Business

OPS Fears Job Losses As Economic Growth Slows To 2.31%

Published

2 years ago

August 26, 2023

Photo: file copy

The Organised Private Sector has expressed concern about possible jobs losses as the country’s economy in the second quarter of 2023.

The Nigeria’s Gross Domestic Product data released by the National Bureau of Statistics on Friday showed that the economy slowed to 2.51 per cent (year-on-year) in real terms in Q2 2023, compared to 3.54 per cent growth rate recorded in the corresponding period of last year.

The statistics body attributed the growth decline to the challenging economic conditions being experienced.

According to NBS, the performance of the GDP in the second quarter of 2023 was driven mainly by the services sector, which recorded a growth of 4.42 per cent and contributed 58.42 per cent to the aggregate GDP.

It added that the agriculture sector grew by 1.50 per cent, an improvement from the growth of 1.20 per cent recorded in the second quarter of 2022.

“The growth of the industry sector was -1.94 per cent relative to -2.30 per cent recorded in the second quarter of 2022. In terms of share to the GDP, agriculture, and the industry sectors contributed less to the aggregate GDP in the second quarter of 2023 compared to the second quarter of 2022,” it noted.

In the quarter under review, aggregate GDP stood at N52.1tn in nominal terms, higher when compared to the second quarter of 2022, which recorded aggregate GDP of N45tn, indicating a year-on-year nominal growth of 15.77 per cent.

The GDP growth in the second quarter saw a slight improvement from Q1, which recorded a growth of 2.31 per cent.

Earlier this week, the Manufacturers Association of Nigeria, in its Manufacturers CEOs Confidence Index, said that manufacturers were forced to cut jobs due to the current harsh economic environment.

The manufacturers also projected that there would be more job losses in the coming months, going by its forecast of the economic environment.

While speaking in an exclusive interview with The PUNCH, the President of the Manufacturers Association of Nigeria, Francis Meshioye, expressed worry that manufacturers were beginning to downsize, while others were divesting away from Nigeria.

On his part, the National Vice Chairman of the Nigerian Association of Small-Scale Industrialists, Segun Kuti-George, said the decline in economic growth could trigger job losses due to the decrease in productivity.

He said, “If the GDP decreases, it can trigger job losses. It means that our output is on the decline. It means there is reduced productivity.”

Also speaking, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Musa Yusuf, said the recent economic reforms in the country set off shocks that impacted the GDP growth negatively.

Yusuf said, “It is going to be difficult because nobody foresaw that the economic reforms will hit the economy so badly.

“It turned out to be a major shock, which has affected practically all sectors of the economy. The economy is still struggling to recover from the shock of the reforms.”
PUNCH

Business

Fuel Price Hike Looms As Dangote Refinery Stops Petrol Sales In Naira

Published

3 hours ago

September 27, 2025

Editor

The Dangote Petroleum Refinery has announced the suspension of petrol sales in naira, unsettling marketers and raising fresh concerns over fuel pricing and foreign exchange pressure.

In an email sent to customers at 6:42 p.m. on Friday, the refinery said the decision would take effect from Sunday, September 28, 2025, citing the exhaustion of its crude-for-naira allocation as the reason.

The notice, titled “Suspension of DPRP PMS Naira Sales – Effective 28th September 2025” and signed by the Group Commercial Operations of Dangote Petroleum Refinery & Petrochemicals, also asked customers with ongoing naira-based transactions to formally request refunds.

“We write to inform you that Dangote Petroleum Refinery & Petrochemicals has been selling petroleum products in excess of our Naira-Crude allocations and, consequently, we are unable to sustain PMS sales in Naira going forward,” the statement read.

“Kindly note that this suspension of Naira sales for PMS will be effective from Sunday, 28th of September, 2025. We will provide further updates regarding the resumption of supply once the situation has been resolved.

“All customers with PMS transactions in Naira who would like a refund of their current payments should formally request the processing of their refund.”

The move comes amid a raging dispute between the refinery and labour unions over the alleged mass sack of more than 800 Nigerian workers. This controversy has drawn public outrage and calls for government intervention.

This is the second time the refinery has halted local currency transactions. In March 2025, it briefly suspended sales of refined products in naira, blaming inadequate allocations under the crude-for-naira programme.

Business

Naira Appreciates Massively Against US Dollar In The Black Market, Highest In 15 Months

Published

2 days ago

September 25, 2025

Editor

The naira appreciated massively against the United States dollar at the parallel foreign exchange market.

Abubakar Alhasan, a Bureau De Change operator in Wuse Zone, Abuja, told DAILY POST that the Naira strengthened significantly to N1,490 per dollar on Wednesday, up from N1,520 on Tuesday.

“We buy at N1480 and sell at N1490 on Wednesday due to lower FX demand,” Alhasan confirmed to newsmen.

This means that the Naira gained N30 against the dollar on a day-to-day basis.

The last time they were exchanged at this level in the black market was in June 2024.

Meanwhile, at the official market, it dropped marginally by N1.19 to N1,488.56 per dollar on Wednesday, down from N1,487.37, according to data from the Central Bank of Nigeria.

Analysing the trend at both markets, the difference between official and parallel markets has shrunk to 1.44.

Recall that on Tuesday, the Naira appreciated across official and parallel foreign exchange markets upon an interest rate cut by the apex bank by 50 basis points to 27 per cent.

Business

Why We Rejected Govt’s Plan To Sell Assets – PENGASSAN President

Published

2 days ago

September 25, 2025

Editor

The President of the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, Festus Osifo, has revealed the reasons oil unions rejected the government’s plan to sell assets.

Osifo said that the plan will be injurious to the Nigerian economy in the long run.

He made this statement on Wednesday, while responding to questions in an interview on ‘Prime Time’, a programme on Arise Television.

“What informed our position in this is that as PENGASSAN and NUPENG, we represent the workforce of the oil and gas industry in Nigeria.

“So it’s our responsibility first to our members to ensure that their jobs are protected and to ensure that their welfare is enhanced.

“Secondly, our members live in a country called Nigeria. Nigeria must survive and strive before our members will be able to survive.

“So we feel the move to go in this direction will not just affect the plights of our members but is injurious to Nigeria’s economy in the long run.

“The oil unions’ rejection of this plan is to protect Nigeria’s economy and the welfare of its members.

“This decision will certainly boomerang, revenue will plummet, and it will lead to a lot of other issues,” Osifo said.