil servant and photographer, said.

Petroleum product dealers also indicated that filling stations were closing down in huge numbers on a daily basis because the industry was getting increasingly difficult to maintain.

According to them, this could lead to widespread gasoline scarcity in the coming months. It was also gathered that the cost of importing petrol into the country has risen to N720 per litre, up from N651 per litre in August of this year.

“Depot owners are so terribly affected by the increasing cost of crude oil and exchange rate, to the extent that many depots are practically deserted as their owners are unable to secure bank loans to fund their business due to high-interest rates,”Benneth Korie, the National President of Natural Oil and Gas Suppliers Association of Nigeria, said.

He said that the worst hit are filling stations whose owners find it difficult to secure funds to procure products for their retail outlets.

The hike in petrol price was a major contributing factor to Nigeria’s headline inflation rate which rose to 26.72 percent in September, the highest in 18 years, from 25.80 percent in August.

Petrol prices also increased the logistic cost of food products across the country.

A latest Global Hunger Index (GHI) said Nigeria is among the nine countries expected to see its hunger levels worsening throughout the year

Apart from Africa’s most populous nation, the Index, a tool for comprehensively measuring and tracking hunger at global, regional, and national levels highlighted Afghanistan, Haiti, Somalia, South Sudan, Sudan, Yemen, Burkina Faso and Mali as the other countries.

Uganda Airlines Begins Direct Flight To Nigeria

By

Rhoda Onuzulike

-

October 28, 2023

0

Uganda Airlines has commenced direct connectivity to Lagos from Entebbe International Airport with three weekly flights to Lagos, thereby deepening competition on international route.

Flights from Nigeria to other African countries have continued to take several hours as a result of poor connectivity.

When the Single African Air Transport Market (SAATM) was launched in January 2018, it was enthusiastically embraced as the key that would unlock air travel in Africa.

Although 33 countries in the continent are signatories to the project, many countries in Africa have not open their airspace for a single air market in the continent.

Uganda airlines is however changing this narrative with direct flight from Africa’s most populated country.

Nigerian Govt. Partners U.S on Direct Flight to Houston Texas

Abuja and Kano, have been approved as entry points for the airline by the federal government under the Bilateral Air Services Agreement, BASA, between both nations in line with the Single Africa Air Transport Market, SAATM.

The launch of flight services to Lagos by Uganda’s flag carrier, Uganda Airlines would help to close the gap in the travel needs of travelers from West Africa and East Africa.

The flights will be taking place on Mondays, Thursdays, and Sundays and the flight will take under 5 hours. A return ticket for Economy class will be US$ 510 Economy and Business class at $1800.

Speaking shortly after the inaugural flight, Nelson Ocherger, Uganda’s High Commissioner to Nigeria, stated that the approval by the Nigerian government would open a landscape of business opportunities to both nations.

He noted that Ugandans await when Nigerian carriers would commence services to the country.

According to him: “The importance of air transport underscores the promotion of trade and investment and it allows Africa to leverage on all African Union, AU, agenda. We thank the Nigerian government for the necessary approval to do this operation.” “Uganda through the Uganda Civil Aviation Academy has partnered with the Nigerian College of Aviation Technology (NCAT), Zaria to train Ugandan pilots, engineers, and other aviation professionals.”

Minister of Foreign Affairs, Yusuf Tuggar who was represented by Ambassador Oludare Folowosele said Ugandan Airline’s operation was an opportunity to bridge West Africa and East Africa air transport hiccups, lamenting air connectivity as a major challenge in Africa wondering why Africans would travel to Europe first before connecting another African city while wasting over 12 hours on a trip that is normally three or four hours.

He said, “It is ridiculous to go to Europe before connecting two African neighbouring countries. What we are doing today would lead to wealth creation, shortening travel time from one country to another rather than depend on Europe all the time for flight connections.”

Festus Keyamo, Minister of Aviation and Aerospace Development, who was represented by Hassan Ejibunu, Director of Air Transport Management in the Ministry, stated that aviation remains the best way for Africa to connect her people and promote inter-Africa business in line with Africa’s 2063 Agenda, as championed by the continent’s leaders.

“Aviation has a huge market that should be explored by indigenous African Airlines, as no other Nations can develop the aviation sector for us, except us Africans. We need to do this in the interest of our over 1.37 billion people, which is 17.4 per cent of the world’s population. I wish to, therefore, challenge Nigeria’s local airlines to seize the opportunity to start operating regional and continental flights to make SAATM and YD achieve their aims, as envisioned by African leaders.”

Kano, Anambra, Niger Spend Most Diesel in September

By

Rhoda Onuzulike

-

October 28, 2023

0

According to the National Bureau of Statistics (NBS), Kano, Anambra and Niger are the top three states in Nigeria that recorded the highest average retail price of Automotive Gas Oil (diesel) paid by consumers in September 2023.

The latest diesel price watch report showed that Kano, Anambra and Niger had N967.8 per litre, N950.9 per litre and N950.5 per litre while the top three lowest prices were recorded in Bayelsa (N840.2), Katsina (N840.6) and Rivers (N840.8).

It said the average retail price of diesel across the country increased by 12.8 percent on a year-on-year basis from a lower cost of N789.9 recorded in the corresponding month of last year to a higher cost of N890.8 in September.

FG Asked To Remove Fees on Locally Refined Diesel

Experts attributed the increase to the recent implementation of a 7.5 percent value-added tax (VAT) on imports of diesel by the federal government, the ban on the export of diesel fuel by Russia, and the sharp decline of the naira against the dollar.

The Independent Petroleum Marketers Association of Nigeria’s spokesperson in Borno State,

Abdulkadir Mustapha said “The importers have been complaining about the exchange rate and that if caution is not exercised, it will rise even further.”

He said that diesel was selling for N,1030 per litre in some fuel stations in Delta State. “Although the product is sold in markets all over the nation, access to it is complicated by price.”

Although stakeholders have called the VAT waiver a temporary relief, they said it would only result in a N70 drop in diesel prices across the country.

The largest consumers of diesels across these states are manufacturers, which use it to power their generators due to poor power supply across the country. This surge has pushed up their cost of production.

Earlier in October, as part of the Federal government’s concessions to the organised labour to avert a total shutdown of the economy, President Bola Tinubu approved the suspension of 7.5 percent VAT on diesel imports into the country for six months.

Blue And John Crow Mountains National Park In Jamaica

By

Angel Gimalo

-

October 28, 2023

0

Blue and John Crow Mountains National Park is one of the biggest national parks which are located on the Caribbean island of Jamaica, and accounts for 4.5% of the land surface of the country.

The National Park covers around 78,000 hectares (200,000 acres) of steep mountain slopes which are higher than 914 meters (3,000 feet) above sea level.

Combined from two different mountains, Blue Mountain and John Crow Mountain, this area is well known for the significant biodiversity and rugged landscape.

The last of two known habitats of the giant swallowtail butterfly which is the largest butterfly in the Western Hemisphere, Jamaican boa, the endangered Jamaican blackbird, Jamaican hutia etc.

Also Read: https://ln247.news/this-week-in-history-october-22-october-28-a-recap-of-events/

Also, the mountains offered refuge to the former enslaved people called Maroons, which makes it important cultural heritage, for which is also listed on the UNESCO World Heritage List, as of natural and cultural importance.

Therefore, the mountains include settlements, trails, viewpoints, hiding places, etc. that form the Nanny Town Heritage Route.

The forests and their rich natural resources provided everything the Maroons needed to survive, to fight for their freedom, and to nurture their culture.

Always Visit: http://www.ln247.news

Maroon communities still hold strong spiritual associations with these mountains, expressed through exceptional intangible manifestations.

This National Park was inscribed on the UNESCO list in 2015, making it the single site listed as an important of the organization’s list.

An important site for the islanders, in the near future it will attract many more people than it had in the past, with hope that it would be known all around the world much better.

The site encompasses a rugged and extensively forested mountainous region in the south-east of Jamaica, which provided refuge first for the indigenous Tainos fleeing slavery and then for Maroons (former enslaved peoples).

They resisted the European colonial system in this isolated region by establishing a network of trails, hiding places and settlements, which form the Nanny Town Heritage Route.

The forests offered the Maroons everything they needed for their survival.

They developed strong spiritual connections with the mountains, still manifest through the intangible cultural legacy of, for example, religious rites, traditional medicine and dances.

The site is also a biodiversity hotspot for the Caribbean Islands with a high proportion of endemic plant species, especially lichens, mosses and certain flowering plants.

This Week In History: October 22 – October 28 – A Recap Of Events

By

Angel Gimalo

-

October 28, 2023

0

OCTOBER 22

JFK reveals Soviet-built missile bases in Cuba

On Oct. 22, 1962, in a nationally broadcast address, President John F. Kennedy revealed the presence of Soviet-built missile bases under construction in Cuba and announced a quarantine of all offensive military equipment being shipped to the Communist island nation.

OCTOBER 23

Beirut truck bombing kills 241 US service members

On Oct. 23, 1983, 241 U.S. service members, most of them Marines, were killed in a suicide truck-bombing at Beirut International Airport in Lebanon, while a near-simultaneous attack on French forces killed 58 paratroopers.

OCTOBER 24

The United Nations is officially born.

On Oct. 24, 1945, the United Nations officially came into existence as its charter took effect.

OCTOBER 25

George III takes the throne in Britain

On Oct. 25, 1760, Britain’s King George III succeeded his late grandfather, George II.

George II, at the age of 60, was the last British sovereign to fight alongside his soldiers, at the Battle of Dettingen in 1743 in Germany, against the French.

Like his father, for much of his reign George’s political options were limited by the strength of the Jacobite cause with which many of the Tories supported, overtly or secretly (James Stuart the Old Pretender, and then his son, Charles Edward Stuart)..

George’s reign was threatened in 1745 when Charles Edward Stuart, the Young Pretender, landed in Scotland.

After some initial success (which led to the national anthem in its current form becoming popular among the Hanoverian loyalists), Charles was defeated at the Battle of Culloden in April 1746.

Subsequent Jacobite plots had no realistic prospect of success.

The foundations of the industrial revolution were laid during George’s reign, with new levels of production in industries such as coal and shipbuilding and also in agriculture.

At the same time, there was, a rapid rise in population.

Overseas, trade was boosted by successes such as Clive’s victories in India at Arcot (1751) and Plassey (1757), which placed Madras and Bengal under British control, and Wolfe’s capture of French-held Quebec in 1759 (part of a successful campaign which transferred Canada with its wealthy trade in fish and fur from French to British rule).

As the country prospered and George’s reign lengthened, his early unpopularity (he did not travel far in England, and much preferred Hanover) changed into a general respect.

The King’s eldest son, Frederick, died in 1751. George’s grandson, George III, therefore inherited the throne, on George’s death in 1760.

Also Read: Residents Lament On Devastating Flood In Isheri Community

OCTOBER 26

Amy Coney Barrett confirmed as Supreme Court justice

On October 26th, 2020, Amy Coney Barrett was confirmed to the Supreme Court by a deeply divided Senate, with Republicans overpowering Democrats to install President Donald Trump’s nominee days before the election and secure a likely conservative court majority for years to come.

OCTOBER 27

Gunman kills 11 in Pittsburgh synagogue

On Oct. 27, 2018, a gunman shot and killed 11 congregants and wounded six others at Pittsburgh’s Tree of Life synagogue in the deadliest attack on Jews in U.S. history; authorities said the suspect, Robert Bowers, raged against Jews during and after the rampage.

Always Visit: http://www.ln247.news

OCTOBER 28

Benito Mussolini takes power in Italy

On Oct. 28, 1922, fascism came to Italy as Benito Mussolini took control of the government.

Senate To Probe Lack of Funds for Frontier Acreages

By

Rhoda Onuzulike

-

October 27, 2023

0

The Senate has said that it would invite the Nigerian National Petroleum Corporation limited over the lack of funds to explore and develop new frontier acreages.

The Senate through the Chairman, Committee on Gas, Jarigbe Jarigbe, made this known on Friday while briefing the press after a closed-door session with the Chief Executive Officer of Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, and his team.

The Petroleum Industry Act, 2021 introduced the Frontier Exploration Fund to support exploration and development in Nigeria’s frontier acreages

These areas include regions like Anambra, Dahomey, Bida, Sokoto, Chad, and Benue where hydrocarbon exploration is yet to occur or remains undeveloped.

The PIA further stated that the Fund, constituting 30% of NNPC’s “profit oil and profit gas” from various contracts, will finance exploration and development activities in these frontier acreages.

Senator Jarigbe said, “We received a briefing from the CEO of NUPRC and his team on the activities of the agency.

“Section 9 subsection 4 and 5 provides that the NUPRC should have a Frontier Acreages an exco account for the exploration and development of frontier acreages and that fund is subject to the approval of the National Assembly.”

He added “Also, section 22 subsection 1 of the Petroleum Industrial Act also provides that the National Assembly oversights the budget and expenditure of the NUPRC.

The lawmakers during the interactive session, noted that the issue of gas in the economy was becoming very important and inexplicable, like a resource that can sustain a nation.

They further noted that scientifically, the world is gravitating towards gas.

Earlier, the CEO OF NUPRC buttressed the lawmakers that “Gas is very crucial in the revenue generation of our country, just like oil, it is equally very critical.

“Aside from the fact that gas has been recognised as a transition fuel and for us in the commission, we focus on rapping up our gas production.”

Kimolafe stated that Nigeria has “37 barrels of crude oil as it relates to gas, reserve number of 208 tcl of gas that makes us the largest gas reserve in Africa and the ninth globally.”

He further claimed that Nigeria was gradually gaining strength in terms of gas production even though efforts were put in place to ensure production which would amount to revenue generation

He said, “From our dashboard, we recorded 206 tcl of gas last year, and in this year it grew to 208 tcl reserve as of September.

The NUPRC boss further noted that the agency recognised that given the development in the world and the unfolding of situation in the Middle East like Ukraine, they were ensuring that Nigeria produces more in other to ensure more gas production to allow for better revenue generation.

Komolafe noted, “The commission at the moment is trying to look at fields that have undeveloped gas opportunities, and as an internal initiative; we have been able to identify all those fields of uncommitted gas.

He, however, emphasised that the major challenge militating against gas production was a lack of funds and infrastructure.

Federal Govt. to Revamp Steel Sector — Minister

By

Rhoda Onuzulike

-

October 27, 2023

0

The Minister of State for Steel Development, Maigari Ahmadu, said the Federal Government of Nigeria is set to revamp the country’s steel sector to enhance the economy, create employment opportunities and speed up industrialisation.

Ahmadu stated this during a familiarisation visit to the Anambra State Governor, Chukwuma Soludo on Friday, at the Governor’s Lodge, Amawbia, Awka area of the state.

He pointed out that he recognises the state as a “cluster of industrial development in the country”.

The Minister, who had earlier conducted round facilities at the Metallurgical Training Institute in Onitsha, expressed optimism that both the federal and state governments would help scale up interest in skills acquisition and liaise with the institute, as a way to eradicate poverty.

He revealed that the visit was the first facility tour he would be embarking on under his watch, saying that it was a result of a carefully planned agenda.

Industrialisation: Governor Soludo Commissions Steel Plant In Oyi, Anambra State

He said, “The present administration is passionate about the steel sector. The MTI, Onitsha would get serious attention under the leadership of President Bola Tinubu while thinking outside the box within their limited resources.”

While receiving the Minister, Soludo commended the present administration for prioritising the important things.

He also expressed optimism that the present government will put things in place to unleash the great potential of the country.

Earlier, the Director and Chief Executive, MTI, Onitsha, Bode Fakuade, solicited increased government attention towards the Institute by way of putting more infrastructure as well as funding.

Fakuade said funding and infrastructure will go a long way to improve the skills of young people thereby solving restiveness.

6,000 Seafarers Visit Nigerian Ports Monthly – NPA

By

Rhoda Onuzulike

-

October 27, 2023

0

The Managing Director of the Nigerian Ports Authority, Mohammed Bello-Koko has said that a minimum of 6,000 seafarers call at Nigerian ports monthly.

Bello-Koko said this on Wednesday in Apapa during the commissioning of the renovated Mission for Seafarers Centre NPA.

He explained that an estimated 4,000 foreign-flagged ships visit Nigerian shores annually.

“With an estimated number of 4,000 foreign-flagged ships visiting our shores annually, which implies that 300 vessels (or a minimum of 6,000 Seafarers) visit Nigerian ports every month, it has become expedient that we intensify our collaborations with global institutions like the MTS to encourage Shore Leave and Crew Change and of course reap the concomitant benefits for coastal tourism and the projection of positive image and reputation for our dear nation,” he said.

The NPA boss said that the country is witnessing improvement in inland traffic in the ports.

NPA Begins Removal of Overtime Cargoes

“Already, we are witnessing improvements in inland traffic to and from our ports. These, coupled with developments in intermodal transportation, as occasioned by our advancing rail system, are bound to encourage and stimulate immense opportunities in the maritime ecosystem,” he added.

Bello-Koko stressed on the need for the nation to take every opportunity to deepen the port’s competitiveness.

“It would be pertinent to mention that the combination of being a coastal nation and the sub-regional economic powerhouse as well as being the continent’s most populous nation with a youth population at about 60 percent, compels us to take advantage of every opportunity to deepen our port competitiveness and rating to attract necessary opportunities to cater to this growing demography,” he noted.

Africa Contributes 3% to Global Trade — AfreximBank

By

Rhoda Onuzulike

-

October 27, 2023

0

The Head of the Mansa Digital Initiative at the African Export and Import Bank, Maureen Mba, has said that Africa contributes only 3 per cent to the totality of global trade.

Mba stated this on Wednesday while unveiling the Mansa initiative at a webinar held to discuss the challenges faced by Small and Medium Enterprises in Nigeria.

The webinar, which was organised by the Lagos Chamber of Commerce, also sought solutions to the myriad of challenges faced by small businesses.

Afreximbank Invests all-time High $36bn in Nigeria

Mba, while explaining the rationale behind the Mansa Digital Initiative said there was an urgent need to promote trade across the African continent.

She said, “Africa contributes only 3 per cent to global trade, and those are just manufactured products. We need to change the narrative. We need to support our SMEs to do better.”

In his welcome address, the president of the Lagos Chamber of Commerce and Industry, Michael Olawale-Cole emphasised the need for the government to support SMEs due to their strategic importance to the national economy.

He noted that Nigeria’s small and medium-sized enterprises have long been the backbone of the economy, contributing significantly to economic growth, job creation, and poverty reduction.

$10bn Spent Annually on Agric Import

By

Rhoda Onuzulike

-

October 27, 2023

0

The Deputy Managing Director of the African Reinsurance Corporation, Ken Aghoghovbia, has said that the International Trade Administration estimates show that Nigeria relies on about $10bn of imports to meet its food and agricultural production shortfalls.

Aghoghovbia was speaking at the Africa Reinsurance Corporation Agriculture Workshop which was held in Lagos on Wednesday.

The two-day event, organised under the International Finance Corporation Technical assistance provider mandate for the Nigeria Climate Insurance project, brought together key stakeholders from the Agriculture insurance industry in Nigeria.

The primary objective of the workshop was to facilitate a collaborative platform for key industry players, including insurers, government agencies, farmers’ representatives, the insurance regulator, finance institutions, input dealers, and commercial farms.

In his opening remarks, Aghoghovbia noted that despite its contribution to the GDP, the agricultural sector has been hurt by several shocks such as flooding, desertification of crop and grazing land. He listed conflicts between herdsmen and local farmers, inadequate access to financing and low-use of modern technology as other challenges confronting growth in the sector.

Fisheries Operations: Agriculture Minister Says Government To Support Local Production To Reduce Imports

These challenges, he said, have stifled the sector’s productivity, and created a huge gap between local food supply and demand leading to increased food imports.

He said, “The International Trade Administration estimates that Nigeria relies on about $10 billion of imports to meet its food and agricultural production shortfalls.

“Agriculture Insurance, you would agree, holds great promise in turning around the fortunes of Nigeria’s agriculture sector.

“In the last five years, Agriculture insurance has received considerable attention from the insurance market players in Nigeria who have been attracted by the opportunities that stem from the need to commercialise and modernise Agriculture production and the quest of successive governments to diversify the economy.

“With approximately 70 million hectares of agriculture land and diversity of Agriculture enterprises, Nigeria’s Agriculture Insurance market has the potential to generate a premium of over $600m.”