The Manufacturers Association of Nigeria (MAN) has reiterated that Nigeria’s path to meaningful industrialisation and sustained economic growth depends heavily on the full and consistent execution of government policies. The association warned that while Nigeria has rolled out numerous industrial and trade policies over the years, inconsistent implementation, poor monitoring, and frequent reversals have prevented them from achieving their intended impact. Speaking at a recent forum on Nigeria’s industrial outlook, MAN President Otunba Francis Meshioye emphasized that the gap between policy design and implementation has been the country’s greatest stumbling block in driving manufacturing growth. According to him, while Nigeria…
Author: Temitope Nlewemchi
The Nigerian Export Promotion Council (NEPC) has called on exporters to take full advantage of regional and international trade agreements to accelerate the country’s non-oil expansion and reduce reliance on crude oil revenues. The council emphasized that tapping into opportunities provided by trade deals such as the African Continental Free Trade Area (AfCFTA) could position Nigeria as a dominant player in value-added exports while improving foreign exchange earnings. NEPC Executive Director, Ezra Yakusak, speaking at a recent engagement with stakeholders, stressed that Nigeria’s economic stability depends on diversifying its exports and scaling up competitiveness in non-oil sectors like agriculture, manufacturing,…
President Bola Ahmed Tinubu is scheduled to inaugurate a newly built $400 million crude oil export terminal in Rivers State, a project expected to significantly boost Nigeria’s oil production and export capacity. The facility, described as one of the most ambitious onshore oil infrastructure projects in recent years, is expected to play a crucial role in the country’s efforts to stabilize crude output and increase foreign exchange earnings. The terminal, situated in the Bonny axis of Rivers State, has been developed to handle large volumes of crude oil exports, with the capacity to accommodate multiple grades of Nigerian crude. According…
Domestic investors in Nigeria’s equities market significantly reduced their trading activity in August, cutting back by a massive N932 billion compared to previous months. The decline underscores growing caution among local players amid persistent economic headwinds, rising inflation, and volatility in foreign exchange markets. According to fresh market data, domestic investors accounted for only about N1.31 trillion in transactions during August, a steep drop from N2.24 trillion recorded in July. Analysts attribute the contraction to tightening monetary policy by the Central Bank of Nigeria (CBN), reduced liquidity in the banking sector, and broader concerns over the stability of the naira.…
The Nigerian Export-Import Bank (NEXIM) has reported a significant boost in its operating profit, which climbed to N30.47 billion, underscoring the institution’s growing role in driving non-oil exports and supporting the federal government’s diversification agenda. This marks one of the strongest financial performances in the bank’s history, highlighting improved efficiency, prudent management, and increased lending to export-oriented sectors. The latest figures reflect a steady rise in NEXIM’s profitability, driven largely by heightened demand for credit facilities among businesses engaged in export trade. The surge comes at a time when Nigeria continues to grapple with foreign exchange scarcity and seeks to…
The Federal Housing Authority Mortgage Bank (FHAMB) has announced plans to roll out a N27 billion loan package aimed at addressing Nigeria’s chronic housing deficit, which is estimated to exceed 28 million units. The initiative, which forms part of the bank’s broader strategy to expand access to affordable housing finance, is expected to benefit thousands of low- and middle-income earners across the country. Speaking at a recent briefing, officials of FHA Mortgage Bank emphasized that the new loan scheme is designed to provide affordable mortgage options and bridge financing for developers, thereby easing one of the major constraints facing the…
Global oil markets witnessed fresh volatility as crude prices dipped following renewed concerns over a possible U.S. government shutdown and reports that the Organization of the Petroleum Exporting Countries (OPEC) is preparing to boost production in the coming months. The twin developments have triggered fresh uncertainties for traders and investors, adding to the complex dynamics already weighing on energy markets. Brent crude, the global benchmark, slid below recent highs, while West Texas Intermediate (WTI) also recorded declines as investors reacted to news from Washington and signals emerging from OPEC discussions. Analysts observed that the declines reflect a combination of demand-side…
The African Development Bank (AfDB) has renewed calls for stronger donor support to accelerate climate resilience initiatives across Africa, stressing that the continent remains disproportionately vulnerable to the impacts of climate change despite contributing the least to global greenhouse gas emissions. The appeal was made against the backdrop of escalating climate-induced challenges that threaten food security, water resources, health systems, and economic growth across the region. According to the AfDB, Africa faces an annual climate financing gap of about $213 billion, a shortfall that continues to undermine efforts to mitigate and adapt to climate risks. The bank highlighted that while…
The Lagos Chamber of Commerce and Industry (LCCI) has entered into a strategic partnership with the African Export-Import Bank (Afreximbank) to provide much-needed support for small and medium-sized enterprises (SMEs) in Nigeria. This collaboration, which was recently unveiled, is expected to enhance access to finance, trade opportunities, and capacity-building for businesses that form the backbone of the Nigerian economy. The agreement comes at a time when SMEs are grappling with multiple challenges, including limited access to credit, inflationary pressures, rising operational costs, and stiff competition in both domestic and international markets. By leveraging Afreximbank’s expertise in trade finance and LCCI’s…
President Bola Tinubu is expected to commission a new $400 million onshore crude oil export terminal in Rivers State, a landmark project that underscores Nigeria’s push to boost oil exports and strengthen its position in global energy markets. The terminal, described by industry experts as a game-changer for the country’s petroleum sector, is the first of its kind in decades and is projected to improve Nigeria’s crude evacuation capacity, reduce losses from vandalism, and attract fresh foreign investments into the oil and gas industry. The facility, built with private sector investment and strong government backing, is strategically located in Rivers…
The Nigerian National Petroleum Company Limited (NNPC Ltd) has disclosed that it recorded significant financial and operational setbacks during the brief nationwide strike by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), even as the union announced a suspension of its industrial action. The strike, which was called off after marathon negotiations with the federal government, had threatened to paralyze Nigeria’s oil and gas sector, prompting concerns over fuel scarcity and revenue shortfalls. PENGASSAN had embarked on the strike to protest unresolved issues relating to workers’ welfare, job security, and the enforcement of collective bargaining agreements across…
Nigeria’s private sector has posted its most significant expansion in employment in almost two years, signaling cautious optimism in the economy despite persistent challenges of inflation, high borrowing costs, and foreign exchange instability. The latest data released through business activity surveys and industry assessments revealed that hiring surged across multiple industries in August 2025, marking the strongest job creation in 23 months. According to findings from the latest Purchasing Managers’ Index (PMI) compiled by market analysts, the employment index rose sharply as businesses responded to improved demand and expansion in output. Companies across manufacturing, services, agriculture, and construction reported increases…
Nigeria’s ambitions to develop its blue economy—a sector that encompasses maritime resources, fisheries, shipping, ports, and ocean-based tourism—are being stifled by chronic underfunding, according to the Permanent Secretary in the Ministry of Marine and Blue Economy. Speaking during a stakeholders’ forum in Lagos, the top official lamented that despite the sector’s vast potential to contribute significantly to national revenue, employment, and food security, it continues to suffer neglect in terms of budgetary allocations and long-term investment. The Permanent Secretary emphasized that the blue economy is not just a futuristic concept but a present-day opportunity capable of diversifying Nigeria’s economy beyond…
President Bola Ahmed Tinubu has urged the Central Bank of Nigeria (CBN) to take a lead role in funding the newly created endowment scheme for the National Arts Theatre, Iganmu, Lagos, as part of efforts to secure long-term financing for the preservation and promotion of Nigeria’s cultural heritage. The president made the call during the unveiling of the renovated National Theatre, where he stressed the importance of sustainable investment in arts and culture as a driver of national unity, creativity, and economic growth. Tinubu, who officially inaugurated the refurbished facility, noted that the endowment would serve as a critical financial…
Nigeria’s mounting debt obligations have once again come into sharp focus as the Central Bank of Nigeria (CBN) disclosed that the country spent $2.86 billion on debt service between January and August 2025. The revelation underscores growing concerns about the burden of external debt repayments on the nation’s fragile foreign reserves and overall economic stability. According to figures released by the apex bank, the bulk of the payments went toward meeting obligations on Eurobonds and multilateral loans, with additional settlements for bilateral arrangements and commercial borrowings. The CBN’s data showed that Nigeria’s debt service payments have continued to climb in…
A fresh round of tensions has erupted between Dangote Industries Limited and labour unions in Nigeria, as the company accused union leaders of being more concerned about collecting check-off dues than addressing the genuine welfare of workers. The development marks the latest twist in the ongoing industrial disputes between the conglomerate and various labour groups, particularly in its refinery and cement operations. In a statement released over the weekend, Dangote Industries faulted the approach of some union leaders, arguing that their agitation was not rooted in improving staff conditions but rather in securing steady streams of dues from employees’ salaries.…
The Pension Transitional Arrangement Directorate (PTAD) has officially begun the implementation of long-awaited pension increments for federal retirees, bringing relief to thousands of senior citizens who have been anticipating adjustments in their monthly stipends. The move follows months of preparation and consultations between PTAD, the National Salaries, Incomes and Wages Commission, and the Federal Government to ensure compliance with constitutional provisions that mandate periodic pension reviews in line with wage adjustments for serving workers. The increments, which cover retirees under the Defined Benefit Scheme (DBS), are expected to take effect immediately, with many pensioners set to notice changes in their…
Nigeria’s banking sector has witnessed a dramatic shift in liquidity management, as fresh data reveal that commercial banks’ deposits with the Central Bank of Nigeria (CBN) soared by 568 percent in the first nine months of 2025, hitting an unprecedented N146.13 trillion. The spike reflects a combination of regulatory tightening by the apex bank, adjustments in monetary policy, and banks’ growing reliance on the CBN’s standing deposit facility as a safe haven for excess funds. The figures, which cover the period from January to September, highlight how the CBN’s aggressive liquidity management measures have reshaped financial flows within the sector.…
The Standards Organisation of Nigeria (SON) has officially launched the adoption of ISO 37003, a global standard designed to strengthen fraud control mechanisms in both public and private institutions across the country. The new framework, unveiled at a stakeholders’ forum in Abuja, represents a significant step in Nigeria’s ongoing battle against corruption, financial malpractice, and organizational fraud, which have long hampered development and weakened public confidence in institutions. According to SON, the ISO 37003 standard offers organizations a structured approach to identify, assess, and mitigate fraud risks while fostering a culture of transparency and accountability. It provides guidelines for establishing…
Long queues have resurfaced at filling stations across major Nigerian cities as tensions between the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and Dangote Refinery intensify, fueling concerns about another round of nationwide scarcity. Motorists in Lagos, Abuja, and several state capitals spent hours at petrol stations over the weekend, while some outlets were forced to shut down entirely due to limited supply. The development has reignited anxiety over fuel stability barely months after Nigerians were promised improved domestic refining capacity. The crisis stems from an ongoing face-off between Dangote Refinery management and PENGASSAN, which represents senior…