Industry

Local manufacturers have said that partnering with various stakeholders in Nigeria’s power sector to supply and boost power supply will improve their operations and drive down energy costs. Speaking during a recent Manufacturers Association of Nigeria (MAN) energy summit themed ‘Power Supply Adequacy for Industrial Growth in Nigeria,’ MAN president, Francis Meshioye, said energy accounts…

Stakeholders in the organised private sector, including members of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), have urged the federal government to explore the $10.34 trillion global non-oil exports to drive sustainable economic development. Speaking at the third national conference on non-oil export organised by the Nigerian Export Promotion Council (NEPC) themed, ‘Promoting Non-oil…

TWO of Nigeria’s key sectors, manufacturing and trade, have continued to experience a staggering decline, recording negative growth in quarter three (Q3). According to the National Bureau of Statistics (NBS), the manufacturing sector suffered an over 90 per cent decline in Q3, as nominal GDP growth stood at just 3.62 per cent (year-on-year) from 36.59…

SMALL businesses have lamented the sharp rise in operating costs, largely driven by poor power supply and cut-throat fuel prices. They said the situation has forced them to re-evaluate entrepreneurship while some have completely shut down operations, stating that they can no longer cope with the situation. According to them, the situation has been significantly worsened by the removal of fuel…

Organisers of the China-Africa Economic and Trade Expo have disclosed plans to assemble over 100 trade giants in Nigeria's Federal Capital Territory (FCT) to address the opportunities and challenges in China-Africa infrastructure cooperation. According to the organisers, the gathering will also facilitate in-depth discussions on critical topics such as infrastructure connectivity, innovative investment and financing…

The National Bureau of Statistics (NBS) attributed the growth primarily to the robust performance of the services sector, which contributed 53.58% to the overall GDP. This sector, encompassing industries like telecommunications, finance, and trade, experienced a 5.19% growth rate. While the positive GDP figures are encouraging, it's important to note that Nigeria's economic challenges persist.…

A developer, NISH Affordable Housing Limited, has stated that the housing market could experience a significant boom if the proposed Federal Government's Real Estate Investment Fund is efficiently implemented to finance prospective homebuyers in the country. The founder, Mr. S.K. Yemi Adelakan, in an interview with The Guardian in Abuja, explained that since housing depends…

The key parameters and assumptions of the 2025-27 Medium-Term Expenditure Framework (MTEF) are overly optimistic considering the prevailing economic and social indicators, the Director-General of Lagos Chamber of Commerce and Industry (LCCI), Dr Chinyere Almona, has said.

The Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, said there is an urgent need for Nigeria to embark on reforms in customs practices aimed at improving trade flow and reducing delays at the country’s ports.

FrieslandCampina WAMCO has launched its zero-waste initiative during the 2024 Global Sustainability Week which was held recently. Commissioned by the Deputy Governor, Lagos State, Obafemi Hamzat

In light of the current economic situation in the country, business experts have emphasised the importance of capacity building for small and medium-scale enterprises (SMEs) to survive and thrive.

BIC has stated that despite the macroeconomic challenges in the country, the company is planning new investments to expand its manufacturing footprint and distribution network in the country.