The Manufacturers Association of Nigeria (MAN) has asked the Central Bank of Nigeria (CBN) to work towards reducing the number of Bureau De Change (BDC) operators and develop a sustainable framework to guide credit intervention to the manufacturing sector. The group made the call through its President, Otunba Francis Meshioye while delivering a speech at the MAN Reporter of the Year award ceremony. According to him, the need to reduce the number of BDCs is premised upon the reduction of their excesses and ensuring the proper structure of their operations. Also, he called on the CBN to prioritize FX allocation…
Author: Temitope Nlewemchi
Shuaibu Audu, the Minister of Steel Development, has stated that Nigeria imports steel valued at $4 billion dollars every year. Audu announced this on Thursday while on a familiarisation tour of the National Metallurgical Development Centre (NMDC) in Jos. He mentioned that 70% of Nigeria’s steel is imported and added that President Bola Tinubu is committed to reversing this trend. ”Right now we import about four billion dollars worth of steel, which is over 70 per cent worth of steel in Nigeria. ”Mr President wants us to reverse this trend; he wants to ensure that most of the steel consumed…
The Manufacturing Association of Nigeria (MAN) has reported a concerning trend within the industry, revealing that about 767 manufacturing companies shut down operations while 335 experienced distress in 2023. This development is attributed to various economic difficulties, including exchange rate volatility, rising inflation, and a general worsening of the investment climate. These adversities have taken a toll on the manufacturing sector, significantly impacting its performance and sustainability. MAN’s revelations came alongside its criticism of the Federal Government’s newly introduced Expatriate Employment Levy (EEL), which the association argues contradicts the objectives laid out in President Bola Tinubu’s Renewed Hope Agenda and…
New mining licenses will be issued by the federal government solely to companies that propose a strategy for local mineral processing, as part of the new guidelines being established by the Ministry of Solid Minerals. Segun Tomori, the spokesperson for the Minister of Solid Minerals, Dele Alake, announced the move, indicating a departure from Nigeria’s long-standing practice of exporting raw materials, aligning with the trend among African nations to gain more value from their mineral resources. Tomori mentioned that the government aims to encourage investment by providing incentives such as tax breaks for importing mining machinery, facilitating the acquisition of…
The Federal Government has revoked 924 inactive mining licenses, alleging that miners have facilitated a black market for acquiring mining titles. The revoked licenses comprise 528 exploration licenses, 20 mining leases, 101 quarry licenses, and 273 small-scale mining licenses, according to a statement by Minister of Solid Mineral Development, Dele Alake, on Wednesday. Alake stated that the measure was implemented to stop “license racketeering,” a practice where companies or individuals acquire titles of mineral-rich areas and then sell them to the highest bidders. The Minister also announced that these licenses are now open for new investors to apply on a…
In March 2024, the average fare for Okada transportation per drop in Nigeria saw a modest year-on-year increase of 2.15%, reaching N472.16, up from N462.21 recorded in March 2023. However, the fares in Lagos, Ondo, and Taraba states were significantly higher than the national average during the same month. Lagos led with N850 per journey, followed by Ondo at N725, and Taraba at N670, highlighting regional disparities in transportation costs. These are according to the latest National Bureau of Statistics (NBS) Transport Fare Watch report for March 2024, as published on the website of the data agency. Imo and Yobe…
The Acting Executive Vice Chairman of the Federal Competition and Consumer Protection Commission (FCCPC), Dr. Adamu Abdullahi, has confirmed that the troubled Abuja Chinese supermarket, sealed for discriminating against Nigerians, had all its products priced in Chinese yuan instead of naira. Abdullahi made this disclosure in a recent interview with Channels TV in Abuja published on the agency’s YouTube channel on Sunday. Recall that the commission had sealed the Abuja-based Chinese supermarket located within the China General Chamber of Commerce following accusations of discriminatory practices against Nigerians. Reacting to the development, the CEO of FCCPC said one of the discoveries…
Dr. Adamu Abdullahi, Acting Executive Vice Chairman of the Federal Competition and Consumer Protection Commission (FCCPC), has disclosed that Multichoice submitted a four-page letter detailing the reasons for the price hikes in their cable services, GOtv and DStv. In a recent interview with Channels TV uploaded on Sunday, Abdullahi stated that the company cited the cost of electricity, generator operations and poor access to dollars as some of the reasons for the price increase. He said the commission will review the reasons identified by Multichoice, noting that the agency will involve regulatory bodies such as the National Broadcasting Commission (NBC) and…
The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, has confirmed that about 150,000 individuals received the sum of N50,000 this week from the Conditional Grant Scheme initiated by the Federal Government. The Minister made this disclosure in a statement on her X (formerly Twitter) account on Thursday. Uzoka-Anite also urged the public to be cautious of fraudulent and unscrupulous individuals demanding payments for processing the grant, emphasizing that the scheme is entirely free and does not require any fees. She reiterated that the grant scheme is targeted at 1 million people in total, adding that a list of all…
Inflation in key African countries is expected to slow down into next year but remain high in Nigeria due to acute flooding and a difficult terrain for the Naira currency, a Reuters poll indicated. According to Reuters, the Acute shortage of Dollars in much of the continent including Angola, Nigeria, and Zambia has often boosted home inflation due to a reliance on single commodity currency inflows such as crude oil and copper. The polls conducted by 15 analysts in the past week showed that inflation would be less in countries with better diversified means of dollar revenue such as Kenya. Inflation…
A Swiss multinational, Glencore Plc has indicated interest in investing in Nigeria’s solid mineral sector with a specific focus on nickel, cobalt and zinc. This was made known following a meeting of the company’s representatives led by its Chief Executive Officer (CEO), Mr Gary Nagle with the Minister of Solid Minerals Development, Dele Alake The CEO of the company expressed satisfaction with the efforts of the current administration especially in moving the economy away from oil and gas into solid minerals. He stated, “We are ready to invest provided the government ensures stability in the business climate and creates an enabling…
The Acting Director, of the Banking Supervision Department of the Central Bank of Nigeria (CBN), Dr Adetona Adedeji, has affirmed the bank’s decision to prioritize combating inflation over tackling rising unemployment rates. He said this on the second episode of the CBN Talk podcast, which was uploaded to the bank’s YouTube page on Friday. During his talk, Adedeji emphasized that the central bank’s primary goal is to curb inflation, acknowledging the potential for impacts in other areas. He said: “The ultimate objective is for us to combat inflation. That is exactly what the central bank is doing today. Whatever it…
Multichoice Nigeria, a prominent Pay-TV operator, has once again announced a price increase for its DStv and GOtv packages, this time by at least 25%. This marks the third increment since last year, following the initial adjustment implemented on May 1, 2023. Multichoice stated that the latest increase will take effect from Wednesday, May 1, 2024. While last year’s increment ranged between 19% to 20% depending on the bouquet, the company is now announcing a 25% to 26% increase across its packages. The new subscription fees were communicated to customers via an email titled “Price Adjustment on DStv and GOtv Packages” on…
Uganda’s Ministry of Finance recently disclosed that gold trade in Uganda is back at the top becoming Uganda’s major export. This declaration was based on data compiled from the last 12 months leading up to February when gold trade accounted for 37% of all export revenues. According to Business Insider, Gold was a big deal in Uganda before accounting for over 44% of Uganda’s export income but tax issues hampered the trade and watered down its effect on the Ugandan economy. This interruption of the gold trade by tax issues lasted for over a year. Back in May 2023, the Ugandan…
The Lagos State Government, on Thursday, closed Oniru Market in Eti Osa due to violations of environmental regulations. Tokunbo Wahab, the Commissioner of Environment and Water Resources for Lagos State, announced the closure on his official X (formerly Twitter) account. He shared a video of the market being sealed by officials of the Lagos State Environmental Sanitation Corps and posted a brief note stating the market was sealed over environmental infractions.. “Lagos State government sealed Oniru Market over environmental infraction,” Wahab post read. Over recent months, the Lagos State Government has actively closed several markets across the state, enforcing its…
At least 118 prison inmates escaped from a prison facility in Suleja, Niger state close to the Nigerian capital after heavy rains on Wednesday night damaged the prison facility a prison spokesperson confirmed. According to Reuters, the rain which lasted for several hours wrecked part of the medium-security prison, including the perimeter wall and surrounding buildings spokesperson Adamu Duza said in a statement on Thursday. Responsible Security agents are now hunting down the fugitives and have successfully recaptured 10 of them with the help of other security agents. “We are in hot chase to recapture the rest,” Duza said. “The public is…
The Federal Ministry of Industry, Trade and Investment (FMITI) recently launched a $10 billion Nigeria Diaspora Fund, urging eligible firms to indicate interest in providing services as managers. The announcement was made by the Minister of Industry, Trade and Investment, Doris Nkiruka Uzoka-Anite on Thursday. She said the ministry initiated the policy to foster investment in the private sector and inject foreign direct investments into the Nigerian economy. Uzoka-Anite noted that the federal government established a committee to design and develop the framework for a Diaspora Fund. The Minister further highlighted that diverse stakeholders in the capital markets, investment community, and diaspora…
The Oyo State Government has set aside N691.3 million to invest in any future rights issuances by Wema Bank Plc. The announcement was made in a press statement released after the Oyo State Executive Council meeting on April 23rd, 2024. The statement read, “The sum of N691,307,039.86 to be invested in Wema Bank rights issuance programme as part of plans to secure the future of Oyo State.” Investors in Wema Bank Concerning Wema Bank’s shareholding structure, strategic shareholders own 51.69% of the bank with Neemtree Limited, SW8 Invest Company, and Petrotab Limited holding 28.25%, 14.90%, and 8.54% respectively. Governments…
The United Kingdom has pledged to sponsor 50 green investment projects in Kenya worth £6.6 million to battle climate change. A total of 10 counties in the country have been selected to develop these projects. According to Business Insider Africa, the fund is set to be distributed among 10 counties to create the 50 projects and bring them to reality. The investment by the UK Government is also intended to create jobs in the East African country and preserve the country’s rich Bio diversity and distinctive landscape. A Kenyan media outlet reported that the 10 counties set to receive the funds and…
The Minister of State for Labour and Employment, Mrs Nkeiruka Onyejeocha, has said that the federal government plans to create 2.5 million jobs through the Labour Employment Enhancement Programme (LEEP). She said this at the pre-inaugural ceremony for the LEEP in Abuja on Thursday. She emphasized that in a quickly changing global environment, it was crucial to LP provide the Nigerian workforce with the essential tools and opportunities to succeed in the digital era. She noted that the LEEP aimed for zero hunger, zero poverty, economic growth, and decent jobs through six strategic initiatives. “The LEEP vision is to train…