Economy - Abia ThinkTank News

Dec

2024

It Would Shock Nigerians The Calibre Of People Who Escort Illegal Oil Bunkers – Fisayo Soyombo

Crime, Columns/Opinions/Letters, Economy, Oil & Gas

It Would Shock Nigerians The Calibre Of People Who Escort Illegal Oil Bunkers – Fisayo Soyombo The founder of the Foundation for Investigative Journalism (FIJ), Fisayo Soyombo, who was just released by the Nigerian Army has revealed that he was conducting an undercover investigation when he was arrested by the Nigerian Army. Soyombo also expressed worry about the kind of security cover available for oil bunkerers in the country. He said this while speaking in an interview on AriseTV morning show. “It would shock you the kind of people who escort illegal oil bunkers out of Port-Harcourt. “The army spokesman…

Nov

2024

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By Abia ThinkTank

Who Does Aba Trade With?: A Closer Analysis Of ABIA GDP And Economic Performance – By Dr. Chukwuemeka Ifegwu Eke

Abia State, Columns/Opinions/Letters, Economy

Who does Aba Trade with? Abia's Trade DataNigeria's economic landscape is characterized by a significant nominal GDP of $199.72 billion as of Q3 2024, ranking the country 53rd globally. However, when considering purchasing power parity (PPP), Nigeria's GDP stands at an impressive $1.44 trillion, propelling the country to the 27th position worldwide. A closer examination of Nigeria's GDP statistics reveals a growth rate of 3.19% as of Q2 2024, indicating a steady expansion of the country's economy. Furthermore, the GDP per capita stands at $1,109 (nominal) and $6,320 (PPP) in 2024, providing insight into the standard of living and purchasing…

Nov

2024

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Gov. Alex Otti Vows To Claim Accumulated And Unclaimed Tetfund Approvals Earmarked For State Owned Institutions.

Abia State, Economy, Good Governance

GOVERNOR ALEX OTTI VOWS TO CLAIM ACCUMULATED AND UNCLAIMED TETFUND APPROVALS EARMARKED FOR STATE OWNED INSTITUTIONS. Abia State Governor Alex Otti OFR says his administration will do everything possible to claim accumulated and unclaimed funds earmarked for the State Owned by the Tertiary Education Trust Fund (TETFUND). Governor Otti made this pledge when he received in audience a delegation of the House of Representatives Committee on TETFUND and Other Services led by its Chairman, Hon. Princess Miriam Odinakachi Onuoha at the Government House Umuahia. The Governor who revealed that there is enormous work required to bring the education sector to…

Nov

2024

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Abia State Government Partners Bank Of Industry To Achieve Industrialization, Signs MOU

Abia State, CBN/Commercial Banking, Economy, Good Governance, News Flash

Abia State Government Partners Bank of Industry to Achieve Industrialisation, Signs MOU. Abia State government has signed a N10 Billion Memorandum of Understanding (MOU) with the Bank of Industry (BOI) for the industrialization of the state. The Executive Director, MSMEs, Bank of Industry, Shekarau Umar disclosed this while speaking with newsmen after signing the MOU in Umuahia. Under the agreement, the Abia State government will provide the sum of N5 Billion which will be matched with another N5 Billion by the BOI for a start and disbursed to entrepreneurs in the State to boost their businesses. According to the Executive…

Nov

2024

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Interest Rate Spikes To 27.25% As Money Is Scarce And It’s All Otti’s Fault: ABIA State Is Crashing Nigeria’s Economy – By Dr. Chukwuemeka Ifegwu Eke

CBN/Commercial Banking, Columns/Opinions/Letters, Economy, Good Governance

Interest Rate Spikes to 27.25% as Money is Scarce and it's all Otti's fault: Abia State is crashing Nigeria's economy! The title's absurdity is quite attention-grabbing, isn't it? It's almost as ridiculous as comparing Governor Otti to his peers without proper context. I mean, why compare apples to oranges, right? As you quoted, the Bible says, "For we dare not make ourselves of the number, or compare ourselves with some that commend themselves: but they measuring themselves by themselves, and comparing themselves among themselves, are not wise." (2 Corinthians 10:12) It's essential to remember that every individual, including leaders like…

Nov

2024

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CBN Raises Interest Rate To 27.5%

CBN/Commercial Banking, Economy, FGN, News Flash

CBN Raises Interest Rate To 27.5% The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which benchmarks interest rates in the country to 27.50 percent — from 27.25 percent. Olayemi Cardoso, CBN’s governor, announced the committee’s decision at a press conference on Tuesday.He said the committee increased the MPR by 25 basis points. Cardozo said the committee retained the asymmetric corridor at +500 and -100 basis points around the MPR. The CBN governor said the MPC also retained the cash reserve ratio (CRR) at 50 percent, as well as the…

Nov

2024

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President Tinubu Assures Of Greater Economic Output, Welcomes Third Quarter GDP Growth

Economy, FGN, News Flash

STATE HOUSE PRESS STATEMENT PRESIDENT TINUBU ASSURES OF GREATER ECONOMIC OUTPUT, WELCOMES THIRD QUARTER GDP GROWTH FIGURE President Bola Tinubu has assured Nigerians of better economic output as the economy continues to expand following the newly released third quarter Gross Domestic Product report by the National Bureau of Statistics. According to the NBS, Nigeria's GDP grew by 3.46%, compared to the 3.19% growth recorded in the second quarter. The growth in GDP shows that President Tinubu's quest for a more robust boost in the economy and, by extension, a better standard of living for all Nigerians is on course. The…

Nov

2024

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Dangote Refinery Jet Fuel Exported To London, Iceland, Other Global Airports

Business, Economy, FGN, News Flash, Oil & Gas

Dangote Refinery Jet Fuel Exported To London, Iceland, Other Global Airports The Dangote Refinery has successfully exported its jet fuel to various international destinations, including airports in Iceland, Tenerife, and London. According to a report by SP Global Commodity Insights, the refinery’s Nigerian-made aviation fuel has reached prominent locations such as Heathrow Airport in the UK, as the petrochemical facility continues to scale up production. The report further highlights that between January and October this year, the majority of the refinery’s supply has been delivered to the Lome transshipment hub off Togo. South Korea has also emerged as the largest…

Nov

2024

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Economic Hardship: Dangote Reduces Petrol Price

Economy, News Flash, Oil & Gas

Dangote Reduces Petrol Price The Dangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit (PMS) from ₦990 per litre to ₦970 per litre for marketers. The announcement was made in a statement issued by Anthony Chiejina, the Group Chief Branding and Communications Officer. The statement read: “As the year comes to an end, this is our way of appreciating the good people of Nigeria for their unwavering support in making the refinery a dream come true. In addition, this is to thank the government for their support, as this will complement the measures put in…

Nov

2024

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Northern Elders’ Forum (NEF) Affirm Rejection Of Tax Reform Bill

Economy, FGN, News Flash, Northern Nigeria

Northern Elders Affirm Rejection Of Tax Reform Bill The Northern Elders’ Forum (NEF), on Saturday, November 23, reaffirmed its rejection of the Tax Reform Bill. NEF described it as a policy “conceived in bad faith”, adding that it threatens national cohesion. The group criticised the manner of its implementation, alleging that key stakeholders, including members of the National Economic Council (NEC), were sidelined during the process. The convener of NEF, Professor Ango Abdullahi, in a communique after the forum Board of Trustees’ second bi-annual meeting, in Abuja, warned against policies that could further marginalise the north’s resource potential. The forum…