• Sunday, March 03, 2024
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Five things to know to start your Friday

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Manufacturers slash procurement orders amid economic crisis, MAN reports

Rotimi Aluko, President of the Chemical and Pharmaceutical Sector at the Manufacturers Association of Nigeria, revealed at a Lagos meeting that the challenging business environment led to shutdowns and reduced orders for manufacturers.

He cited election-related uncertainties and economic upheavals causing a near-recession in the sector. Aluko also lamented the impact of fuel subsidy removal and exchange rate unification.

Abiola Ogunrinde, CEO of Tropical Naturals Ltd., highlighted a lack of skilled workers and the migration of skilled individuals as critical issues.

NESG criticises FG’s N3.5tn budget allocation for health, education

The Nigerian Economic Summit Group criticised the N3.5 trillion allocation to health and education in the 2024 budget, stating it falls well below global standards of 15-20 percent.

The NESG’s analysis noted sectors like defence and security received larger portions (12 percent), while education and health got 7.9 percent and 5 percent, respectively.

This scrutiny highlights the administration’s strides in human capital development but emphasises the significant gap from global benchmarks in these vital sectors.

FG’s exchange rate hike sparks import duty surge

Nigerian port duties surged due to the Federal Government’s revised exchange rate for cargo clearance, impacting import duties.

The exchange rate for imported vehicles spiked from N783/$ to N952/$, marking the fourth adjustment this year.

Importers and agents noted increased duties, with a 40-foot container duty rising from N7 million to N9 million.

Association representatives highlighted a N350,000 hike in car duties, attributing the rises to the exchange rate adjustment.

Weak Asian demand drives weekly decline in oil prices

Oil prices edged up but remain on course for a 6 percent weekly decline, close to six-month lows. Concerns over sluggish energy demand in Asia and high U.S. crude output persist.

Brent crude rose to $74.73 a barrel, WTI to $69.98. Both hit lows last seen in June, indicating an oversupply market.

China’s oil imports dropped 9 percent, and India’s fuel consumption decreased, impacting the market despite OPEC+ agreeing to 2.2M bpd output cuts.

Gunman at Las Vegas campus: Struggling academic with ‘target list’

Financially strained academic Anthony James Polito, 67, killed three professors at UNLV. Rejected by Nevada universities, he sent suspicious letters and had a “target list.”

Facing eviction, with a criminal record, he legally obtained a handgun. Police believe he acted alone and shot dead after the attack.

The motive remains unclear, but students weren’t the main targets. Victims included professors Chang, Navarro Velez, and an unnamed faculty member.