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The Nation’s Electricity Falls To 9MW

The Nation's Electricity falls to 9MW

The Nation's electricity falls to 9MV says the arm of the Federal Government's power transmission The nation's electricity grid actually crash from a peak of 3,703 megawatts to as low as 9MW on Sunday. Nigeria witnessed a widespread blackout on Sunday after the nation's grid collapsed around 6.49 pm before engineers from the Transmission Company of Nigeria strived to ensure the recovery of the grid. The PUNCH had reported on Monday that Sunday’s grid collapse was the fifth in 2022, a development that made many power distribution companies shut down their various outgoing electricity feeders. Data sourced from the NESO on Monday in Abuja,...

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Nigerian Ambassadors Get Charged

Nigerian Ambassadors gets charged

Just In: Federal Government charges Nigerian ambassadors in foreign nations to identify and give strategic investors in their domains that can invest in Nigeria on Wednesday. The charges were given through the Nigerian Investment Promotion Commission at the Roundtable on Economic Diplomacy meeting with various Nigerian ambassadors, hosted by the Abuja Chamber of Commerce and Industry. The Acting Executive Secretary, NIPC, Emeka Offor, said Nigerian embassies in other nations should provide opportunities for the commission to engage with leading investors in the foreign countries. He said, “There are about 178 national investment promotion agencies across the globe and they are all trying to...

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Tobacco Should Have Tax Levies Say’s WHO

Tobacco should have tax levies says WHO

Tobacco is a plant with leaves that have high levels of the addictive chemical nicotine. It is mostly found in cigarettes, pipes, and cigars, and is used around the world. It may be smoked (in cigarettes, cigars, and pipes), applied to the gums (as dipping and chewing tobacco), or inhaled (as snuff). When you smoke tobacco in cigarettes, cigars or pipes, you absorb toxic and cancer-causing chemicals that affect your health. The World Health Organisation(WHO) has called on African Governments to impose environmental tax levies on tobacco across value and supply chains, including production, processing, distribution, sales, consumption, and waste management. The...

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Total pension assets rose to N12.3tn in 2020 – PenCom

Total pension assets rose to N12.3tn in 2020 – PenCom

Total pension assets under the Contributory Pension Scheme rose by N2.1tn to N12.3tn as of the of the 2020 from N10.2tn as of the end 2019, latest statistics from the National Pension Commission showed on Thursday. PenCom stated that N8.13tn of the funds was invested in Federal Government of Nigeria Bonds. According to the figures, N858.46bn and N92.91bn were invested in domestic and foreign ordinary shares respectively. It added that N1.68tn and N161.39bn were also invested in local money market securities and mutual funds respectively. As part of efforts to boost services in the industry, PenCom opened the transfer window to enable workers in...

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Manufacturers seek import duty waiver on raw materials

Manufacturers seek import duty waiver on raw materials

Leading manufacturers in the South-East on Wednesday, appealed to the Federal Government to grant their companies and other manufacturers in the zone waiver on import/custom duties of relevant raw materials and machines. The manufacturers made the appeal when a delegation from the Federal Ministry of Industry, Trade and Investment on assessment of the level of development at the Enugu International Trade Fair visited their factories. They added that the high cost of clearing and handling of imported raw materials remained one of the major challenges of manufacturing in Nigeria. The General Manager, Innoson Technical Company Ltd Enugu, Mr C.O. Ubah and Chief Executive...

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Auto dealers, others battle FG over used Chinese cars.

chinese

The Federal Government has come under intense pressure to stop the planned sale of used Chinese cars in the country even as some Nigerian firms interested in marketing the low-cost vehicles are reportedly making enquiries. Already, many vehicle assemblers, car dealers and relevant organised groups have vowed not to back down on their opposition of used Chinese imports until the idea is jettisoned. China’s Ministry of Commerce announced about two months ago in a statement that it would soon begin the shipment of its used cars to 10 global markets including Nigeria. The action is aimed at driving the China’s vehicle sale, which...

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Entrepreneurship panacea to youth unemployment.

The Chairman, Board of Directors of Anambra Motor Manufacturing Company Limited (ANAMMCO) Ltd, Chief Godwin Okeke, has said that the solution to youth unemployment, cultism and cyber crimes is setting up three-month entrepreneurship programme in place of current National Youths Service Corps (NYSC) programme. He said that restructuring of NYSC programme to an intensive three-month entrepreneurship training and giving the corps members bulk money of the service to start their own business would not only reduce the rate of unemployment but create jobs for the teeming youths that turn out every year from universities. Okeke, who is also the Chairman of G.U.O Transportation Service Limited, stated this while speaking with our reporter...

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Lagos NLC demands 400% increase in workers allowances.

NLC

The Lagos Chapter of the Nigeria Labour Congress (NLC) has demanded that the transport, housing and other allowances paid to workers in the state should be increased by 400 per cent. The union said while N30,000 has been approved as the new national minimum wage, the minimum wage for workers in Lagos State should be N50,000. Stating these demands during a rally to mark the World Day for Decent Work in Lagos on Monday, the union said working in Lagos was more challenging than in other states. The Chairman, NLC, Lagos Chapter, Funmi Sessi, said Lagos was a special place and should attract a special form of allowances...

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Exporters Accessing Our Intervention Funds, NEXIM Insists.

nexim

Contrary to some media reports, Nigerian exporters have not shunned government intervention and are accessing funds under the N50 billion Export Development Fund (EDF), being managed by the Nigerian Export-Import Bank (NEXIM) NEXIM made the clarification in a statement Thursday. According to the Bank, over the last nine months, more than N60 billion had been approved in support of commodity exports such as cocoa, sesame seed, cashew nuts, hibiscus, ginger shea products as well as hides and skin, among others, in the different geological zones of the country. “Exporters are drawing down gradually in line with the seasonality of agricultural produce. Indeed,...

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