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Report Shows Marginal Decline in Employment in Nigeria

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By Modupe Gbadeyanka

A report has showed that despite predictions of a huge rise in unemployment due to the negative impact of the coronavirus pandemic (COVID-19) on businesses in the country, employment in Nigeria decreased marginally in May 2020.

In a report by Stanbic IBTC Holdings titled the Nigeria Purchasing Managers’ Index (PMI), it was discovered that about 98 percent of companies operating in the country kept their workforce numbers in the month despite the global health crisis, which caused a massive job loss in the United States and the United Kingdom.

The report revealed that new orders, output, employment level, suppliers’ delivery, and stock purchases rose to 40.7 index points in May 2020, a 3.6 increase from 37.1 index points recorded in April 2020.

The Nigeria PMI survey report is a collection of economic indicators obtained from monthly surveys of Nigeria private sector companies.

The sectors covered by the survey include agriculture, mining, manufacturing, construction, wholesale, retail and services.

The indices vary between 0 and 100, with a reading above 50 indicating an improvement in business conditions compared to the previous month.

According to the PMI report, the Nigerian private sector remained in a deep downturn during May, with rates of decline in output and new orders only slightly softer than the unprecedented falls recorded in April 2020.

Furthermore, the rate of purchase cost inflation hit a record high for the second month running, with the scarcity of materials, currency weakness and higher costs relating to logistics leading to higher purchase prices.

The report further stated that due to the lockdown and restrictions on operations, firms experienced delays to orders received which resulted in an increase in backlogs of work for the second month running.

While suppliers’ delivery times shortened slightly, reduced activity requirements led to a second successive decline in input buying while inventory holdings fell.

The Nigeria PMI report is a weighted average of the following five indices: New Orders (30%), Output (25%), Employment (20%), Suppliers’ Delivery Times (15%) and Stocks of Purchases (10%).

It showed an increase in companies’ selling prices at a marked pace in May as a result of the higher purchase costs and the rate of output price inflation accelerated to a new record level.

Although business confidence dropped to a 29-month low in May, the rate of contraction is easing slightly as a result of relaxing the lockdown restrictions.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Dangote Unveils Phone Number to Report MRS Stations Selling PMS Above N739

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By Modupe Gbadeyanka

A hotline number, 0800 123 5264, for Nigerians to report any MRS Oil Nigeria Plc filling stations selling Premium Motor Spirit (PMS), commonly known as petrol, above the approved pump price of N739 per litre, has been released by Dangote Petroleum Refinery.

The private refiner said the number was now active nationwide, enabling consumers to promptly report violations and help maintain fair pricing across over 2,000 MRS stations.

This measure follows the refinery’s recent commencement of nationwide PMS sales at N739 per litre—a strategic intervention aimed at stabilising fuel prices and easing the financial burden on Nigerians during the festive season.

“We encourage Nigerians to avoid purchasing PMS at inflated prices when locally refined fuel is available at N739 per litre.

“Report any MRS station selling above this price by calling our hotline. Together, we can ensure that the benefits of this price reduction reach every consumer,” the company stated in a statement.

The organisation stressed its mission to deliver affordable, high-quality fuel while safeguarding national economic interests, reaffirming its commitment to steady supply, backed by a guaranteed daily output of 50 million litres, and warned against attempts to create artificial scarcity or manipulate supply.

Regulatory authorities have been urged to remain vigilant and take decisive action against unpatriotic practices.

By refining locally at scale, Dangote Refinery is reducing Nigeria’s dependence on imports, conserving foreign exchange, stabilising the Naira, and strengthening energy security. This initiative represents a significant milestone in the country’s journey toward sustainable energy solutions and economic recovery.

The refinery also issued a stern warning against attempts by unscrupulous operators to create artificial scarcity in response to the price reduction, calling on government agencies to act decisively.

“Any attempt to create artificial scarcity or manipulate supply to frustrate recent price reductions is unpatriotic and unacceptable. We urge regulatory authorities to remain vigilant and take firm action against such practices, especially during this critical festive period,” the statement added.

Consumers were advised to resist purchasing fuel at inflated prices when cheaper, high-quality alternatives are readily available.

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ANLCA Airport Chapter Scores Salamatu High on Stakeholder Engagement, Trade Facilitation

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By Bon Peters

The Airport Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA) at Omagwa Rivers State has praised the Customs Area Controller for Customs Area 1 Command, Comptroller Salamatu Atuluku.

At the end-of-the-year party attended by stakeholders, including the leader of the association’s chapter, Mr Charles Onyema, said the customs officer has done well in stakeholder engagement and trade facilitation.

At the event held last Friday, he said his association has been enjoying a very cordial relationship with other organisation in the ecosystem.

“You can see what is happening today, everybody is working together and our operations here are seamless,” he noted.

He stated that apart from creating a very robust business environment for his members and other stakeholders to operate, he has taken a decision to build and commission a befitting ANLCA Secretariat which would be completed soon and be commissioned by the ANLCA national president, Mr Emenike Nwokeoji.

The ANLCA chapter chief said since “Comptroller Salamatu Atuluku assumed office at Customs Area 1, Port Harcourt Command, it has been a different ball game, facilitating  trade and increasing Revenue generation.”

“I remember I told her she was a mother during her maiden visit to the airport.

“You know when you have a woman in charge of an affair, food will not lack, compassion will not lack and motherly love will not lack.

“She is very wonderful in stakeholder engagement, revenue generation and trade facilitation,” Mr Onyema enthused.

Projecting into the future, Mr. Onyema said the year 2026 would be better for his members, adding that he has advised them on financial discipline which he said would help them during the trying period.

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FG Declares Holidays for Christmas, New Year Celebrations

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By Adedapo Adesanya

The federal government has declared Thursday, December 25, and Friday, December 26, 2025, as public holidays to mark Christmas and Boxing Day respectively.

The government also declared Thursday, January 1, 2026, for the New Year celebration.

The declaration was contained in a statement issued on Monday by the Permanent Secretary of the Ministry of Interior, Mrs Magdalene Ajani, on behalf of the Minister of Interior, Mr Olubunmi Tunji-Ojo.

According to the statement, the Minister urged Nigerians to reflect on the values of love, peace, humility and sacrifice associated with the birth of Jesus Christ.

Mr Tunji-Ojo also called on citizens, irrespective of faith or ethnicity, to use the festive season to pray for peace, improved security and national progress.

He further advised Nigerians to remain law-abiding and security-conscious during the celebrations, while wishing them a Merry Christmas and a prosperous New Year.

Business Post reports that on these public holidays – the foreign exchange market, the Nigerian Exchange (NGX), as well as the NASD Over-the-Counter (OTC) Securities Exchange will not open to trade.

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