The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which benchmarks interest rates in the country to 27.50 percent — from 27.25 percent.

Olayemi Cardoso, CBN’s governor, announced the committee’s decision at a press conference on Tuesday after the panel’s 298th meeting in Abuja.

He said the committee increased the MPR by 25 basis points.

The Nigerian Labour Congress (NLC) has rejected the National Bureau of Statistics (NBS) report on unemployment, calling it a “voodoo document” and a “fabrication designed to mislead the public.”

NBS yesterday announced a drop in Nigeria’s unemployment rate to 4.3 per cent in Q2 2024, a decrease from 5.3% recorded in Q1 2024 and 5.0% in Q3 2023.

NBS said the Labour Force Participation Rate rose to 79.5% in Q2 2024 from 77.3% in the previous quarter, indicating increased workforce engagement while the Employment-to-Population Ratio also improved significantly, climbing to 76.1% from 73.2% in Q1 2024.

The report noted that the dominance of self-employment, accounted for 85.6% of total employment, up from 84% in the previous quarter. Informal employment also rose slightly to 93.0%, underscoring the economy’s reliance on informal jobs.

NBS added Urban unemployment dropped to 5.2% from 6.0% in Q1, while rural unemployment stood at 2.8%, down from 4.3%. This disparity reflects the role of agriculture and informal activities in rural employment compared to urban areas’ dependence on formal jobs.

According to the report; the youth unemployment rate (ages 15–24) decreased significantly to 6.5%, compared to 8.4% in Q1 2024.

Meanwhile, NLC’s Assistant General Secretary, Chris Onyeka, described the report as a “voodoo document” and accused the NBS of manipulating figures to mislead the public.

Onyeka also described the report as “a figment of imagination concocted by people who want to manipulate figures” and labelled it as “INEC-style manipulation,” a term he used to draw parallels between perceived shortcomings in Nigeria’s election management and the NBS figures.

He further challenged the NBS to substantiate its claims, stating, “Unemployment cannot be coming down in Nigeria when factories are closing shops.”

Onyeka added that the unemployment rate “cannot be coming down when there is increasing inventory” and “reduced consumer spending.”

He noted that If anything, unemployment is increasing, noting, “Where are the jobs coming from? Is it from employers who are complaining of consumer resistance and slowing economic activities? It doesn’t add up,” Onyeka said.

“Once data does not reflect reality, it loses relevance. Unfortunately, the NBS has lost credibility as a result of the data they continue spewing out,” he stated.

Onyeka, however, noted that Nigerians can go to court if they don’t like the figures presdiented by NBS, adding that “NBS has become a failed institution, much like INEC in the eyes of the public.”

The usage of the Contactless Passport Application System app will commence on the 1st of December, 2024.

The Nigerian Immigration Service (NIS) announced this in an update it provided on its official X account on Sunday evening.

“The Contactless Passport Application System app is now available on the Google Play Store as “NIS Mobile”,” NIS announced.

“Please remember that the worldwide usage will commence from the 1st of December, 2024.”

According to the statement, the current Geo-fencing feature is only available for Nigerians in Canada and the United States of America (USA).

The Federal Government, meanwhile recently partnered with the United Kingdom (UK) to strengthen security in Nigeria and also work on a lasting contactless biometrics solution.

The Minister of Interior, Olubunmi Tunji-Ojo disclosed this in a statement on his official X account after meeting with the Home Secretary of the UK, Rt Hon Yvette Cooper early November.

Tunji-Ojo said the FG’s commitment to building strategic partnerships that enhance security and public service delivery was reinforced after the meeting.

“We discussed mutual goals to strengthen security, efficiency, and service delivery, showing our administration’s dedication to sustainable development through cooperation and shared purpose,” he said.

“In line with our initiative to extend contactless biometrics solution to the UK, having successfully launched in Canada with impressive success rate, I also led senior officials, including the Permanent Secretary, Dr Magdalene Ajani, on an oversight visit to the Nigeria High Commission.”

According to Tunji-Ojo, the visit reaffirms the federal government’s support for the attachés working to improve their services to Nigerians abroad.

The NIS decided to implement the contactless biometric solution process for passports and visa applications to ease challenges associated with the process and curb corruption.

Tunji-Ojo while presenting a scorecard of his achievements within one year in office had explained that the contactless biometric system allows applicants to apply for passports or visas from the comfort of their homes or offices.

He added that they would do this without visiting any passport office, particularly for Nigeria’s consulates, where the number of applications often exceeds the daily capture capacity.

“With the contactless biometric solution, you won’t need to go to the embassies to book an appointment anymore because of the new system,” the minister explained.

“The era of resource wastage in the passport process is over. In Canada, for example, over 16,000 applications are received as against 260 captures per day.”

Tunji-Ojo was joined in the meeting with the UK Home Secretary, Cooper by key Nigerian officials including the Comptroller General of Immigration, Kemi Nandap and the Controller General of Fire Service, Engr. Abdulganiyu Olola Jaji.

The National Bureau of Statistics (NBS) has reported that Nigeria’s Gross Domestic Product (GDP) grew by 3.46% in real terms in the third quarter of 2024.

NBS disclosed this in a statement titled “National Gross Domestic Product Q3 2024” on Monday.

NBS said this growth rate is higher than the 2.54% recorded in the third quarter of 2023 and higher than the second quarter of 2024 growth of 3.19%.

The agency noted that the performance of the GDP in the third quarter of 2024 was driven mainly by the services sector, which recorded a growth of 5.19% and contributed 53.58% to the aggregate GDP.

Meanwhile, the agriculture sector grew by 1.14% from the growth of 1.30% recorded in the third quarter of 2023. The growth of the industry sector was 2.18%, an improvement from 0.46% recorded in the third quarter of 2023.

“In terms of share of the GDP, the services sector contributed more to the aggregate GDP in the third quarter of 2024 compared to the corresponding quarter of 2023,” NBS said.

“In the quarter under review, aggregate GDP at basic price stood at N71,131,091.07 million in nominal terms. This performance is higher when compared to the third quarter of 2023 which recorded aggregate GDP of N60,658,600.37 million, indicating a year-on-year nominal growth of 17.26%. For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors.”

NBS also added that for the oil sector, the nation in the third quarter of 2024 recorded an average daily oil production of 1.47 million barrels per day (mbpd), higher than the daily average production of 1.45 mbpd recorded in the same quarter of 2023 by 0.02 mbpd and higher than the second quarter of 2024 production volume of 1.41 mbpd by 0.07 mbpd.

According to NBS, the real growth of the oil sector was 5.17% (year-on-year) in Q3 2024, indicating an increase of 6.02% points relative to the rate recorded in the corresponding quarter of 2023 (-0.85%).

It noted that growth decreased by 4.98% points when compared to Q2 2024, which was 10.15%. On a quarter-on-quarter basis, the oil sector recorded a growth rate of 7.39% in Q3 2024.

“The oil sector contributed 5.57% to the total real GDP in Q3 2024, up from the figure recorded in the corresponding period of 2023 and down from the preceding quarter, where it contributed 5.48% and 5.70%, respectively,” NBS added.

For the non-oil sector, NBS disclosed that the sector grew by 3.37% in real terms during the reference quarter (Q3 2024).

“This rate was higher by 0.62% points compared to the rate recorded in the same quarter of 2023, which was 2.75% and higher than the 2.80% recorded in the second quarter of 2024.”

This sector was driven in the third quarter of 2024 mainly by Financial and Insurance (Financial Institutions); Information and Communication (Telecommunications); Agriculture (Crop Production); Transportation and Storage (Road Transport); Trade; and Construction, accounting for positive GDP growth.

“In real terms, the non-oil sector contributed 94.43% to the nation’s GDP in the third quarter of 2024, lower than the share recorded in the third quarter of 2023 which was 94.52% and higher than the second quarter of 2024 recorded as 94.30%.”

Stakeholders in the rice sector have lamented the rising cost of the produce in spite of the Federal Government’s tax waiver.

The stakeholders disclosed this in separate interviews with the News Agency of Nigeria (NAN) on Sunday in Lagos.

NAN reports that the Federal Government temporarily waived import duties and Value Added Tax on rice and other essential food items to help curb food inflation and ease economic pressures on citizens from July 15, 2024 to Dec. 31, 2024.

The eligible items include husked brown rice, sorghum, millet, maize, wheat, and beans.

Specifically, the Nigeria Customs Service, on Aug. 14, released implementation guidelines that temporarily waives all import (and associated levy) taxes for rice, sorghum, millet, corn, wheat, and beans until Dec. 31, 2024.

The Chairman Rice Farmers Association of Nigeria (RIFAN), Lagos State chapter, Mr Raphael Hunsa, urged the government to engage local rice farmers than overdependence on import of the produce.

“The tax waiver is being mishandled that is why we are not seeing its impact in cutting down the price of rice in our markets.

“The Federal Government is trying its best to do something about the food inflation in the country. It is just that when these provisions gets to the middlemen, before getting to the grassroots there are discrepancies.

“The government should call together the stakeholders in the rice sector to address the hike in the price of the produce.

“Let the government work together with the stakeholders for the sustainability, availability and sufficiency of rice locally.

“These set of businessmen that the government is giving license to import rice with tax waivers are just working for their own benefits.

“When the government partners with RIFAN and all stakeholders in the rice sector, it will get to the grassroots and the price of rice will drastically drop,” Hunsa said.

According to him, there will be enough rice if farmers are cultivating and harvesting regularly.

“When we have enough rice farmers cultivating and harvesting rice regularly, things will work well and there will be no need to import rice to country.

“The countries where we are importing rice if they do not cultivate rice then we will feed them and who will feed Nigerians?

“Let the government focus its attention on the local rice sector and then things will work well,” he said.

On his part, Mr Akin Alabi, agriculture expert and co-founder Corporate Farmers International, called for monitoring and compliance of the tax waiver at the nation’s borders.

“The government has effected tax waiver on rice, and that has been done many months ago. However, the reason why it is not effective is because there is difference between pronouncement and action.

“Now, the question is, when the Federal Government pronounces it, will government ensure it is actionable? That is the question. Are those tax waiver actionable at the borders?

“So, the government needs to work effectively with customs and ensure that the pronouncement of tax waiver on rice and other essential commodities is duly effected for the citizens.

So that we can get these food items at affordable prices.

“The festive season is just few days away and to be realistic, we do not know what the price of rice, a staple, might be in the next couple of days because of the rush that is going to come with it.

“So, government needs to tailor down the effectiveness of the tax waiver pronunciation to reflect on food prices,” Alabi said.

Also speaking, Mr John Nwabueze, foodstuff trader at Alimosho area of Lagos State, said the tax waiver on rice is not evident as the price of the produce is on the increase daily.

“The price of short grain rice is at N86,000 compared with N70,000 and below we sold two months ago. While the long grain rice now sells from N120,000 and above as against N80,000 sold two months ago.

“We heard the government has granted tax waiver for rice importation, but it is only in the news we see that, the case in the market is different, the price keep soaring.

“If the tax waiver on rice is enforced we will see it in the price of the produce, but they can say it and when we go to the market, we see something different.

“The price of rice may likely go up during the Christmas season but if the tax waiver is really implemented the price of a 50kg bag of rice can go as low as N50,000 to N65,000,” Nwabueze said.

Mrs Ada Okoli, a consumer, decried the current price of the produce in the market.

Okoli called for government’s intervention to address the persistent hike in the price of the produce and others ahead of the yuletide.

The Nigerian Financial Intelligence Unit (NFIU) has announced that the Financial Action Task Force (FATF) has approved three additional grades in its anti-money laundering and counter-terrorism financing efforts, marking the fifth progress report since Nigeria was greylisted in February 2023.

FATF, established in 1995, is the global body tasked with leading actions to combat money laundering, terrorism financing, and proliferation financing.

The organisation greylisted Nigeria due to increasing capital inflows and deficiencies in addressing money laundering, terrorism, and arms financing.

In a statement issued on Sunday by the NFIU’s Strategic Communications Office in Abuja, the FATF granted the approval during a meeting of the Group Against Money Laundering in West Africa (GIABA) Technical Commission, which took place between November 17 and 23, 2024, in Freetown, Sierra Leone.

Statutorily, Nigeria is now compliant (C) or largely compliant (LC) in 37 out of the 40 FATF recommendations, leaving three more to address.

The Chief Executive Officer of the NFIU, Hafsat Abubakar Bakari, who also serves as Nigeria’s National Correspondent (NC) for ECOWAS (GIABA), led Nigeria’s delegation to the meeting.

Included in the delegation were representatives from the Economic and Financial Crimes Commission (EFCC), the Special Control Unit Against Money Laundering (SCUML), the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), the Federal Ministry of Justice (FMOJ), the Corporate Affairs Commission (CAC), and the Nigeria Export Processing Zones Authority (NEPZA).