Economy

Oct
30
2024
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By Abia ThinkTank
Abia State And 19 Other Governors Begin Payment Of New Minimum Wage

Abia State And 19 Other Governors Begin Payment Of New Minimum Wage

Abia State, Economy, Good Governance, News Flash
ABIA State Governor And 19 Other Governors Begin Payment Of New Minimum Wage At least 20 states have either started paying the new minimum wage or will commence payment from this week. After negotiations by the government, the Organised Private Sector and the Labour Centres, the minimum wage was raised from N30,000 to N70,000. The Federal Government has commenced payment. Following negotiations at the sub-national level with labour leaders, states started announcing the new minimum wage. Many states are paying higher than the Federal Government. The highest so far – N85,000 – is being paid by Lagos and Rivers states.…
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Oct
30
2024
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By Abia ThinkTank
Ghana Proposes To Import Petroleum From Dangote Refinery – Official

Ghana Proposes To Import Petroleum From Dangote Refinery – Official

Economy, News Flash, Oil & Gas
Ghana To Import Petroleum From Dangote Refinery – Official The National Petroleum Authority of Ghana says it is proposing to import refined petroleum products from Dangote Refinery to boost its energy security and sustain business cooperation with neighbours. Mustapha Abdul-Hamid, chief executive officer, NPAG, said this at the 2024 OTL Africa Downstream Energy Week on Tuesday in Lagos. Speaking as one of the panellists, Abdul-Hamid said that the move was aimed at strengthening Ghana’s energy security and to deepen regional economic cooperation. The 2024 OTL, 18th edition, has the theme ‘Alliances for Growth’. According to Mr Abdul-Hamid, Ghana is seeking…
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Oct
30
2024
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By Abia ThinkTank
Fuel Supply Set To Increase As FGN Grants Licenses For Companies To Operate Refineries In Nigeria

Fuel Supply Set To Increase As FGN Grants Licenses For Companies To Operate Refineries In Nigeria

Economy, FGN, News Flash, Oil & Gas
Fuel Supply To Increase As FG Grants Licenses For Companies To Operate Refineries In Nigeria Nigeria’s fuel supply is set to increase as the Federal Government, through the Nigerian Midstream and Downstream Petroleum Authority (NMDPRA) has granted licenses to nine modular refineries, seven construction licenses, and four operational licenses. The development was announced by Farouk Ahmed, CEO of NMDPRA, at the 2024 Oil Trading & Logistics Africa Downstream Energy Week in Lagos on Monday. According to Ahmed, under President Bola Tinubu’s administration, Nigeria’s refining capacity has been expanding, particularly with the commencement of production by Dangote Refinery. “Over the course…
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Oct
25
2024
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By Abia ThinkTank
President Tinubu Restricts Ministers, Others To 3 Official Vehicles In Bid To Reduce Cost Of Governance

President Tinubu Restricts Ministers, Others To 3 Official Vehicles In Bid To Reduce Cost Of Governance

Economy, FGN, News Flash, Presidency
Tinubu Restricts Ministers, Others To 3 Official Vehicles In Bid To Reduce Cost Of Governance President Bola Tinubu has implemented a new cost-cutting measure limiting Federal Ministers, Ministers of State, and Heads of Agencies to a maximum of three vehicles in their official convoys. This directive, outlined in a statement personally signed by the president, aims to streamline government operations and reduce expenditures associated with official travel. Additionally, the President has set a cap of five security personnel for the officials, comprised of four police officers and one officer from the Department of State Services (DSS). “He similarly reduced the…
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Oct
24
2024
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By Abia ThinkTank
Breaking Free From Firewood: Abia’s Transition To Cleaner Energy – By Dr. Chukwuemeka Ifegwu Eke

Breaking Free From Firewood: Abia’s Transition To Cleaner Energy – By Dr. Chukwuemeka Ifegwu Eke

Abia State, Columns/Opinions/Letters, Economy, Good Governance, News Flash
Breaking Free from Firewood: Abia's Transition to Cleaner Energy According to the National Bureau of Statistics (NBS), about 68.3% of Nigerian households still rely on solid biomass, specifically firewood and charcoal, for cooking ¹. This traditional cooking method not only harms the environment but also poses health risks, with the World Health Organization estimating that smoke from kitchen fires leads to approximately 93,300 deaths annually in Nigeria. The high percentage of households using firewood is largely due to the expensive nature of alternative cooking methods. For instance, the average retail price for cooking gas increased by 83.62% from N2057.71 in…
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Oct
23
2024
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By Abia ThinkTank
Gov. Otti Assures Of ABIA State Government Support To The Joint Monitoring Team On Crude Oil Production Boost.

Gov. Otti Assures Of ABIA State Government Support To The Joint Monitoring Team On Crude Oil Production Boost.

Abia State, Economy, News Flash, Oil & Gas, Security
GOV. OTTI ASSURES OF ABIA STATE GOVERNMENT SUPPORT TO THE JOINT MONITORING TEAM ON CRUDE OIL PRODUCTION BOOST. Abia State Governor Dr. Alex Otti, OFR, has assured of the Abia State Government’s support to tackle the issues causing the drop in crude oil production in Nigeria. Governor Otti gave the assurance on Tuesday, 22nd October, in his Umuehim Nvosi Country home, when he received in audience a delegation of the Defence Headquarters Joint Monitoring Team, led by Major Gen. JAL Jimoh, who paid him a working visit. Governor Otti who decried the drastic drop in crude oil production in Nigeria,…
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Oct
23
2024
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By Abia ThinkTank
Abia’s Golden Years Initiative: Ensuring Comfortable Retirement – By Dr. Chukwuemeka Ifegwu Eke

Abia’s Golden Years Initiative: Ensuring Comfortable Retirement – By Dr. Chukwuemeka Ifegwu Eke

Abia State, Columns/Opinions/Letters, Economy, Good Governance, News Flash
Abia's Golden Years Initiative: Ensuring Comfortable Retirements The Executive Governor's signing of the seventy thousand naira minimum wage per month is a groundbreaking move that sets the stage for revolutionary initiatives and plans for Abia State seniors as well. This significant increase from the previous thirty thousand naira minimum wage, as mandated by the National Minimum Wage (Amendment) Act 2024, demonstrates the government's commitment to enhancing the welfare and quality of life for public servants and seniors in Abia State. With the domestication of this law in the State, the governor has launched a higher level of financial security in…
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Oct
23
2024
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By Abia ThinkTank
To Avoid Likely Shut Down, MTN Sets To Hike Tariff

To Avoid Likely Shut Down, MTN Sets To Hike Tariff

Business, Columns/Opinions/Letters, Economy, News Flash, Telecommunications
MTN Sets To Hike Tariff To Avoid Shut Down MTN Nigeria, the country’s largest telecom operator, has stressed the urgent need for the telecommunications sector to return to profitability to sustain its operations. The Chief Executive Officer of MTN, Karl Toriola, made this known on Monday during a tour of MTN’s facilities by Fellows of the Media Innovation Programme in Ibeju-Lekki, Lagos. The MTN chief, who has about 78 million subscribers under his watch, pinpointed that the sector has been accumulating significant losses and that immediate action is necessary to reverse this trend. The operator with a corporate social investment…
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Oct
20
2024
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By Abia ThinkTank
Analysis Of States Implementing Higher Than National Minimum Wage – By Chukwuemeka Ifegwu Eke

Analysis Of States Implementing Higher Than National Minimum Wage – By Chukwuemeka Ifegwu Eke

Columns/Opinions/Letters, Economy, FGN, News Flash
States Implementing Higher than National Minimum Wage Nigeria's minimum wage landscape has shifted with several states adopting higher than N70,000 minimum wage. Lagos State, renowned for its thriving economy and high cost of living, leads this charge. Rivers State, fueled by its robust oil and gas sector, also implements this wage. Akwa Ibom State, rich in natural resources, and Delta State, boasting a diversified economy, follow suit. Ogun State, with its significant agricultural production and manufacturing, completes the list. Comparative GDP Analysis Lagos State's GDP stands at 33.7 trillion Naira, surpassing others. Rivers State trails with 13.3 trillion Naira, while…
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Oct
19
2024
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By Abia ThinkTank
Why Some Abians Do Not See A Strong Economy Nor Trust The Government – By Chukwuemeka Ifegwu Eke

Why Some Abians Do Not See A Strong Economy Nor Trust The Government – By Chukwuemeka Ifegwu Eke

Abia State, Columns/Opinions/Letters, Economy, News Flash
Why some Abians do not see a strong economy nor trust the government Abia State's economy is also influenced by psychological factors, national trends and development strategies. A decade-long stagnation in teachers' motivation due to unpaid salaries and sometimes zero compensation for retiring colleagues cultivated economic uncertainty, and diminishing trust in government support. We are aware that Nigeria's economic fluctuations in the last decade impacted Abia, affecting its stability. For instance, key indicators include a 23.74% urban inflation rate, exceeding 18.24% in May 2022, and a 21.20% Consumer Price Index increase over 12 months. This is in spite of the…
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