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PMI hits 52.7 in December – Report

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The business environment in Nigeria recorded an improvement in December 2023 with the Purchasing Managers Index rising to 52.7 from 48.0 in November, according to the latest PMI report released by Stanbic IBTC.

Despite the increase, the business outlook for the new year stands at its lowest since 2014.

The increase was the highest since June 2023 when the index stood at 53.2. The rise in PMI denotes a healthy improvement in the private sector space despite the current macroeconomic challenges.

The report noted that demand conditions exhibited signs of recovery, resulting in a significant upswing in new orders after two consecutive declines in October and November.

Likewise, business activity rebounded and experienced substantial growth during the month. Despite this positive trend, sector-specific data indicated a continued decline in wholesale and retail activity.

Both input price inflation and selling price inflation rose sharply in December but played little role in the report as a significant increase was recorded in new orders.

Commenting on the report, the head of Equities Market Research at Stanbic IBTC, Muyiwa Oni said, “The headline PMI returned to expansion territory for the first time in three months in December 2023, posting 52.7 from 48.0 in November.

“Nevertheless, feedback from respondents continues to show intense inflationary pressure, with purchase costs and selling prices each rising at sharper rates than in November.

“We expect inflationary pressures to remain elevated in the near term.”

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Kwara Assembly promises legislative support to improve worker’s welfare

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The Speaker, Kwara House of Assembly, Mr Yakubu Danladi-Salihu, has said that the 10th Assembly will give legislative backing to improve workers’ welfare.

Danladi-Salihu said this on Wednesday in a statement signed by his Chief Press Secretary, Shehu Abdulkadir, to mark the 2024 Workers’ Day.

“It is another day to acknowledge and celebrate the workforce of our great nation, Nigeria, and our dear state, Kwara in Particular.

“As we do always, we appreciate the resilience, commitment, dedication, and sacrifices of our workers,

“They remain essential to the overall development of our dear country as they contribute immensely to Nigeria’s growth.

“As lawmakers, we are committed to giving legislative backing to improve the welfare of our workers, give them a living wage and make life more bearable for them in appreciation of the invaluable services they render.

“On this Workers’ Day, on behalf of the Kwara House of Assembly, I celebrate our workers with pride and I wish them a happy and fulfilling day,” he stated.

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NLC urges KNSG to pay N75bn pension backlogs

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The Nigerian Labor Congress (NLC) has urged Kano government agencies to pay over N75 billion backlog of unremitted  pension contributions.

The Chairman of NLC, Kabiru Inuwa made the call during the 2024 Workers’ Day celebrations on Wednesday in Kano.

Inuwa lamented that the issue of the backlog of unremitted pension contributions by some organizations was alarming, with a staggering accumulation of over N75 billion as of May 2023.

According to him, this poses a serious threat to the financial security of retirees.

“The non remittance led to deductions of pension thus non payment of full pension for years.

“While we commend the present administration for commencing full payment of pension, we demand that all defaulting government institutions shall commence paying the back log to enable settlement of retirement and death benefit.

“We are sure if elaborative analysis of the backlog is done and a strategy to recoup the money is put in place, the accrued benefits could be settled within a few years,” he explained.

The chairman also called on the state government to resume the payment of wage award that was only paid.

“Workers rely on these awards to improve their standard of living, and a consistent payment schedule shall be established to ensure their welfare is safeguarded,” he said.

The labour leader further urged the state government to constitute the governing board of the state contributory scheme as stipulated in the law is crucial for effective management.

Inuwa also appealed to the state government to grant the much sought local government autonomy as it was crucial to the development of the state.

“It’s pertinent to solicit the support of the Kano State Government in partnering with the agitators to make local government autonomy a reality.

“We are also calling on the state government to re-introduce institution-based disbursement of vehicle loans and its upward review is essential to meet the evolving needs of workers,” he said.

The chairman, who congratulated Nigerian workers, urged them to renew their commitment to the ideals of justice, fairness, and solidarity that were at the heart of the labour movement.

In a remark, Gov. Abba Kabir-Yusuf restated the state government’s commitment to improve workers welfare and provide an enabling working environment.

Represented by his Deputy, Alhaji Aminu Abdussalam, the governor described the theme “People First” ,as apt, saying that his administration was committed to workers’ welfare and the overall development of the state.

Kabir-Yusuf also pledged prompt payment of civil servants salaries and pension to retirees as promised since the inception of his administration .

According to him, the state government has resumed the regular promotion of civil servants.

On housing deficit, the governor said that arrangements were on top gear with the stakeholders to provide affordable houses to workers in the state.

He appealed to the labour union to render maximum support for the state government to achieve its goals.

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NDDC pledges to collaborate with Rotary International

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The Niger Delta Development Commission (NDDC) has pledged to collaborate with Rotary International to enhance the delivery of services and the execution of development projects in the Niger Delta region.

The NDDC Managing Director, Dr Samuel Ogbuku, made the promise when a delegation from Rotary International District 9141, led by the Governor-Elect, Mr. Chinedu Ikegwuani, paid him a courtesy visit at the Commission’s headquarters in Port Harcourt. The delegation included a former Acting MD of NDDC, Mrs. Ibim Semenitari.

Ogbuku emphasised the need for partnerships in fast-tracking the development of the Niger Delta region, noting that the NDDC found it expedient to introduce new policies to drive the development process.

He said, “One of the new policies we introduced is the ‘Rewind to Rebirth’ initiative, a strategic vision designed to recalibrate engagement with Niger Delta stakeholders and the Commission’s overall intervention implementation plan.”

Riding on the spirit of rebirth, he said, the NDDC embraced the Public-Private Partnership, PPP, as a major policy thrust and organised a PPP Summit in Lagos on April 25, 2023.

The NDDC boss noted that the Commission had recorded many gains from the PPP initiative, citing the signing of a Memorandum of Understanding, MoU, with the Nigeria Liquified Natural Gas Limited, NLNG, as one of such gains.

According to him, the collaboration with NLNG would facilitate the execution of some legacy projects such as the Bonny Ring Road and the Kaa-Ataba Road and Bridge, linking Khana Local Government Area to Andoni LGA in Rivers State.

According to Ogbuku, another initiative taken by the NDDC was the introduction of a youth development and empowerment scheme, known as Holistic Opportunities, Projects and Engagement, HOPE, to create a comprehensive database of the youth population of the Niger Delta region.

He noted, “Project HOPE marks a turning point in youth development and empowerment because it is meant to provide a platform to empower youths of the region on sustainable basis.”

Ogbuku stated that the Commission developed a new concept of working with the Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture, NDCCITMA, in the training of youths and young entrepreneurs in the Niger Delta region, noting that the board of the Chamber of Commerce had been inaugurated.

He said further, “The Commission has come up with the Triple T Policy, which represents Transiting from Transaction to Transformation, to ensure accountability and transparency in our processes.

“To ensure that a new institutional culture, anchored on sound ethics and good corporate governance is in place, the Commission engaged KPMG, a reputable global business consultancy, to review and strengthen our corporate governance system, as well as improve our internal processes and institutional protocols.”

In his remarks the Governor-Elect of Rotary International District 9141, Mr. Chinedu Ikegwuani, acknowledged the contributions of the NDDC to the development of the Niger Delta region.

He said, “We are here to discuss partnership with NDDC. We thank the management of NDDC for its numerous transformational projects across the Niger Delta Region.

“We believe that by joining forces with the NDDC, our efforts to improve the living conditions of the people of this region will be enhanced. This collaboration will help us to consolidate our achievements in alleviating poverty in the society.”

The District Governor-Elect highlighted some of the achievements of Rotary International, which included kicking out wild Polio virus in Nigeria and Africa as a whole.

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