The Manufacturing Association of Nigeria (MAN) has raised alarm over the troubling state of the manufacturing sector, revealing that 767 manufacturing companies shut down operations and 335 experienced distress in 2023. This downturn is attributed to various economic challenges, including exchange rate volatility, rising inflation, and a deteriorating investment climate. MAN’s concerns were highlighted alongside…
The management of Port Harcourt International Airport has announced plans to relocate concessionaires and other mini-businesses from the operational areas of the domestic wing. Ngozi Onyeanwunna-Nwosu, the airport’s public relations officer, stated that the move is aimed at giving a facelift to the airport environment and enhancing serenity, security, and standards within operational areas. The…
The Nigerian Navy has taken action against illegal activities in Calabar by sealing off a tank farm suspected of storing illegally-refined diesel. Commodore Rotimi Oderemi, Commander of Nigeria Navy Ship Victory, revealed this development during a news conference in Calabar. According to Oderemi, the tank farm was identified based on intelligence reports from the military’s…
The International Monetary Fund (IMF) has highlighted the importance of Nigeria prioritising the full implementation of its cash transfer program to support vulnerable households before considering reevaluating costly fuel and electricity subsidies. This recommendation comes as part of the IMF’s advice following a recent visit to Nigeria. During the visit, an IMF team led by…
Dangote Refinery is set to establish an oil trading unit to help source feedstock for its 650,000 barrels per day plant on the outskirts of Lagos, according to Reuters sources. This move, which may see the unit located in London, aims to eliminate the need to hire commodity traders for crude supply and related services,…
Vishal Jhadav, Managing Director of Crescendo Worldwide, has highlighted the potential of Enyimba Economic City (EEC) in Abia State, Nigeria, to significantly increase trade between Nigeria and India to $20 billion. Speaking at a dinner organized by the Enyimba Economic Development Company (EEDC), Jhadav expressed optimism about the impact of EEC on trade and investment…
President Bola Ahmed Tinubu has instructed cement companies to return to their previous pricing for the commodity. This directive was disclosed by the Minister of Works, Senator David Umahi, after inspecting the BUA cement factory in Sokoto. During a meeting with cement manufacturers, President Tinubu directed them to revert to the earlier price of cement….
The Nigerian government has revealed plans to inject approximately $22.82 billion into 1,068 oil and gas projects approved between 2022 and 2023. These projects, spread across the country, signify a significant milestone for the sector, promising substantial economic gains and enhanced production capabilities. The announcement was made during a panel session at the 7th Nigeria…
The Nigeria Exchange Limited (NGX) witnessed a bearish trend on Wednesday, resulting in investors recording a loss of N700 billion. This downturn occurred just 24 hours after the Central Bank of Nigeria (CBN) raised the monetary policy rate to 22.75 per cent. The All-Share Index (ASI) declined by 1.27 per cent, falling below the 100,000…
In a bid to address distortions in Nigeria’s foreign exchange market, the Central Bank of Nigeria (CBN) has implemented measures to bridge the gap in the exchange rate. Through a recent circular issued by Dr Hassan Mahmud, the Director of Trade & Exchange Department, the CBN has announced its decision to distribute $20,000 to each…