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Tag: Manufacturers

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Manufacturing firms reduce debt burden by N1.62tn in H1 2024

Manufacturing companies in Nigeria successfully reduced their debt burden by N1.62 trillion between February and June 2024, according to data from the Central Bank of Nigeria’s statistical bulletin on sectoral distribution of credit by Deposit Money Banks. This reduction reflects a significant 14.85% decline in manufacturing loans, occurring in a context of rising interest rates […]

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Manufacturers struggle as raw material imports surge 160.9% in Q2

The value of raw materials imported into Nigeria surged by 160.9% year-on-year in the second quarter of 2024 (Q2’24), despite manufacturers’ efforts at backward integration aimed at reducing production costs, particularly those associated with foreign exchange for raw materials. The depreciation of the naira, coupled with foreign exchange scarcity and inflationary pressures, has significantly increased […]

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Manufacturers pay N405.86bn in tax amid economic crunch

The Nigerian manufacturing sector has reported a notable increase in tax contributions, reaching a nine-month high of N405.86 billion in the second quarter of 2024 despite ongoing economic challenges. According to the National Bureau of Statistics. total tax payments by manufacturers, encompassing both Company Income Tax and Value Added Tax amounted to N405.86 billion in […]

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Manufacturers advocate integration of blockchain to transform African trade

Manufacturers and stakeholders across Africa are pushing for the adoption of blockchain technology to transform trade under the African Continental Free Trade Area. Blockchain technology is a major player for promoting transparency, security, and efficiency in trade transactions across the continent, according to The Punch. The President of the Pan-African Manufacturers Association, Mansur Ahmed stated […]

News

Huggies diaper maker to announce closure of Ikorodu production facility

The renowned manufacturer of Huggies diapers and Kotex sanitary pads, Kimberly-Clark is set to announce the imminent shutdown of its production facility in Ikorodu, Lagos State. This move comes just two years after the company invested $100 million to restart operations in Nigeria. The decision to close the plant follows a period of suboptimal production, […]

Nigeria’s biggest syringe manufacturer shuts down
News

Nigeria’s biggest syringe manufacturer shuts down

The Akwa Ibom State-based Jubilee Syringe Manufacturing Company has ceased operations and announced a temporary layoff. According to the company, “unforeseen circumstances affecting our business operations” are the reason for the decision. In 2017, the company was commissioned by former Vice President Yemi Osinbajo, which is thought to be the biggest syringe-manufacturing enterprise in Africa. […]

Manufacturers warn price hikes to persist without solutions
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2024 may not be positive, Nigerian manufacturers reveal

The Manufacturers Association of Nigeria, has stated that 2024 may not be a good year for the Nigerian manufacturing industry, at least not in the first half of the year. According to Arise News, the declaration was contained in MAN’s “Manufacturing Sector Outlook for 2024,” which was released on Tuesday by MAN’s Director General, Mr. […]

Manufacturers warn price hikes to persist without solutions
Business

Manufacturers urge FG to clear $7bn debt

The Manufacturers Association of Nigeria has requested the Federal Government to resolve the present $7 billion Forex backlog. The PUNCH reported that MAN has stated that 2024 may not be a good year for manufacturers and that the first six months of the year will be difficult for industry players. The association’s Director-General announced this in […]

Xiaomi to launch first SUV in 2025
News Tech

Xiaomi unveils electric car, plans to rival Tesla

Chinese smartphone manufacturer Xiaomi declared that it wanted to rank among the top five automakers in the world after unveiling its first electric car on Thursday. The much-awaited sedan, known as the SU7, is predicted to maximize the benefits of using the same operating system as the company’s well-liked phones. Building “a dream car comparable […]

Manufacturers lament N275bn palliative loan delay
News

Manufacturers lament N275bn palliative loan delay

Bisola David There are growing concerns about the alleged delay in the disbursement of the N275 billion palliative loan promised to the country’s manufacturers and Micro, Small, and Medium-sized Enterprises. The Punch reported that the fears were reportedly stoked by supervisory agencies’ lack of communication regarding the program’s status, a development that has stoked worries that […]

Equity investors lose N1.5tn as bond yield rises
Business

Manufacturers debt hits N6.98tn in June – CBN

Manufacturers’ debt to Nigerian banks increased from N5.56 trillion in January 2023 to N6.98 trillion by June 2023, according to data from the Central Bank of Nigeria. The Times reported that the Sectoral Analysis of Deposit Money Banks’ Credit report from the CBN states that manufacturers took out a significant N1.42 trillion in loans between January […]

How manufactured goods imports gulp $6.7bn in six months – Report
Business

Why manufacturers should embrace data-driven pricing – Stakeholders

Manufacturers and service providers have been urged to adopt a data-driven pricing model in order to maintain their competitive edge and navigate the shifts in the new unpredictable world. The Punch reported that stakeholders said this at the NielsenIQ Breakfast Conference with the theme “Navigating the New World of Uncertainty” held recently in Lagos. The stakeholders believe […]