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Nigeria tops global unemployment rating – World Statistics

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Nigeria tops in the ranking of countries with the highest rate of unemployment in the world, according to the latest statistics released by the World of Statistics.
Nigeria led with 33.3 per cent, followed by another African country, South Africa 32.9 per cent, and Iran 15.55 per cent.
According to the report, the lowest rate of unemployment was in countries like Qatar: 0.1 per cent, Cambodia: 0.36 per cent, and Niger 0.5 per cent. But, the unemployment rate in Nigeria increased to 33.30 per cent in the fourth quarter of 2020 from 27.10 per cent in the second quarter of 2020, according to the National Bureau of Statistics.
Meanwhile, in a recent report by KPMG, the Nigerian unemployment rate had increased to 37.7per cent in 2022, and would further rise to 40.6per cent, due to the continuing inflow of job seekers into the job market.
The report said unemployment would continue to be a challenge due to the slower-than-required economic growth, and the inability of the economy to absorb the 4-5 million new entrants into the Nigerian job market every year.

ECOWAS Leaders To Meet As Seven-Day Ultimatum Ends

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President Bola Tinubu may hold a second meeting with leaders of the economic community of West African states in the coming days as the one-week ultimatum issued to the military junta in Niger Republic ended Sunday midnight.

A presidential aide said Tinubu, who is the chairman of ECOWAS authority of heads of state and government, might convene another meeting to take a final decision on the resolutions reached at the June 30 meeting of the regional body in Abuja.

On the condition of anonymity, a source close to the matter said the heads of government would reconvene to decide on the next option. But no date has been fixed for the meeting where a final decision would be made on how to deal with the situation in Niger.

ECOWAS had last week issued a seven-day ultimatum to the military junta in the Niger Republic led by Gen. Abdourahmane Tchiani, to restore ousted President Muhammed Bazoum to office.

Speaking after the extraordinary session presided over by Tinubu in Abuja, the President of the ECOWAS Commission, Omar Touray, said all Chiefs of Defence Staff of the member states would proceed for an emergency meeting to strategize on effective ways to implement a possible military operation to restore Bazoum to office.

After concluding their meeting on Friday, the Defence Chiefs finalized an intervention plan and urged their militaries to prepare for a possible military intervention in Niger.

A day earlier, Tinubu dispatched a three-man delegation to Niger Republic with a mandate to expeditiously resolve the current political impasse in the country.

 On Saturday, the Nigerian Senate advised the President to further explore dialogue options other than the use of force to restore democracy in Niger, noting the “existing cordial relationship between Nigeriens and Nigerians.”

SERAP Sues Tinubu For Not Publishing Spending Details Of Fuel Subsidy

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Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against President Bola Ahmed Tinubu over what they described as “the failure to publish spending details of about N400bn so far saved as a result of the removal of subsidy on Premium Motor Spirit (PMS) popularly called petrol.”

In the suit number FHC/L/CS/1514/2023 filed last week at the Federal High Court in Lagos, SERAP is seeking: “an order of mandamus to direct and compel President Tinubu to publish details of spending of about N400 billion saved as a result of the removal of subsidy on petrol on 29 May, 2023.”

SERAP is also seeking: “an order of mandamus to direct and compel President Tinubu to provide details of the plans on how the savings from the removal of subsidy on petrol, including specific projects on which the funds would be spent.” And  “an order of mandamus to compel President Tinubu to provide details of the mechanisms that have been put in place to ensure that the savings from the removal of subsidy on petrol are not diverted into private pockets.”

In the suit, SERAP is arguing that: “Nigerians have the right to know how the savings are spent. Disclosing the spending details of the savings would reduce the risks of corruption in the spending of the funds.” And “The Tinubu government has a legal obligation to ensure that the savings from the removal of subsidy on petrol are spent solely for the benefit of the 137 million poor Nigerians who are bearing the brunt of the removal.” Also that the “Opacity in the spending of the savings from subsidy removal would have negative impacts on the fundamental interests of the citizens and the public interest.”

According to SERAP, “the savings from subsidy removal may be embezzled, misappropriated or diverted into private pockets.”

Read Also : SERAP urges Buhari to recover ‘missing N105.7b’ from MDAs for funding of varsities

The suit filed on behalf of SERAP by its lawyers, Kolawole Oluwadare, Adelanke Aremo, and Valentina Adegoke, read in part: “Transparency would increase public trust and confidence that these savings would be used to benefit Nigerians.”

“The Nigerian Constitution, 1999 [as amended], Freedom of Information Act, and the country’s anti-corruption and human rights obligations rest on the principle that citizens should have access to information regarding their government’s activities.”

“Prevention of corruption in the spending of savings from the removal of subsidy on petrol and preventing and addressing the challenges caused by the removal are serious and legitimate public interests.”

“The Tinubu government has a legal obligation to protect individuals against the threat posed to human rights by the removal of subsidy on petrol, and to effectively address the aftermath of subsidy removal.”

“Unless the government is compelled and directed to publish the spending details of the savings from the removal of subsidy on petrol, the removal will continue to undermine the rights of Nigerians, and increase their vulnerability to poverty.”

“The implementation of the National Social Safety Net Programme (NASSP) and spending on the programme have been mostly shrouded in secrecy.”

“Publishing the details of the spending of the N400bn and other savings from the removal of subsidy would also ensure that persons with public responsibilities are answerable to the people for the performance of their duties.”

“Transparency and accountability in the spending details of the N400bn saved as a result of the removal of subsidy on petrol, and on the spending of subsequent savings from the removal would mean that the savings can help poor Nigerians to overcome the effects of such removal.”

“It would also help to avoid a morally repugnant result of double jeopardy on poor and socially and economically vulnerable Nigerians.”…

“Under Section 16(1) of the Constitution, the government has a responsibility to ‘secure the maximum welfare, freedom and happiness of every citizen on the basis of social justice and equality of status and opportunity.’”

“Section 16(2) further provides that, ‘the material resources of the nation are harnessed and distributed as best as possible to serve the common good.’”

“Similarly, articles 5 and 9 of the UN Convention against Corruption also impose legal obligations on the government to ensure proper management of public affairs and public funds, and to promote sound and transparent administration of public affairs.”

Nigerians, reacting to SERAPS announcement, accused the organization of filing several fruitless suits against previous regimes.

Sweden, Norway Hit By Torrential Rain

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Heavy rainfall drenched southern Scandinavia on Monday, causing a train to derail and roads to flood in what officials in Sweden and Norway warned could become the most extreme wet weather system to hit the region in decades.

Swedish and Norwegian meteorologists issued red alerts, the most severe warning level, covering several days this week and said the hardest hit places could receive a month or more worth of normal rainfall in 24 hours and the worst floods in 25 years in Norway, or even 50 years for Sweden.

A train carrying more than 100 passengers derailed in eastern Sweden as the rain partly washed away the railway embankment, injuring three people who were taken to hospital, police said.

Gale force winds and thunderstorms knocked out local power lines and disrupted several Baltic and North Sea ferries as well as some air traffic, while Norway suspended certain train services and postponed a number of outdoor football matches.

Hitting Sweden late on Sunday and reaching Norway on Monday, the low pressure system was dubbed “Hans” by the Norwegian Meteorological Institute, which said naming the weather system makes it easier to get the public’s attention.

Authorities warned those most affected to stay away from rivers and steep slopes and only travel when strictly necessary. They said there was a high risk of widespread property damage as the downpour was set to continue in the coming days.

Neighbouring Denmark also saw heavy rainfall and issued a yellow alert, a lower-level warning, while meteorologists in Finland said the country could see severe thunderstorms later this week.

Power prices plunged across the region, which relies heavily on hydropower for electricity, as reservoirs were seen filling more rapidly than normal, with contracts for the next quarter and next year down 11% and 6%, respectively, at 1243 GMT.

Norway’s Prime Minister Jonas Gahr Stoere said he expected extreme weather events to become more frequent.

Egypt’s Natural Gas Production Declines, Power Cuts Bite

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Egypt’s natural gas production fell to a three-year low in the first five months of 2023, figures from the Joint Organisations Data Initiative (JODI) show, raising questions about the country’s efforts to position itself as a regional energy hub.

Currently the country is grappling with power shortages when a heatwave has driven up demand for cooling.

Gas production between January and May declined by 9% year-on-year and 12% when compared to the same period in 2021.

Egypt, which faces growing demand for gas from its population of 105 million, has been seeking a regional supply role, selling its own gas and re-exporting Israeli gas as liquefied natural gas (LNG) to the Middle East, Africa and Europe.

It received a boost from Italian company Eni’s discovery of the giant Zohr gas field in 2015, and started importing from Israel in 2020.

But there have been few large discoveries since, and a significant increase in supplies from Israel would only be possible after major infrastructure investment.

Production at Zohr stands at 2.3 billion cubic feet per day (bcfd), the government said last month, down from 2.7 bcfd in 2019.

Analysts and an industry source said water infiltration issues at Zohr, which had an estimated 30 tcf of gas reserves and a design capacity of 3.2 bcfd, have held back production.

“The decline in production from the field is having a notable impact on gas output as the field accounts for approximately 40% of the country’s total gas production,” said Olumide Ajayi, senior LNG analyst at LSEG.

Both Eni and the Egyptian government last week denied production problems at Zohr. The government says work is under way on Zohr’s 20th well.

The government in July announced the start of a $1.8 billion programme to drill natural gas exploration wells in the Mediterranean Sea and Nile Delta, and the discovery of an offshore field, Nargis, estimated to hold around 2.5 tcf of reserves.

However, in July ratings agency Fitch revised down its forecast for Egypt’s gas production in 2023, to a 4% decline from its previous prediction of 1% y-o-y growth. It cited a thin project pipeline and high depletion rates at existing fields.

These include declining output from the Western Desert, West Delta Deep Marine and onshore fields in the Nile Delta, said Siamak Adibi of consultancy FGE.

Rolling blackouts this summer have also raised questions about gas supply, which accounted for 77% of Egypt’s power generation in 2022, according to BMI Research.

In 2022, the government announced a decision to ration electricity so it could export more gas. However, it said last month it would halt exports until the autumn to meet domestic demand.

“This gas rationing for export coupled with the increase in electricity demand and the shortage of gas has contributed to the power shortages in Egypt,” said Lerato Monaisa, BMI Research’s senior power and renewables analyst.

Electricity Minister Mohamed Shaker told local media in July that the power cuts resulted from his ministry receiving lower quantities of natural gas and fuel oil.

Prime Minister Mostafa Madbouly later denied that natural gas shortages or exports were a factor in the power cuts, and said extra mazut, a carbon intensive fuel oil the government has resorted to for power generation, would be imported.

Egypt’s petroleum and electricity ministries did not respond to a request for comment.

As Europe’s Energy System Faces Excessive Heat, Solar Power Comes To Rescue

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A major increase in solar power generation in southern Europe played a leading role in averting energy shortages during the heatwaves of recent weeks when temperatures broke records and drove unprecedented demand for air conditioning.

Solar power is particularly suited to coping with summer heat as the sun’s radiation is strongest around the hottest part of the day, when electricity demand for cooling is also at its highest.

“The very significant growth in solar basically compensates for the peaks that are caused by air conditioning,” Kristian Ruby, secretary general of electricity industry group Eurelectric, said of the situation in Spain.

Spain and Greece are among the countries that have installed many more solar panels in the face of record high energy prices last year and the quest for increased energy security linked to Russia’s invasion of Ukraine.

Spain added a record 4.5 gigawatts of solar photovoltaic capacity last year, resulting in solar energy output in July – typically one of the sunniest months – that was higher than any month to date, Spanish electricity grid operator Red Electrica said.

Data from Ember showed solar provided almost 24% of Spain’s electricity in July this year, up from 16% in July 2022.

When soaring temperatures and demand for cooling led to a peak in Sicilian power demand on July 24, nearly half of the excess demand – which totalled 1.3 GW – was covered by solar, Refinitiv data show. Sicily’s solar production last month was more than double that of July 2022.

Exploring To Sua Ocean Trench, Samoa  

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To Sua Ocean Trench is a geological formation that is located in the vicinity of the village of Lotofaga, in the southern part of the island of Upolu, within the eastern part of the Independent State of Samoa.

As the world is replete with natural wonders that captivate the imagination of every person, this enchanting formation too is a testament to the immense power of nature that leaves every adventurer and nature enthusiast in awe.

Nestled on the coast of Samoa’s Upolu Island which represents the heart of the nation, To Sua Ocean Trench recently has become a must-visit destination for those seeking to witness the sublime wonders of our planet.

As the trench is a natural pool that was formed as a result of the collapse of an ancient lava tube, it is filled with crystal-clear turquoise waters which not only fill the trench but also create a mesmerizing sight, contrasting against the lush tropical surroundings.

The combination of the green, blue-turquoise, and somewhat grey coloring, is a sight that leaves visitors breathless and ignites a sense of wonder and appreciation for the Earth’s geological history.

Interestingly though, the descent to the trench is an adventure in itself, as a sturdy ladder leads visitors down into the trench, where they are greeted by the cool embrace of the refreshing water.

The trench has a depth of over 30 m (98 ft), providing an exhilarating experience for avid swimmers and divers, but as one swim or floats on their back, the steep walls of the trench soar above, adorned with verdant vegetation, trickling waterfalls, and overhanging vines.

It is as if nature itself has created a hidden sanctuary, offering respite from the outside world. Beyond its natural allure, the To Sua Ocean Trench also holds cultural significance for the Samoan people, for the reason that in Samoan mythology, it is believed to be the bathing place of the powerful god Taga.

The tranquility and serenity found within the trench are said to be a reflection of Taga’s calming influence, making it a sacred site, furthermore enhancing the spiritual connection and experience as visitors immerse themselves in the mystical ambiance that pervades the surroundings.

In addition, for those seeking a moment of respite and contemplation, the trench offers a tranquil haven, as sunlight filtering through the canopy above casts ethereal beams into the water, creating a surreal underwater vista.

The silence is broken only by the gentle sound of water trickling from the surrounding walls, and it is a place where time seems to stand still, allowing visitors to disconnect from the outside world and reconnect with the natural wonders of the Earth.

In conclusion, the To Sua Ocean Trench in Samoa stands as a testament to the awe-inspiring power of nature and the inherent beauty that lies within our planet, where its stunning and quite complementary turquoise waters, towering walls, and peaceful ambiance create an otherworldly experience that lingers in the memories of those fortunate enough to witness it.

Once Upon A Time – August 7 – 1955 – Tokyo Telecommunications Engineering Begins Selling First Transistor Radios In Japan

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1461 Ming Dynasty Chinese military general Cao Qin stages a coup against the Tianshun Emperor

1714 The Battle of Gangut: the first important victory of the Russian Navy during the Great Northern War against Sweden

1933 The Iraqi Government slaughters over 3,000 Assyrians in the village of Sumail. The day becomes known as Assyrian Martyrs Day.

1955 Tokyo Telecommunications Engineering, the precursor to Sony, begins selling its first transistor radios in Japan

1990 US deploys troops to Saudi Arabia beginning Operation Desert Shield

Historical Events Today Events in 2023

Today in Film & TV

2015 US Presidential candidate Donald Trump says in a CNN interview that news anchor Megyn Kelly had “blood coming out of her eyes, blood coming out of her wherever”

Today in Music

2009 “Tik Tok” single released by Kesha (Billboard Song of the Year 2010)

Today in Sport

1929 New York Yankees slugger Babe Ruth ties MLB record by hitting grand slams in consecutive games for the second time in 13-1 win v Philadelphia A’s

1606 Possible first performance of Shakespeare’s tragedy Macbeth, performed in the Great Hall at Hampton Court Palace for King James I

1428 Valais witch trial proceedings begin in Valais Canton, Switzerland, first organized witch trials

Famous Weddings

1869 German airship inventor Ferdinand von Zeppelin (31) weds Isabella Freiin von Wolff from the house of Alt-Schwanenburg, in Berlin, Kingdom of Prussia, until his death in1917

1936 American “The Flintstones” animator William Hanna (26) weds Violet Blanch Wogatzke (23), until his death in 2001

1954 American country music singer-songwriter Johnny Cash (22) marries 1st wife Vivian Liberto (20) at St. Ann’s Roman Catholic Church in San Antonio. Texas

The controversial life and death of Mata Hari, the glamorous WWI double agent, executed in 1917, has recently been reassessed in the light of new evidence – August 7, 1876

Nigerian Insurers Association, FRSC to Enforce Motor Insurance Policy

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The Nigerian Insurers Association and the Federal Road Safety Corps are partnering to ensure motorists obtain genuine motor insurance.

The Chairman, NIA, Olusegun Omosehin, sought more support when he led a delegation of some members of its governing council to pay a working visit to the Corps Marshal, FRSC, Dauda Ali Biu in Abuja recently.

The visit was in line with the theme of his tenure tagged, ‘Expanding the frontiers of insurance through partnership and stakeholders’ engagement’.

The chairman assured that, “The NIA will continue to be a strong ally and do all within its powers to support the Corps Marshal and his team.

“Our appeal is that the FRSC should continue to help ensure the validation of genuine insurance in line with the law.”

In his remarks, the Corps Marshal thanked the NIA delegation for the visit, and urged the association to maintain more frequent interaction and extend same to other enforcement agencies, to ensure total eradication of fake insurances.

The Director-General, NIA, Yetunde Ilori, thanked the Corps Marshal for the opportunity to visit and discuss matters of mutual interest between the two institutions and promised that the association would work hard to deliver on the expectations.

Stock Market Starts August Week 2 In Green

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Nigeria’s equities market opened the new week on a positive note as investors showed remarkable buy interests in stocks like GlaxoSmithKline Consumer Nigeria (GSK), Nigerian Enamelware, Wema Bank, University Press and Sunu Assurances.

While disclosing its plans to cease operations in Nigeria, GSK had said its Board is conscious that shareholders will have many questions, noting that the company has been working assiduously with its professional advisors “to agree on next steps and we will be shortly submitting to the Securities and Exchange Commission (SEC) a draft Scheme of Arrangement which may, if approved, see shareholders other than GSK UK, receive an accelerated cash distribution and return of capital”.

At the close of trading on Monday, August 7 the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and its equities market capitalisation increased by 0.21percent or N75billion, from 65,198.08 points and N35.480 trillion respectively to 65,336.71 points and N35.555trillion.

“This week, we expect the bullish sentiments in the equities market to persist on the back of the market’s attractiveness over the depressed rates in the fixed-income market. Also, we believe the positive sentiments around the new policy direction will continue to drive the rally in the market. Lastly, the recent S&P upgrading of Nigeria’s outlook from negative to stable would further drive positive sentiments,” said United Capital Research analysts in their August 7 note.

Sterling Financial Holdings, FCMB Group, Fidelity Bank, Japaul Gold and Access Corporation were most actively traded stocks as investors in 6,940 deals exchanged 334,333,242 shares valued at N3.891billion.

Nigerian Enamelware share price went up most on the Nigerian Bourse, from day-open low of N17.75 to N19.50, up N1.75 or 9.86percent. Wema Bank increased from N4.30 to N4.72, up 42kobo or 9.77percent. University Press rose from N2.26 to N2.48, up by 22kobo or 9.73percent. Sunu Assurances moved up from 93kobo to N1.02, up 9kobo or 9.68percent, while GSK Nigeria increased from N8.90 to N9.75, up 85kobo or 9.55percent.