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Nigeria, Others Need 20.4 Million New Jobs Yearly – IFC

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  • Nigeria, Others Need 20.4 Million New Jobs Yearly – IFC

The International Finance Corporation, a member of the World Bank Group, has said African countries need to create 20.4 million new jobs yearly.

The Chief Executive Officer, IFC, Philippe Le Houerou, described visionary leadership and pragmatism as critical for economic integration of Africa.

“Africa needs 1.7 million new jobs every month. The only way to do it is to develop a striving and competitive sector enabled by free trade and opportunities across the continent. We, therefore, need visionaries, new markets and pragmatists,” he was quoted in a statement as saying at the Africa CEO Forum in Kigali, Rwanda.

The President, Africa CEO Forum, Amir Yahmed, called on governments to enable the private sector to play its role in creating the number of quality jobs needed for Africa’s growing population.

“The African private sector and the investor have to be brought on board. Development cannot happen without them; so ambition has to move towards them and the civil society,” Yahmed said.

According to the statement, at a time when intra-continental trade remains too weak, Africa’s most influential business leaders convened at the forum to bring to the fore the burning issues to address in order to make African economic integration a reality.

In his opening remarks, Rwanda’s President, Paul Kagame, was quoted as saying, “Nobody is questioning whether the African Continental Free Trade Area is the right way to go or whether it is going to give us benefits. It is the only way to go if we want to maximise the opportunities for the benefit of our continent. But we have to make it work and we know how.

“It is our responsibility to ensure that deeper integration translates into prosperity and well-being for our people. As long as women face unnecessary obstacles in using their talents to the full, we will continue to pay a heavy price in terms of lost wealth.”

Key business and political leaders were said to have addressed challenges associated with intra-Africa trade during a panel session.

Ethiopian President, Sahle-Work Zewde, said, “As much as we concentrate on political issues, as a region, we all have the same bold ambition, which is for our countries to make constant progress but it can’t be done without peace and security.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Economy

NNPC Supplies 1.44 Billion Litres of Petrol in January 2021

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The Nigerian National Petroleum Corporation (NNPC) supplied a total of 1.44 billion litres of Premium Motor Spirit popularly known as petrol in January 2021.

The corporation disclosed in its latest Monthly Financial and Operations Report (MFOR) for the month of January.

NNPC said the 1.44 billion litres translate to 46.30 million litres per day.

Also, a total of 223.55Billion Cubic Feet (BCF) of natural gas was produced in the month of January 2021, translating to an average daily production of 7,220.22 Million Standard Cubic Feet per Day (mmscfd).

The 223.55BCF gas production figure also represents a 4.79% increase over output in December 2020.

Also, the daily average natural gas supply to gas power plants increased by 2.38 percent to 836mmscfd, equivalent to power generation of 3,415MW.

For the period of January 2020 to January 2021, a total of 2,973.01BCF of gas was produced representing an average daily production of 7,585.78 mmscfd during the period.

Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 65.20%, 19.97 percent and 14.83 percent respectively to the total national gas production.

Out of the total gas output in January 2021, a total of 149.24BCF of gas was commercialized consisting of 44.29BCF and 104.95BCF for the domestic and export markets respectively.

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Economy

NNPC Says Pipeline Vandalism Decrease by 37.21 Percent in January 2021

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The Nigerian National Petroleum Corporation (NNPC) said vandalisation of pipelines across the country reduced by 37.21 percent in the month of January 2021.

This was disclosed in the January 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR).

The report noted that 27 pipeline points were vandalised in January 2021, down from 43 points posted in December 2020.

It also stated that the Mosimi Area accounted for 74 percent of the total vandalised points in Janauray while Kaduna Area and Port Harcourt accounted for the remaining 22 percent and 4 percent respectively.

NNPC said it will continue to engage local communities and other stakeholders to reduce and eventually eliminate the pipeline vandalism menace.

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Economy

Nigeria’s Food Inflation Hits 22.95 Percent in March 2021

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Food inflation in Africa’s largest economy Nigeria rose by 22.95 percent in March 2021, the latest report from the National Bureau of Statistics (NBS) has shown.

Food Index increased at a faster pace when compared to 21.70 percent filed in February 2021.

Increases were recorded in Bread and cereals, Potatoes, yam and other tubers, Meat, Vegetable, Fish, Oils and fats and fruits.

On a monthly basis, the food sub-index grew by 1.90 percent in March 2021. An increase of 0.01 percent points from 1.89 percent recorded in February 2021.

Analysing a more stable inflation trend, the twelve-month ended March 2021, showed the food index averaged 17.93 percent in the last twelve months, representing an increase of 0.68 percent when compared to 17.25 percent recorded in February 2021.

Insecurities amid wide foreign exchange rates and several other bottlenecks that impeded free inflow of imported goods were responsible for the surged in prices of goods and services in March, according to the report.

The Central Bank of Nigeria-led monetary policy committee had attributed the increase in prices to scarcity created by the intermittent clash between herdsmen and farmers across the nation.

However, other factors like unclear economic policies, increased in electricity tariffs, duties, subsidy removal and weak fiscal buffer to moderate the negative effect of COVID-19 on the economy continue to weigh and drag on new investment and expansion of local production despite the Federal Government aggressive call for improvement in domestic production.

Nigeria’s headline inflation rose by 18.17 percent year-on-year in the month under review.

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