Monday, May 23, 2016
Video - Nigeria's GDP contracts by 0.36% in first quarter of 2016
Nigeria's gross domestic product contracted by 0.36 percent in the first quarter of the year, as the worst crisis to grip Africa's biggest economy in decades continues to deepen. The contraction compares with growth of 2.11 percent in the fourth quarter of 2015 and 3.96 percent in the same period last year, heightening expectations that the central bank will take action when its Monetary Policy Committee meets next week.
Nigeria labour union calls off strike
The Nigeria Labour Congress (NLC), the umbrella body for union workers, has suspended its three-day general strike.
The strike was called to protest the 70 percent increase in the price of petrol by the federal government.
Nigeria’s oil dependent economy is facing recession following the drop in oil prices in the international market, which has left little or no choice for President Muhammadu Buhari to raise the price of petrol.
Nigeria, which is the seventh oil producer in the world, subsidises petrol for its citizens.
When that subsidy was removed, Nigeria's main labour union protested by calling for a nationwide strike, which many people have described as largely ineffective in most parts of the country.
So, after three days of sporadic protest across the country, union leader Ayuba Wabba said they're suspending the industrial action to resume negotiations with government.
“Congress will resume negotiations with government on the twin issues of the hike in electricity tariff and an increase in the pump price of petroleum products,” he said, adding that the union “remains committed to genuine dialogue.”
The Nigeria Labour Congress (NLC)'s action had little impact nationwide.
A second union, the Trade Union Congress (TUC), had also planned to take part in the strike but abandoned its plans in response to the court ruling.
A wave of strikes the last time Nigeria tried to cut fuel subsidies, in 2012, ensured that authorities eventually reinstated some of the subsidies.
A fall in oil prices has eaten into the foreign reserves of Nigeria, which relies on crude sales for around 70 percent of national income. The central bank has adopted a fixed exchange rate in an attempt to prevent further depletion of its reserves.
Last week, Vice President Yemi Osinbajo said President Muhammadu Buhari had been “left with no choice” but to raise petrol prices.
Despite being a major oil producer, Nigeria has to import nearly all of its fuel as its refineries are largely out of action after years of neglect and mismanagement.
At the same time, Nigeria’s President on Friday said he ordered a heightened military presence in the restive Niger Delta region to deal with a resurgence of attacks on oil and gas facilities, a day after yet another pipeline explosion.
British Foreign Minster Philip Hammond warned on Saturday military action would not end a wave of attacks in the southern swamps because it did not address rising anger among residents over poverty despite sitting on much of Nigeria's oil wealth.
The rise in attacks in the Delta in the last few weeks has driven Nigerian oil output to a more than 20-year low, worsening a drain on public finances.
A group calling itself the Niger Delta Avengers has claimed responsibility for several sophisticated attacks.
The strike was called to protest the 70 percent increase in the price of petrol by the federal government.
Nigeria’s oil dependent economy is facing recession following the drop in oil prices in the international market, which has left little or no choice for President Muhammadu Buhari to raise the price of petrol.
Nigeria, which is the seventh oil producer in the world, subsidises petrol for its citizens.
When that subsidy was removed, Nigeria's main labour union protested by calling for a nationwide strike, which many people have described as largely ineffective in most parts of the country.
So, after three days of sporadic protest across the country, union leader Ayuba Wabba said they're suspending the industrial action to resume negotiations with government.
“Congress will resume negotiations with government on the twin issues of the hike in electricity tariff and an increase in the pump price of petroleum products,” he said, adding that the union “remains committed to genuine dialogue.”
The Nigeria Labour Congress (NLC)'s action had little impact nationwide.
A second union, the Trade Union Congress (TUC), had also planned to take part in the strike but abandoned its plans in response to the court ruling.
A wave of strikes the last time Nigeria tried to cut fuel subsidies, in 2012, ensured that authorities eventually reinstated some of the subsidies.
A fall in oil prices has eaten into the foreign reserves of Nigeria, which relies on crude sales for around 70 percent of national income. The central bank has adopted a fixed exchange rate in an attempt to prevent further depletion of its reserves.
Last week, Vice President Yemi Osinbajo said President Muhammadu Buhari had been “left with no choice” but to raise petrol prices.
Despite being a major oil producer, Nigeria has to import nearly all of its fuel as its refineries are largely out of action after years of neglect and mismanagement.
At the same time, Nigeria’s President on Friday said he ordered a heightened military presence in the restive Niger Delta region to deal with a resurgence of attacks on oil and gas facilities, a day after yet another pipeline explosion.
British Foreign Minster Philip Hammond warned on Saturday military action would not end a wave of attacks in the southern swamps because it did not address rising anger among residents over poverty despite sitting on much of Nigeria's oil wealth.
The rise in attacks in the Delta in the last few weeks has driven Nigerian oil output to a more than 20-year low, worsening a drain on public finances.
A group calling itself the Niger Delta Avengers has claimed responsibility for several sophisticated attacks.
Unemployment worsens in Nigeria
Nigeria’s employment crisis worsened in the first quarter of 2016, with unemployment rate rising to 12.1 per cent, the National Bureau of Statistics, NBS, said on Friday.
The bureau said in its latest Unemployment Watch report that between December 2015 and March 2016, the population of unemployed Nigerians increased by 518,000 to over 1.45 million.
Economically active or working age population, the NBS said, increased from 105.02 million in the fourth quarter of 2015 to 106 million by the end of March 2016.
However, actual population of people willing, able and actively looking for work increased by 1.99 per cent, from 76.9 million in fourth quarter of 2015 to 78.4 million in the first quarter of 2016.
The report said failure of government to meet its target of creating a minimum of 1.5 million jobs required for the period to keep the unemployment rate constant at 10.4 per cent before the end of December 2015 worsened the unemployment situation.
The rate as at June end 2015 was 8.2 per cent and 9.9 per cent by September ending 2015.
The NBS said its computations were based on the International Labour Organization, ILO definition, which described unemployment as the population of persons aged 15–64 who, during the reference period, were available for work, actively seeking for work, but were unable to find work.
Consequently, the NBS said the unemployed Nigerian population were those who were actively looking for work, but could either not find work, absolutely nothing at all for at least 20 hours, or did something but not for up to 20 hours in a week during the reference period.
Indications were that additional 1.53 million economically active persons joined the labour force between January 1 and March 31, 2016.
Equally, the report said the number of Nigerians in the economically active population, who chose not to actively look for work, declined from 28.06 million in December 2015 to 27.5 million by end of March, 2016.
Within the same period, the NBS said total number people in full time employment, or those who were doing any form of work for at least 40 hours, decreased by 528,148 persons or 0.97 per cent.
On the other hand, the report said the number of underemployed, or those compelled by circumstances to do largely menial jobs not commensurate with their qualifications or not fully engaged for at least 20 hours during the period, increased by 607,613 persons.
The report said underemployment rate increased by 18.7 per cent (14.41 million) in the last quarter of 2015 to 19.1 per cent in the first quarter of 2016 (15.02 million persons).
The NBS said women population in the labour force continued to be affected more by the country’s unemployment and underemployment crisis when compared with their men counterparts.
While 14 per cent of women in the labour force age bracket were unemployed in the first quarter of 2016, another 22.2 per cent were underemployed during the same period.
Equally, the report said youth unemployment grew from 14.46 per cent in the last quarter of 2015 to 16.39 per cent in the first quarter of 2016.
The bureau said in its latest Unemployment Watch report that between December 2015 and March 2016, the population of unemployed Nigerians increased by 518,000 to over 1.45 million.
Economically active or working age population, the NBS said, increased from 105.02 million in the fourth quarter of 2015 to 106 million by the end of March 2016.
However, actual population of people willing, able and actively looking for work increased by 1.99 per cent, from 76.9 million in fourth quarter of 2015 to 78.4 million in the first quarter of 2016.
The report said failure of government to meet its target of creating a minimum of 1.5 million jobs required for the period to keep the unemployment rate constant at 10.4 per cent before the end of December 2015 worsened the unemployment situation.
The rate as at June end 2015 was 8.2 per cent and 9.9 per cent by September ending 2015.
The NBS said its computations were based on the International Labour Organization, ILO definition, which described unemployment as the population of persons aged 15–64 who, during the reference period, were available for work, actively seeking for work, but were unable to find work.
Consequently, the NBS said the unemployed Nigerian population were those who were actively looking for work, but could either not find work, absolutely nothing at all for at least 20 hours, or did something but not for up to 20 hours in a week during the reference period.
Indications were that additional 1.53 million economically active persons joined the labour force between January 1 and March 31, 2016.
Equally, the report said the number of Nigerians in the economically active population, who chose not to actively look for work, declined from 28.06 million in December 2015 to 27.5 million by end of March, 2016.
Within the same period, the NBS said total number people in full time employment, or those who were doing any form of work for at least 40 hours, decreased by 528,148 persons or 0.97 per cent.
On the other hand, the report said the number of underemployed, or those compelled by circumstances to do largely menial jobs not commensurate with their qualifications or not fully engaged for at least 20 hours during the period, increased by 607,613 persons.
The report said underemployment rate increased by 18.7 per cent (14.41 million) in the last quarter of 2015 to 19.1 per cent in the first quarter of 2016 (15.02 million persons).
The NBS said women population in the labour force continued to be affected more by the country’s unemployment and underemployment crisis when compared with their men counterparts.
While 14 per cent of women in the labour force age bracket were unemployed in the first quarter of 2016, another 22.2 per cent were underemployed during the same period.
Equally, the report said youth unemployment grew from 14.46 per cent in the last quarter of 2015 to 16.39 per cent in the first quarter of 2016.
N2.23 trillion NNPC fraud discovered in Nigeria
The Nigeria oil and gas as well as the solid minerals sectors Nigerian Extractive Industries Transparency Initiative NEITI audit report for 2013 has been published.
The Minister of Solid Minerals and Chairman of the NEITI Board, Kayode Fayemi, said the audit, which focused on all aspects of the extractive industries, showed that total revenue flows into the Federation Account from the oil and gas sector in 2013 was about $58.07 billion.
The figure represented about eight per cent decline when compared to the $62.9 billion realised in 2012.
Mr. Fayemi said the decline was attributed to the drop in oil and gas sales following divestment of federation equity in some oil mining leases, OMLs, crude oil losses as a result of destruction of production facilities, pipelines vandalism and crude oil theft.
Details of the report revealed that the Nigerian National Petroleum Corporation, NNPC and its sub-units during the year either lost or refused to remit a total of N2.23 trillion, consisting
$9.75 billion and N378.67 billion, to the federation account as earnings from various aspects its operations in 2013.
The Minister of Solid Minerals and Chairman of the NEITI Board, Kayode Fayemi, said the audit, which focused on all aspects of the extractive industries, showed that total revenue flows into the Federation Account from the oil and gas sector in 2013 was about $58.07 billion.
The figure represented about eight per cent decline when compared to the $62.9 billion realised in 2012.
Mr. Fayemi said the decline was attributed to the drop in oil and gas sales following divestment of federation equity in some oil mining leases, OMLs, crude oil losses as a result of destruction of production facilities, pipelines vandalism and crude oil theft.
Details of the report revealed that the Nigerian National Petroleum Corporation, NNPC and its sub-units during the year either lost or refused to remit a total of N2.23 trillion, consisting
$9.75 billion and N378.67 billion, to the federation account as earnings from various aspects its operations in 2013.
Friday, May 20, 2016
How second Chibok schoolgirl was rescued from Boko Haram
Hours after Amina Ali, one of the Chibok girls rescued on Wednesday from the insurgents, met with President Muhammadu Buhari, at the Presidential Villa in Abuja, the Nigerian Army announced the rescue of another of the girls on Thursday evening.
Army spokesperson, Usman Sani, a colonel, who confirmed the rescue, gave the name of the rescued girl as Serah Luka, said to be number 157 on the list of abducted school girls.
Mr. Usman later narrated how the abducted girl was rescued.
He said in a statement, “At about 11.00am today, Thursday, 19th May 2016, troops of 231 Battalion, 331 Artillery Regiment (AR), Detachment of Armed Forces Special Forces (AFSF) 2, Explosive Ordinance (EOD) Team and Civilian Vigilante group of Buratai, conducted clearance operations at Shettima Aboh, Hong and Biladdili general area in Damboa Local Government Area of Borno State.
“During the operations, the troops killed 35 Boko Haram terrorists and recovered several arms and ammunitions and other items. In addition, they rescued 97 women and children held captives by the Boko Haram terrorists.
“We are glad to state that among those rescued is a girl believed to be one of the Chibok Government Secondary School girls that were abducted on 14th April 2014 by the Boko Haram terrorists.
“Her name is Miss Serah Luka, who is number 157 on the list of the abducted school girls. She is believed to be the daughter of Pastor Luka. During debriefing, the girl revealed that she was a JSS1 student of the school at the time they were abducted.
She further added that she hails from Madagali, Adamawa State. She averred that she reported at the school barely two months and one week before her unfortunate abduction along with other girls over two years ago.
“She added that there other three girls who fled from Shettima Aboh when the troops invaded the area earlier today which led to their rescue. She is presently receiving medical attention at the medical facility of Abogo Largema Cantonment, Biu, Borno State.”
The first rescued girl, Amina Nkeki, was reportedly rescued Wednesday and was received by President Muhammadu Buhari in a State House ceremony Thursday afternoon, with a four-month-old child she reportedly gave birth to while in captivity.
Army spokesperson, Usman Sani, a colonel, who confirmed the rescue, gave the name of the rescued girl as Serah Luka, said to be number 157 on the list of abducted school girls.
Mr. Usman later narrated how the abducted girl was rescued.
He said in a statement, “At about 11.00am today, Thursday, 19th May 2016, troops of 231 Battalion, 331 Artillery Regiment (AR), Detachment of Armed Forces Special Forces (AFSF) 2, Explosive Ordinance (EOD) Team and Civilian Vigilante group of Buratai, conducted clearance operations at Shettima Aboh, Hong and Biladdili general area in Damboa Local Government Area of Borno State.
“During the operations, the troops killed 35 Boko Haram terrorists and recovered several arms and ammunitions and other items. In addition, they rescued 97 women and children held captives by the Boko Haram terrorists.
“We are glad to state that among those rescued is a girl believed to be one of the Chibok Government Secondary School girls that were abducted on 14th April 2014 by the Boko Haram terrorists.
“Her name is Miss Serah Luka, who is number 157 on the list of the abducted school girls. She is believed to be the daughter of Pastor Luka. During debriefing, the girl revealed that she was a JSS1 student of the school at the time they were abducted.
She further added that she hails from Madagali, Adamawa State. She averred that she reported at the school barely two months and one week before her unfortunate abduction along with other girls over two years ago.
“She added that there other three girls who fled from Shettima Aboh when the troops invaded the area earlier today which led to their rescue. She is presently receiving medical attention at the medical facility of Abogo Largema Cantonment, Biu, Borno State.”
The first rescued girl, Amina Nkeki, was reportedly rescued Wednesday and was received by President Muhammadu Buhari in a State House ceremony Thursday afternoon, with a four-month-old child she reportedly gave birth to while in captivity.
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