Connect with us

General

Global Manufacturing Growth Slows 1.2% on Q3 ’19

Published

on

By Adedapo Adesanya 

The global manufacturing output growth slowed down by 1.2 percent in the third quarter of 2019, a report by the United Nations Industrial Organisation (UNIDO) has revealed.

According to the report, the slow development was caused by rising tensions over international trade between major economies of the world as production declined in major industrialised countries including Germany, Japan, and the United States.

Business Post gathered that in industrialised countries, manufacturing output fell by 0.7 percent, compared to the same quarter in the previous year, with the production of general machinery, electrical goods and automobiles the sectors mainly affected.

In the motor vehicles production sector, top producers led by German companies had the highest drop at 7.7 percent, followed by Italy and France at 7.5 percent and 4.1 percent respectively.

Among Asian industrialised economies, manufacturing output dropped in Japan, the Republic of Korea and Singapore.

In Europe, manufacturing growth was much lower in Eurozone economies compared to other European Union (EU) countries.

Among non-EU economies, manufacturing output rose by 3.7 percent in Belarus, 2.9 percent in Norway and 2.4 percent in Russia.

On its part, China maintained relatively higher growth at 5.1 percent, however this was the lowest growth for several years, according to the report. It was disclosed that China’s manufacturing growth rate has been consistently falling since 2017. However, this did not affect its position as China still contributed to most of the growth of global manufacturing output.

The report added that the impact of the slowdown was quickly spreading to developing economies. For instance, India, one of the largest manufacturers of developing world, recorded negative growth for the first time this century due to a decline in exports and weaker domestic demand.

Manufacturing output also dropped in Thailand and Malaysia. The overall growth of Asia and the Pacific region, excluding China, has been estimated at less than 1.0 percent for the third quarter of 2019, compared to 3.0 percent in Q2 2019.

It was revealed that after a short-lived recovery, manufacturing output again plunged to negative growth in Latin America, mainly due to production decline in Argentina and Brazil. The growth rate of Mexico and Colombia was not up to one percent.

Manufacturing growth was also sluggish in Africa. The overall growth rate for the continent was 0.6 percent, the lowest since the fourth quarter of 2017. The manufacturing output of South Africa declined by 1.8 percent.

The global slowdown of manufacturing output according to UNIDO is a serious challenge to achieving Sustainable Development Goal 9 on industrialization, especially for least developed countries (LDCs). This goal of the SDG 9 aims to double the share of the industry in GDP of LDCs by 2030.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Continue Reading
Click to comment

Leave a Reply

General

UK Opens Africa’s Largest Visa Application Centre in Lagos

Published

on

UK Visa Application Centre Lagos

By Adedapo Adesanya

The United Kingdom has opened the biggest visa application centre in Africa in Lagos, Nigeria through the UK’s new commercial partner, VFS Global to ease the often burdensome process.

According to a statement by the UK Foreign, Commonwealth & Development Office (FCDO), residents of Nigeria travelling to the UK can now book appointments to submit their visa applications through VFS Global’s new state-of-the-art Visa Application Centres (VAC) located in Abuja, Ikeja (Lagos) and Victoria Island (Lagos) which have commenced operations since November 19.

The UK is a popular destination for travellers across Africa, with Nigeria being among the highest nationalities by volume for UK visit visas, accounting for 5 per cent of the global total. In the African region, VFS Global will provide Visa Application Centres for the UK in 31 countries.

Commenting at the launch of the new UK Visa Application Centre which is situated in Ikeja, Lagos, the British Deputy High Commissioner, Mr Jonny Baxter, said, “I am delighted to witness the opening of this, the largest visa application centre in Africa. Nigeria remains one of the UK’s most important partners, and we hope that VFS deliver ever-improving services for those applying for visas to the UK.”

The Director of Visa, Status and Information Services at UK Visas and Immigration (UKVI), Mr Marc Owen, said, “The opening of our new VAC in Ikeja marks an exciting milestone for UKVI and VFS Global in the provision of a world-class UK visa service here in Nigeria and elsewhere across Africa.

“In the year to June 2024, we processed more than 225k UK visas for Nigerian nationals across all categories and this new partnership demonstrates our continued commitment to ensuring our visa services are accessible, efficient and meet the needs of all applicants.”

Adding his input, the Head-Sub-Saharan Africa, VFS Global, Mr Alok Singhal added that, “We are excited to embark on this new journey with UK Visas and Immigration here in Nigeria. We have enjoyed a long-standing partnership with UK Visas and Immigration since 2003 and look forward to now bringing travellers from Nigeria our best-in-class services.”

According to the statement, UK visa customers can choose from optional services offered by VFS Global, to provide enhanced comfort and convenience. These include document upload assistance, Prime Time for application submission outside of business hours, SMS notifications, document checking service, and courier return of the passport once a decision has been made.

VFS Global’s Keep My Passport While Applying service allows customers to keep their passports once their application is submitted and biometrics have been enrolled. Customer will only need to re-submit their passport when a decision is reached.

Customers in Abuja can also submit their UK visa applications from the comfort and safety of their home, office, or any other preferred location with its On Demand Mobile Visa service.

In addition, their Premium Lounge service offers a personalised submission experience with dedicated staff members.

The UK government added a caveat that these services are completely optional and have no bearing on the processing timeline and outcomes of visa applications.

As a partner to UK Visas and Immigration since 2003, VFS Global offered visa services in 58 countries before the new contract and has now been awarded the contract to provide UK visa services in 142 countries worldwide.

Continue Reading

General

CNPP Hails NNPC, Calls for Greater Transparency, Accountability

Published

on

NNPC Crude Cargoes pricing

By Modupe Gbadeyanka

The Nigerian National Petroleum Company (NNPC) Limited has been commended by the Conference of Nigeria Political Parties (CNPP) for successfully completing the long-awaited rehabilitation of the Port Harcourt Refinery after several failed self-imposed deadlines.

The group described this as a significant achievement, which it said marks a pivotal step towards revitalizing Nigeria’s oil and gas sector and ensuring energy security for the Nigerian people.

“The rehabilitation of the Port Harcourt Refinery will be a legacy achievement for the Mele Kyari-led management team.

“We see this success as a fruit of our commitment to advocacy for enhanced Nigeria’s refining capacity, reduced dependency on imported petroleum products, and urgent need to combat corruption in the petroleum industry,” the organisation stated in a statement signed by its Deputy National Publicity Secretary, Mr James Ezema.

But it tasked NNPC to “adopt a more transparent and accountable approach in its operations,” submitting that, “As a government-owned commercial entity, it is imperative that NNPC Limited operates with the highest standards of openness, ensuring that the Nigerian people are fully informed about its activities and financial dealings.”

“Transparency is not only a cornerstone of good governance but also essential for building public trust and confidence,” the CNPP stated.

The umbrella body of all registered political parties and political associations in Nigeria equally called on NNPC Limited “to avoid the controversies that have previously marred the resuscitation of the Port Harcourt Refinery as a result of failure to meet its own set deadlines.”

“It is crucial that the processes for reviving the remaining Nigerian refineries, as directed by President Bola Ahmed Tinubu, are conducted with utmost integrity and transparency. The Nigerian people deserve to see clear, accountable, and efficient management of these vital national assets.

“Furthermore, the CNPP appeals to President Tinubu to ensure greater transparency within the oil industry. Increased transparency will attract more investment, drive economic growth, and reduce the corruption that has long plagued the sector.

“Corruption in the oil and gas industry has been a significant detriment to Nigeria’s economy, leading to substantial revenue losses and forcing the country into a cycle of borrowing.

“The CNPP insists that addressing corruption and enhancing transparency in the oil and gas sector is paramount to Nigeria’s economic stability and growth. The Nigerian people must be assured that their resources are managed responsibly and that the benefits of these resources are equitably distributed.

“The Nigerian people expects a cheaper pump price of locally refined petroleum products in the coming days.

“The CNPP remains committed to advocating for policies and practices that promote good governance, accountability, and sustainable development in Nigeria.

“We will continue to monitor the activities of NNPC Limited and other key stakeholders in the oil and gas sector to ensure that the interests of the Nigerian people are always prioritized above personal mundane interests,” the group said.

Continue Reading

General

Nigeria Customs to Step Up Efforts to Curb Cross-Border Petrol Smuggling

Published

on

Nigeria customs wale adeniyi

By Adedapo Adesanya

The Nigeria Customs Service (NCS) has vowed to permanently shut down all illegal cross-border routes used for smuggling petroleum products, particularly Premium Motor Spirit (PMS), known as petrol, out of Nigeria.

This is as it plans to complement efforts by other security agencies including the Nigerian Army, Navy, and the Nigeria Security and Civil Defence Corps in curbing the illicit trade of energy products.

This was disclosed by the National Coordinator of Operation Whirlwind (NCS) Comptroller Hussein Ejibunu, who made the announcement revealed that in a recent operation, Customs officials seized 849 kegs of PMS, each containing 25 liters, along with two Mazda 626 vehicles used for cross-border transportation.

Mr Ejibunu, during a press briefing at the Customs Training College in Ikeja, Lagos, said the total value of the seized items, based on the Nigerian National Petroleum Corporation (NNPC) Limited retail price, was estimated at N30.225 million.

According to him, this marked the seventh successful operation in the southwest region under the ongoing crackdown by Operation Whirlwind.

“About five weeks ago, similar PMS products were displayed here at the college parade ground. Our operation has tightened the grip on smugglers, leaving no room for their illegal activities across the country.

“We will ensure all illegal PMS smuggling routes leading to neighbouring countries are permanently blocked,” Mr Ejibunu pledged.

He also expressed gratitude to the National Security Adviser and the Comptroller-General of Customs for their continued support.

He pledged the commitment of the NCS in continuing with the efforts, with the aim of stabilizing fuel prices and preventing artificial shortages caused by illegal smuggling.

“We are grateful to the National Security Adviser and the Comptroller-General of Customs for their continued support,” he added.

Business Post reported recently that the Nigerian Navy halted the cross-border snuggling of 20,000 litres of petrol bound for Cameroon and arrested three suspects.

Continue Reading

Trending