Economy - Abia ThinkTank News

Dec

2024

Growing Abia, Growing Nigeria: The Power Of Industrialization – By Dr. Chukwuemeka Ifegwu Eke

Abia State, Columns/Opinions/Letters, Economy, News Flash

Growing Abia, Growing Nigeria: The Power of Industrialization Abia State's industrialization efforts are gaining momentum, driven by a N10 billion Memorandum of Understanding (MOU) with the Bank of Industry (BOI) to boost entrepreneurship and small and medium-scale enterprises (SMEs) in sectors like agriculture, ICT, and manufacturing. Key StatisticsAbia State's GDP is believed to be N2.78 trillion (2022), with a 7.2% growth rate, while, Unemployment Rate is 24.7% (2022). Dr Otti is targeting a 10% reduction through industrialization. So far, the SME's Contribution is pegged at 48% of Abia State's GDP, employing 70% of the workforce. It is interesting to note…

Dec

2024

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By Abia ThinkTank

Economy: President Tinubu Assures Nigerians Of Better Days Ahead

Economy, FGN, News Flash, Presidency

Economy: Better Days Ahead – President Tinubu Assures Nigerians President Bola Tinubu is confident of an economic rebound and is asking Nigerians to keep faith in his administration’s reforms. Inflation levels in Nigeria have reached new highs, pushing the cost of basic commodities beyond millions of persons in Africa’s most populous nation. But at the graduation ceremony for the Executive Intelligence Management Course 17 at the National Institute for Security Studies in Abuja, President Tinubu said the future looks bright for Nigeria. The president who was represented by the National Security Adviser (NSA) Nuhu Ribadu acknowledged the difficulties but said…

Dec

2024

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By Abia ThinkTank

Nigeria Recorded N5.81 Trillion Trade Surplus In Q3 – National Bureau Of Statistics

Business, Economy, FGN, News Flash

Nigeria Recorded N5.81 Trillion Trade Surplus In Q3 Nigeria has recorded a trade surplus of N5.81tn in the third quarter of 2024, reflecting a remarkable rise in export earnings, according to the latest data from the National Bureau of Statistics. However, the surplus recorded in Q3 2024 is far lower than the N6.95tn trade surplus recorded in the previous quarter. The NBS in its foreign trade statistics report on Friday noted that Nigeria’s merchandise trade for the Q3 2024 was a total value of N35.16tn, marking an 81.35 per cent increase compared to the same period in 2023 and a…

Dec

2024

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By Abia ThinkTank

NNPC Shuns Local Market, Begins Export Of Petrol From Port Harcourt Refinery To Dubai

Business, Economy, News Flash, Oil & Gas

NNPC Shuns Local Market, Begins Export Of Petrol From Port Harcourt Refinery To Dubai The Nigerian National Petroleum Company (NNPC) has begun the export of petrol from the Port Harcourt Refinery to Dubai, shunning the local market. The Port Harcourt Refinery which began operations in November following rehabilitation shipped its first export of petroleum products to Dubai, with the company expected to load the cargo onboard the Wonder Star MR1 ship in the coming days. The ship will load 15,000 metric tons of the product, which translates to about 13.6 million litres. It is understood that the sulfur content of…

Dec

2024

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By Abia ThinkTank

Could The Tinubu Tax Reform, Be A Golden Opportunity For Abians? – By Dr. Chukwuemeka Ifegwu Eke

Abia State, Columns/Opinions/Letters, Economy, Good Governance, News Flash

Could The Tinubu Tax Reform, be a Golden Opportunity for Abians? Dear Abians, Governor Alex Chioma Otti is monitoring as he meticulously retooling Abia's macro and microeconomic environment for a bumper harvest as regards this subject matter. As Nigeria prepares for the Tinubu tax reform, which seems inevitable, judging from the President antecedents, he has placed and still working very hard to place Abia and Abians so as to position themselves to reap significant benefits. Now, we know with our forward-looking Dr Otti in the saddle, Abia State has been undergoing transformative restructuring, with a focus on rebuilding and restoring…

Dec

2024

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Nigeria Raises $2.2 Billion From Latest Eurobond Auction

CBN/Commercial Banking, Economy, News Flash

Nigeria Raises $2.2 Billion From Latest Eurobond Auction Nigeria has raised $2.2 billion through its latest Eurobond auction, marking a pivotal moment in the country’s ongoing efforts to address its growing fiscal deficit. This auction, which saw the issuance of two bonds with varying tenors, follows the government’s return to the international capital markets for the first time since March 2022. The funds raised will primarily be used to support Nigeria’s 2024 budget, which is under strain due to persistent revenue shortfalls and mounting public spending. FG to tax banks 50% of realised profits on FX gains in amended 2023…

Dec

2024

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Dogara Backs Tax Reform Bills, Tackle Governors

Columns/Opinions/Letters, Economy, National Assembly, Politics

Dogara Backs Tax Reform Bills, Tackles Governors Former Speaker of the House of Representatives, Yakubu Dogara, on Monday night asked Nigerian governors to air their views and make recommendations where necessary on the controversial Tax Reform Bills rather than attempting to stop the proposed laws. Dogara insisted that the bills cannot be shut down on account of timing and alleged non-consultation of governors by the Taiwo Oyedele-led Presidential Committee. He spoke at a special town hall on the Tax Reform Bills aired by Channels Television. The former Speaker expressed worry that the bills have been generating fuss and taking regional…

Dec

2024

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“ABIA State: A Beacon Of Hope Amidst Global Economic Uncertainty” – By Dr. Chukwuemeka Ifegwu Eke

Abia State, Columns/Opinions/Letters, Economy, Politics

"Abia State: A Beacon of Hope Amidst Global Economic Uncertainty" As the world grapples with a slowdown in global growth, projected to hit 2.4% in 2024 and 2.7% in 2025, according to the World Bank's Global Economic Prospects report, Abia State in Nigeria is bucking the trend. The state government, led by Governor Alex Otti, has been working tirelessly to promote economic growth and development. One of the key initiatives of the Abia State government is the establishment of the Abia State Public Private Partnership and Investment Promotion Board. This move aims to attract investors and promote economic growth in…

Dec

2024

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A TIME TO BELIEVE: Being Gov. Otti’s Speech At The Opening Ceremony Of The 2024 ABA International Trade Fair On 30/11/2024

Abia State, Business, Economy, Good Governance, News Flash

A TIME TO BELIEVE Being the Text of an Address Presented by Governor Alex C. Otti, OFR, at the Opening Ceremony of the 2024 Aba International Trade Fair on Saturday, November 30, 2024, at the Aba Mega Mall. Protocols, We have reached a very important point in the evolution of Aba as a major business destination in Nigeria and across the West African region. What happens in this city, say, in the next decade or less, would depend largely on how we harness the opportunities and access events like this. Beyond the excitement that comes with hosting international programmes of…

Dec

2024

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Rising Sun, Greener Tomorrow: Governor Alex Otti’s Transformation Agenda For ABIA State – By Dr. Chukwuemeka Ifegwu Eke

Abia State, Columns/Opinions/Letters, Economy, Good Governance

Rising Sun, Greener Tomorrow: Governor Alex Otti's Transformation Agenda for Abia State Governor Alex Chioma Otti OFR has consistently work quietly behind the scenes with private sector titans to better the lot of Abians. Today, we would want to spotlight his efforts as he consistently advocates for the need to address pro-poor climate change initiatives and its devastating impacts. Dr Otti has been instrumental in pushing for private sector led initiatives that promote clean energy and reduce greenhouse gas emissions. For instance, Otti's Clean Plan Initiatives, which aims to reduce carbon pollution and emphasized the importance of investing in renewable…