Economy - Abia ThinkTank News

Dec

2024

Re-2025, Sustaining The Momentum: A Budget For Growth: Addressing The ‘Concerns’ Of Our ‘Friends’ Of ABIA State – By Chukwuemeka Ifegwu Eke

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

Re_2025, Sustaining the Momentum: A Budget for Growth: addressing the 'concerns' of our 'friends' of Abia State As the State welcomes the 2025 Abia State budget of ₦750.3 billion, tagged "Sustaining Momentum," some of our well meaning friends have raised concerns about its feasibility and effectiveness. Presented by Governor Alex Otti, the budget represents a 30% increase from the 2024 budget of ₦524 billion. Some of the concerns expressed are: Lack of sectoral analysis, they claim that the budget fails to provide a sectoral breakdown, making it difficult to understand how funds will be allocated to various sectors such as…

Dec

2024

0 Comments

By Abia ThinkTank

Economic Outlook For 2025: ABIA State’s Opportunities – By Dr. Chukwuemeka Ifegwu Eke

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

Economic Outlook for 2025: Abia State's Opportunities Abia State's economic outlook for 2025 is promising, driven by its strategic location in the Niger Delta region, abundant natural resources, and emerging industries. In my humble opinion, let's look at some key sectorial assumptions in state. We must start our analysis with the sector that directly affects over 80% of the populace - Agriculture, we are all witnesses that the state has vast agricultural potential, with crops like rice, cassava, and maize being major contributors to the state's GDP. Investment in irrigation systems and farming infrastructure will boost productivity. Abia state's Oil…

Dec

2024

0 Comments

By Abia ThinkTank

Abia International Cargo Airport, Adding To The Streams Of Good News – By Dr. Engr. Odo Ijere (Okpotemba Ohafia)

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

ABIA INTERNATIONAL CARGO AIRPORT, ADDING TO THE STREAMS OF GOOD NEWS. In a matter of a few hours from the time of my writing this piece, the Minister of Aviation, Mr. Festus Keyamo Esq. will be on ground in Abia State to flag off the construction of Abia International Cargo Airport in Nsulu, about 10kms from Umuahia. This historic flag off ceremony promises to be the mother of all flag off ceremonies just following the epic commissioning of construction works of the Umuopara ring road project and the four lanes Onuimo bridge to Umuahia tower project in less than a…

Dec

2024

0 Comments

By Abia ThinkTank

The Damascus Paradox. Unpacking Socio-Economic Upheaval For Abia’s Prosperity – By Dr. Chukwuemeka Ifegwu Eke

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

*The Damascus Paradox. *Unpacking Socioeconomic Upheaval for Abia's Prosperity* The Syrian uprising and the fall of Damascus were largely fueled by socioeconomic factors. There are Political Repression: The Assad regime's authoritarian leadership and suppression of dissent created widespread discontent. Another isEconomic Inequality where Syria's economy was marked by corruption, cronyism, and uneven distribution of wealth, leaving many Syrians feeling marginalized. Third factor is Drought and Environmental Factors: A severe drought in 2006 led to widespread poverty and displacement, particularly in rural areas. We can not ignore Demographic Pressures this is because Syria's rapidly growing young population faced high unemployment and…

Dec

2024

0 Comments

By Abia ThinkTank

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

0 Comments

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

0 Comments

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

0 Comments

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

0 Comments

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

0 Comments

By Abia ThinkTank

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…