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FIFA president travels 57,700 miles across three-country World Cup

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Tag: Manufacturers

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Manufacturers embrace local sourcing to cut high import costs

Nigeria’s manufacturers are increasingly embracing local sourcing and value addition as a survival strategy to reduce dependence on imported inputs. This comes amid rising production costs that continue to undermine their competitiveness within the domestic and regional markets. Vanguard reported that industry operators, however, warn that without lower financing costs, improved infrastructure, better logistics and […]

Business

Manufacturers reject new beverage tax, warn of business strain

Major business groups and manufacturers in Nigeria have voiced strong opposition to the proposed Customs and Excise Tariff (Amendment) Bill 2025, warning that the legislation could worsen the country’s already challenging business environment if eventually passed into law. The opposition comes as the bill advances through the National Assembly and seeks to replace the current […]

Business

Benin Republic offers zero taxes to attract Nigerian manufacturers

The Republic of Benin is pitching sweeping tax exemptions and fast-track company setup to Nigerian manufacturers seeking to cut costs and access regional markets. At the Benin-Nigeria Business Forum in Lagos on Wednesday, Eric Akouche, CEO of Benin’s Agency for the Promotion of Investments and Exports, said the country has deliberately stripped away most of […]

Nigeria is finished if manufacturing sector dies, MAN warns
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Manufacturers demand law to enforce ‘Nigeria First’ policy across MDAs

The President of the Manufacturers Association of Nigeria, Francis Meshioye, and the President of Dangote Group, Aliko Dangote, have both stressed the critical need for the Federal Government to reinforce the ‘Nigeria First’ policy with enabling legislation. This legislation, they argue, must ensure the policy is enforced consistently across all government ministries, departments, and agencies. […]

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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 […]

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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, […]

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
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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 […]

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