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Sahara Energy and Brooge Petroleum partner to build a new refinery

Sahara Energy Resources DMCC Dubai and Brooge Petroleum and Gas Investment Co (BPGIC), have signed a partnership agreement to build new refinery.

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Sahara Energy and Brooge Petroleum partner to build a new refinery

Sahara Energy Resources DMCC Dubai and Brooge Petroleum and Gas Investment Co (BPGIC), have signed a partnership agreement to set up an oil refinery capable of producing bunker fuel with a capacity of up to 250,000 barrel per day (bpd) in the Emirate of Fujairah.

About the deal: According to a press statement sent to Nairametrics, Sahara Energy and BPGIC said the facility will be one of the first of its kind in the Middle East and North Africa. It will also comply with the new regulations of the International Maritime Organisation (IMO) 2020 by capping sulfur content in shipping fuels. The first phase of the planned refinery is expected to be completed by Q1 2020.

Mohammed Sanusi Barkindo, Secretary General of OPEC, who attended the signing ceremony in Abu Dhabi and said the deal “evolved through the drive of the UAE’s leadership in promoting and supporting such private initiatives and expediting the diversification of their economies.”

Barkindo underlined the “unique role of the private sector as a critical engine for economic vision and strategies.”

Commenting on the signing, the Chief Executive Officer of BPGI, Nicolaas Paardenkooper, said;

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“The new facility will contribute to bolstering the growing status of the Emirate of Fujairah in the Oil & Gas industry and help meet the growing demand for shipping fuel that complies with the new international laws on capping sulfur content in shippingfuels, as most of current shipping fuel contains up to 3,5 percent sulphur.

“It falls in line with the company’s expansion strategy and its growing contribution to the development of the Oil & Gas industry in the UAE by injecting more investments into this essential sector.”

Executive Director, Sahara Group, Wale Ajibade, said the Refinery Unit would form its location in Fujairah make Sahara Energy DMCC a major supplier of IMO 2020 compliant products in the UAE as well as in African, Asian and European Markets.

“Sahara Energy DMCC is delighted to be part of this landmark leap into the future of clean energy. We are constantly seeking opportunities to expand our operations and develop the sector in line with global best practices. Bringing energy to life is the passion that drives us at Sahara and we are committed to ensuring that our energy is accessible, clean and ultimately reliable for promoting sustainable development globally.”

Nicolaas Paardenkooper, BPGIC CEO highlighted the listing process of BPGIC on Nasdaq Stock Exchange which started in April as a resounding success conducive for building up investor confidence in the company and its expansion plans

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Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Official: Imo State is unemployment capital of Nigeria

According to NBS, 75.1% of the total employable people in Imo State are either underemployed or unemployed.

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Ogun, Imo States give free hand sanitizers

Data from the National Bureau of Statistics reveal Imo State, located in the South-Eastern part of Nigeria has the highest unemployment rate in the country.

In contrast, Anambra State is the state with the least unemployment in the country with 13.1% unemployment rate. The national average for the unemployment rate is 27.1%

Imo State has an unemployment rate of 48.7% as at the second quarter of 2020, by far the highest when compared to any other state in the country.

According to the data, 75.1% of the total employable people in the state are either underemployed or unemployed.

See highlights

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  • Total number of employable people – 2.48 million
  • Fully employed people – 618, 481
  • Unemployed people in the state – 593. 347
  • Underemployed – 656, 394

Imo State is largely a civil service town and has been unlucky with state governors over the last 20 years. Private sector jobs are hard to come by in the serene state with most industries setting up show in nearby cities like Aba, Port Harcourt, and Onitsha.

The city was once notorious for ritual motivated murders and kidnappings but has since overcome these challenges.

States Unemployment Rates – Q2 2020

Other States

Akwa Ibom State is next on the list with an unemployment rate of 1.14 million people. The state’s underemployed population is about 551k people while the unemployment and underemployment rates combined is 66.9%.

The best: The state with the lowest unemployment rate in Nigeria is Anambra State with 13.1% out of the total working population of 2.25 million people. The state was 37 out of 37 states in the ranking of unemployment by state. About 1.9 million people in Anambra State are either fully employed (1.57 million) or under-employed (384k) in the state.

Lagos State, Nigeria’s commercial capital and where most graduates rush to for jobs currently has an unemployment rate of 19.5% and sits at 27 in the state by state unemployment ladder. The data shows about 6.8 million people make up the labour force population in Lagos State out of which 3.99 million people are fully employed and another 1.5 million people are underemployed. About 870k Lagosians who are employable did absolutely nothing.

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Concentration: In terms of the concentration of unemployed people, Rivers State came first with a whopping 1.7 million people out of jobs in the state. The state as a working population of 3.9 million. Rivers State unemployment rate is 43.7 and ranks third as the worst. 21.7 million Nigerians are unemployed.

Lagos State had the most employed persona with about 3.99 million people out of a total of 35.5 million.

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Economy & Politics

Nigeria’s unemployment rate jumps to 27.1% as at 2020 Q2

Nigeria’s unemployment rate as at the second quarter of 2020 is 27.1% meaning about 21.7 million Nigerians remain unemployed.

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unemployment

Nigeria’s unemployment rate as at the second quarter of 2020 is 27.1% indicating that about  21,764,614 (21.7 million) Nigerians remain unemployed.

Nigeria’s unemployment and underemployment rate (28.6%) is a combined 55.7%. This means the total number of Nigerians who are unemployed or underemployed as at 2020 Q2.

This is contained in a recently released unemployment data report published by the National Bureau of Statistics. Nigeria’s unemployment rate was 23.1% in Q3 2018 confirming it increased by 4% points between then and the second quarter of 2020.

Key highlights

  • The number of persons in the economically active or working-age population (15 – 64 years of age) during the reference period of the survey, Q2, 2020 was 116,871,186.
  • The number of persons in the labour force (i.e. people within ages 15 -64, who are able and willing to work) was estimated to be 80,291,894. This was 11.3% less than the number persons in Q3, 2018. Of this number, those within the age bracket of 25-34 were highest, with 23,328,460 or 29.1% of the labour force.
  • The total number of people in employment (i.e. people with jobs) during the reference period was dwellers, it rose to 31.5% from 22.8%, while the rate among urban dwellers rose to 23.2% from 58,527,276.
  • Of this number, 35,585,274 were full-time employed (i.e. worked 40+ hours per week), while 22,942,003 were under-employed (i.e. working between 20-29 hours per week). This figure is 15.8% less than the people in employment in Q3, 2020
  • The unemployment rate during the reference period, Q2, 2020 was 27.1%, up from the 23.1% recorded in Q3, 2018. The underemployment rate increased from 20.1% in Q3, 2018 to 28.6%.
  • For the period under review, Q2, 2020, the unemployment rate among young people (15-34years) was 34.9%, up from 29.7%, while the rate of underemployment for the same age group rose to 28.2% from 25.7% in Q3, 2018. These rates were the highest when compared to other age groupings.

The data is coming after nearly two years when the last data was published. The bureau last published jobs data in the third quarter of 2018 citing funding as a major challenge.

Key Take-aways

  • Nigeria’s youth remain the hardest hit by unemployment with over 13.9 million people aged between 15 and 34 years unemployed.
  • The data also shows 7.6 million of this subset did nothing.
  • Women also continue to bear the brunch of bad economy with about 12.2 million out of jobs from the 27 million currently unemployed.
  • Graduates and post graduates combined made up about 2.9 million of the total Nigerians that are unemployed.
  • In a surpising data, out of the 35.5 million Nigerians that are fully employed, 28.8 million of them never attended school (6.29 million) or did not have a tertiary education (22.5).
  • In fact, most fully employed people in Nigeria with SSS (Senior Secondary School certificates) are a whopping 13.2 million.

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Coronavirus

COVID-19: Nigeria, 6 other African countries to start antibodies tests next week

These countries are the first set of countries to commit to the testing.

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Nigeria and 6 other African countries will start conducting coronavirus antibodies tests as early as next week, as part of efforts to understand the extent of the outbreak on the continent.

Apart from Nigeria, the other African countries that will benefit from this include Sierra Leone, Zambia, Zimbabwe, Cameroon, and Morocco.

While making the disclosure in Addis Ababa, the head of the African Centres for Disease Control and Prevention, John Nkengasong, said that these countries are the first set of countries to commit to it.

Western countries have been using antibody tests to discover how many of their citizens have been infected by the coronavirus disease, with the expectation that will help them reopen their economies.

This new development is coming some days after the Nigerian Government started negotiations with prospective COVID-19 vaccine distributors to the country ahead of their availability.

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The Vice President, Yemi Osinbajo, who kick-started the negotiation on behalf of the Federal Government, in a virtual meeting with representatives of the vaccine candidate, told the co-discussants that Nigeria must be given priority when COVID-19 vaccine is ready for distribution.

Nkengasong said that Africa has so far conducted 9.4 million coronavirus tests, a 10% increase over last week. These tests show whether people currently have the coronavirus disease.

Experts said that the low levels of testing in many countries mean that Africa’s infection rates could be higher than being reported.

He said that 25 African countries still have full border closures, with 23 imposing tests at entry points. He also stressed on the need to harmonize border testing and recognize certificates in order to facilitate travel.

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