FG unveils plan to boost oil production by 1m/bpd in 24 months
The Nigerian government has launched “Project 1MMBPD,” an initiative aimed at increasing crude oil production by one million barrels per day within the next 12 to 24 months. This plan targets issues such as oil theft, infrastructure decay, and low investment.
Read more: https://www.vanguardngr.com/2024/10/fg-unveils-plan-to-boost-oil-production-by-1-million-barrels-per-day-in-24-months/
Athena Commentary:
This ambitious goal to increase oil production mirrors efforts by other oil-rich nations, though the challenges it faces, such as oil theft and vandalism, are less common in countries like Saudi Arabia and Norway. For example, Saudi Arabia consistently maintains higher output due to advanced infrastructure and a stable regulatory framework, allowing it to produce approximately 10 million barrels per day. Similarly, Norway’s production, at over 2 million barrels per day, is sustained by stringent environmental standards and modern facilities. In contrast, Nigeria’s outdated infrastructure and security issues have contributed to declining production, necessitating urgent investment and reform to remain competitive on the global stage.
Auto dealers abandon vehicle importation over high clearance cost, forex scarcity my
Automobile dealers in Nigeria are struggling to import cars due to the scarcity of foreign exchange, higher tariffs, and increased import duties. As a result, many have abandoned the business or resorted to recycling used cars locally.
Read more: https://thesun.ng/auto-dealers-abandon-vehicle-importation-over-high-clearance-cost-forex-scarcity/
Athena Commentary:
The challenges facing Nigeria’s automobile industry, such as high import duties and foreign exchange scarcity, contrast sharply with countries like South Africa and the UAE. In South Africa, favourable trade agreements and a more stable exchange rate enable the steady importation of vehicles. The country’s automotive sector is one of the largest on the continent, with over 600,000 vehicles produced annually for both local and export markets. In contrast, Nigeria’s high costs discourage importation, resulting in fewer new cars on the market and increasing reliance on older vehicles, raising safety concerns.
NECO warns school owners against enrolling candidates by proxy
The National Examinations Council (NECO) has warned school owners and stakeholders against enrolling candidates by proxy, citing concerns over identity theft and fake results. NECO said it is committed to eliminating malpractice through biometric data capture, customised answer booklets, and an online verification platform. Candidates involved in impersonation had their 2024 results withheld as part of the council’s strict anti-fraud measures.
Read more: https://thesun.ng/desist-from-proxy-enrollment-neco-to-school-owners-others/
Athena Commentary:
NECO’s move mirrors efforts in other countries, such as the UK’s use of unique candidate numbers and digital verification to prevent malpractice in exams. In contrast, countries with weaker oversight may struggle to control such practices, which undermines the credibility of their educational systems. NECO’s biometric and verification steps, if fully enforced, could significantly reduce exam fraud, aligning Nigeria with global standards in examination integrity.
IMF slashes Nigeria’s economic growth forecast by 2.9%
The International Monetary Fund (IMF) has reduced Nigeria’s 2024 economic growth forecast to 2.9%, down from an earlier projection of 3.1%. This adjustment is due to weaker-than-expected economic performance in the first half of the year. However, the IMF raised Nigeria’s 2025 growth forecast slightly to 3.2%. Sub-Saharan Africa’s 2024 growth forecast was also downgraded, reflecting Nigeria’s slower growth, but a recovery is expected in 2025.
Read more: https://www.vanguardngr.com/2024/10/imf-slashes-nigerias-2024-economic-growth-forecast-to-2-9/
Athena Commentary:
Nigeria’s revised forecast follows a broader global trend of economic adjustments. While other emerging markets, like India, maintain steady growth due to diversified economies and policy reforms, Nigeria’s oil dependency and structural challenges hinder its potential. The IMF’s slight optimism for 2025 mirrors expectations of economic recovery as supply chain issues ease, though long-term stability will likely require broader reforms.
Tinubu reshuffles cabinet, merges ministries
President Bola Tinubu has reshuffled his 45-member cabinet, appointing seven new ministers, dismissing five, and reallocating 10 others. The reshuffle saw changes in the ministries of education, tourism, and women affairs, while the finance, defence, and energy ministers retained their roles. Tinubu also merged some ministries and renamed the Ministry of Niger Delta Development to the Ministry of Regional Development.
Read more:
https://nairametrics.com/2024/10/23/breaking-president-tinubu-reshuffles-cabinet-merges-ministries/
Athena Commentary:
President Tinubu’s cabinet reshuffle seems to follow a familiar script in Nigerian politics: change a few faces, reshuffle portfolios, and hope it leads to different outcomes. Seven new ministers are in, five are out, and several ministries have been merged or renamed, all while the country’s inflation rate continues to rise, and economic hardship deepens. The move to dissolve the Ministry of Sports and combine tourism with arts and culture may be seen as streamlining, but it also raises questions about the administration’s priorities.
Sixteen months in, Tinubu’s reforms have yet to bring the relief Nigerians hoped for. The Naira’s devaluation and subsidy cuts have only added fuel to the economic fire. This reshuffle, though intended to revitalise his government, feels like a shuffle of the same old deck, with critics concerned that it lacks the kind of bold, structural changes needed to address the deepening cost-of-living crisis.
Compiled by:
Aliyu Jalal
Chukwunonso Momah
Kesiena Jaspar