Industry

Projections for growth in global merchandise trade in 2023 have been scaled back by economists amid a continued slump that began in the fourth quarter of 2022, according to the latest World Trade Organisation (WTO) trade forecast released recently. According to them, the volume of world merchandise trade is now expected to grow by 0.8…

Local manufacturers of clothing in the country have complained about worsening conditions in the sector, saying if the situation does not improve soon, they will be forced to close shops indefinitely. The latest crisis to hit the sector is the scarcity of dye for polyester fabrics, a situation that has caused production to slow down significantly,…

In recognition of its contributions to the manufacturing industry and innovation, the Nigerian Bottling Company (NBC) Ltd., has been recognised at this year’s edition of the ECOWAS Manufacturing Excellence Awards (EMEA) organised by Independent Newspapers, BusinessDay- Ghana and African Consolidated Analytical Limited. The ECOWAS Manufacturing Excellence Award is aimed at celebrating outstanding individuals and organisations…

Increase in capital inflow into the manufacturing sector in the first half of 2023 rose to $861.16 million or 88.16 per cent, compared to $457.67 million in the first half of 2022, data from the National Bureau of Statistics (NBS) has revealed. Speaking on this development, the Director-General of the Lagos Chamber of Commerce and…

President of the Lagos Chamber of Commerce and Industry (LCCI), Asiwaju Michael Olawale-Cole, said that addressing Nigeria’s many infrastructure challenges would require sustained expenditure of almost $14.2 billion yearly in the next decade, or about 12 per cent of national output. In a press statement reviewing the state of the economy and businesses in the last…

Director-General, World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, has stressed the importance of trade in supporting women-led small businesses in addressing climate change and fostering innovation. At a workshop jointly organised by the Informal Working Group on micro, small and medium-scale enterprises (MSMEs), Informal Working Group on Trade and Gender and the Trade and Environmental Sustainability…

In the last few weeks, the cost of diesel has shot up significantly, complicating the already high operating cost of manufacturing and leaving industrialists in panic. With naira also losing its value by the day while electricity supply remains unstable, there is fear that manufacturing companies will continue to close shops in the coming months…

Director-General, Standards Organisation of Nigeria (SON), Farouk Salim, has advised manufacturers to standardise their products and carry out necessary quality assurance procedures for the best quality to promote economic growth.

Producers of agro-allied products in Nigeria have received the requisite skills and tools to enable them to compete with their counterparts all over the world.

As women’s participation in trade and industrial activities continues to dwindle, stakeholders are seeking ways to attract and keep women in the key sectors.

Stakeholders have lamented that the annual investment deficit of Nigeria and other developing countries has continued to widen in the last two years, up from $2.5 trillion in 2015 to $4 trillion in 2022.

Last week, the presidency announced that some Indian investors have made significant investment pledges during the just concluded Nigeria-India Presidential Roundtable and Conference held on the sidelines of the G-20 Summit that took place in New Delhi, India.