Business
Economist Prof. Ajibola Criticizes Hunger Protests for Economic Disruption
Professor Segun Ajibola, a distinguished economist and former President and Chairman of the Council of the Chartered Institute of Bankers, has criticized the ongoing hunger protests in Nigeria, stating that they have severely disrupted the economy and resulted in widespread losses for everyone involved.
According to Prof. Ajibola, the informal sector, which constitutes approximately 45 percent of Nigeria’s economy, has been particularly affected.
Disruptions to both human and vehicular movement have had a detrimental impact on operators within this sector, especially those running micro, small, and medium enterprises.
He highlighted that individuals in areas where curfews have been imposed, such as roadside mechanics, barbers, hairdressers, vulcanizers, market vendors, artisans, hawkers, and laborers, are experiencing significant hardships.
These individuals rely on daily activities for their livelihood and are particularly vulnerable when public protests impede their ability to work.
Prof. Ajibola emphasized that such large-scale protests disrupt economic activities and leave lasting scars on the economy.
The resulting challenges extend beyond individual losses, affecting the overall economic health and productivity at both personal and corporate levels.
He urged that dialogue and roundtable discussions are preferable to violent protests, which constrain economic activities and exacerbate the negative impact on the economy.
The protests, which began last Thursday under the banner of #EndBadGovernance, have escalated into violence in several northern states, including Plateau, Kaduna, and Kano.
This escalation has led to curfews being imposed, resulting in additional loss of lives and property. The protesters are demanding an end to the high cost of living in Nigeria.
Dangote Refinery has announced a fresh reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol.
The company, which is one of Nigeria’s leading oil producers, announced in a statement shared by its spokesperson, Anthony Chiejina, on its official X account on Thursday.
Effective immediately, Dangote Refinery has lowered the ex-depot price of petrol to N899.50 per litre, down from the previous rate of N970.
In his statement, Chiejina mentioned the company’s commitment to helping alleviate the financial burden on consumers during the holidays.
“We have now announced a new price of N899.50 per litre.
This reduction is designed to ease transport costs during the festive period,” he said.
“To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS.
From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM.”
In addition to the price reduction, Dangote Refinery has introduced a new incentive to make fuel more accessible for consumers.
Chiejina explained that for every litre of petrol purchased on a cash basis, buyers will have the opportunity to acquire an additional litre on credit.
This offer is backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank, providing customers with more flexible payment options.
Price of beans drops and news excites traders and consumers. Residents as well express joy with price drop amid the upcoming Christmas holiday. According to a report, the price of beans has sustained a slight drop as 100kg bag of beans is sold for 150k Naira to 140k.
The price of a bag has now dropped to 100k to 120k, depending on the type of beans. It was reported that the price of beans has been dropping for the past two weeks unlike the past months.
Nigeria’s Oil Production increased in November 2024 and has reached 1.69 Million per day going 10% increase compared to that of October production.
This now secures Nigeria’s oil production as the top in the Africa Oil Production.
The crude oil production rose with 11.42% but the condensation production reduced. Despite the great progress of the production, Nigeria’s oil production still has not reached their 2024 goal of 1.78mbpd.
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