Money

Nigeria’s manufacturing sector struggles with FX crisis, inflationary pressures

DailyTimesNGR DailyTimesNGR 12 August 2024 0

BY MOTOLANI OSENI Economic and policy analysts have highlighted how Nigeria’s manufacturing sector is facing significant challenges, primarily attributed to ongoing foreign exchange volatility, high import duties, pervasive insecurity, and persistent inflation. According to them, these

Money

Manufacturing production value hits N4.20trn in H1

Ihesiulo Grace 27 September 2023 0

By Motolani Oseni Nigerian Manufacturing sector factory output value increased to N4.10 trillion in the first half of 2023. This was contained in the half year review of the Economy by the Manufacturers Association of Nigeria (MAN). It stated that the manufacturing sector factory output value rose to N4.10 trillion from N3.99 trillion recorded in […]

Headlines

Manufacturing production costs skyrocket by 17.3% amidst FX, macro challenges

Ihesiulo Grace 7 September 2023 0

As investment dips by 5.6% in Q2, 2023 By Joy Obakeye Manufacturing production and distribution costs have skyrocketed by a whopping 17.3 per cent in the second quarter of 2023, a survey by Manufacturers Association of Nigeria (MAN) exclusively obtained by The Daily Times has revealed. The 17.3 per cent latest figure showed a slowdown […]

Commerce and Industry

Manufacturing sector investment drop to N145.59bn in 2022- Report

Ihesiulo Grace 10 May 2023 0

By Joy Obakeye The Manufacturers Association of Nigeria (MAN) has disclosed that manufacturing sector investment dipped to N145.59 billion in the second half of 2022 down from N160.88 billion recorded in the corresponding half of 2021; thus, indicating N15.29 billion or a 10 per cent decline over the period. It further declined by N32.8 billion […]

Money

Manufacturing sector contracts for sixth consecutive time, says CBN

Ihesiulo Grace 29 October 2020 0

By Philip Clement For the sixth consecutive time, the country’s manufacturing sector has contracted in October, the Central Bank of Nigeria has disclosed. The contraction may not be unconnected to the negative impact of the Covid-19 pandemic on the economy. CBN disclosed this in its October Purchasing Managers Index (PMI) report. In October, the sector […]

Business News

CBN’s exchange rates unification alarms economists, manufacturers

Ihesiulo Grace 12 August 2020 0

By Motolani Oseni, Joy Obakeye and Philip Clement Economists, manufacturers and stakeholders in the financial sector have raised concerns over the likely economic implications of the adjustment of the exchange rate by the Central Bank of Nigeria (CBN). The CBN’s foreign exchange rate was adjusted from the pegged ₦361 to the dollar rate to ₦380, […]

News

Africa must now pay more attention to Manufacturing-Buhari

Ihesiulo Grace 30 May 2020 0

President Muhammadu Buhari has said that Africa must now pay more attention to manufacturing. He said this in an article published on American magazine, Newsweek. The Nigerian leader advocated that increased production must top Africa’s post-coronavirus plans. Buhari noted that what the continent needs is the vision of the global community to match Africa’s. Assuring […]

Agriculture Business

Nigeria’s agric, manufacturing sectors to receive investment offers as Dutch PM visits – Ambassador

Ihesiulo Grace 24 November 2019 0

Abuja – Nigeria’s Ambassador to the Netherlands, Oji Ngofa, says the upcoming visit of that country’s Prime Minister Mark Rutte to Nigeria, will provide an opportunity to attract more Dutch investments to the country, particularly in the manufacturing and agriculture sectors. Ngofa said on Sunday in Abuja that Prime Minister Rutte will begin a working […]

Business Economy Industry Telecoms

Agriculture, Manufacturing, others to take centre stage at Nigeria economic summit

Ihesiulo Grace 17 September 2019 0

Philip Clement – Abuja The Minister of Finance, Budget and National Planning, Zainab Shamsuna Ahmed on Monday said the agricultural, manufacturing, Informational and Communication Technology (ICT) sectors will be the key focus of the forthcoming Nigeria Economic Summit (NES). Ahmed made the disclosure at a press briefing ahead of the 25th Nigeria Economic Summit

Business

Abia to establish vehicle manufacturing plant

Ihesiulo Grace 14 December 2017 0

As part of its plan to review its industrialization policy of the state, Abia State Government says it is poised to set up a vehicle manufacturing plant in Aba, the commercial city of the state soon. Commissioner for Information, John Okiyi Kalu disclosed this while briefing the press at the Government House on the outcome […]

Money

PMI hikes to 55.9 points in November

Ihesiulo Grace 3 December 2017 0

…highest in three years The Central Bank of Nigeria (CBN) has disclosed that its Purchasing Manufacturing Index (PMI) increased to 55.9 index points in November, record high in three years. The apex bank had report PMI of 55 Index points in October and 55.3 Index points in September. The PMI, an indicator of the economic […]

Money

Leasing key to unlocking informal sector, boosting economy – DG, CPC

Ihesiulo Grace 20 November 2017 0

The Director-General of Consumer Protection Council (CPC), Mr. Babajide Irukera, has charged stakeholders in the leasing industry to intensify awareness campaigns about leasing, adding that it holds the key to unlocking the embedded potential of Nigeria’s informal sector, while boosting Africa’s largest economy. Speaking at the 15th annual national lease conference,

Capital Market

Chellarams declares N2.64bn PAT in Q2”18 result

Ihesiulo Grace 9 November 2017 0

….as net income grew by 84.06% Shareholders of Chellarams Nigeria Plc may have started looking up to rewarding 2018 financial year, hinged on the company’s remarkable second quarter result released for the period ended 30th September 2017. The result released by the Nigerian Stock Exchange (NSE) on Thursday, 09th October, 2017, showed that revenue depressed […]

Opinion

Need for serious agricultural practice in Nigeria

Ihesiulo Grace 7 November 2017 0

Uchechi Emmanuel Agricultural development is considered to hold the key to economic development for most Sub-Saharan countries including Nigeria.In Nigeria,there are several sectors that contribute to the total output of the economy. Agriculture are grouped into four major sectors,namely agricultural,manufacturing,oil /petroleum and service.The agricultural sector is

Business

Manufacturing, power, construction to benefit from 2017 budget – SEC

Ihesiulo Grace 10 February 2017 0

The Securities and Exchange Commission  (SEC) yesterday listed manufacturing, trade,  works, power,  housing and transport as the sectors that would benefit much from the Federal Government’s 2017 budget if well implemented. Dr. Afolabi Olowookere, SEC Head, Economic Research and Policy Management Division, said this at the 2017 budget seminar organized by the commission

Business

Dangote identifies agriculture, manufacturing as Nigeria’s economic mainstay

Ihesiulo Grace 16 March 2015 0

Agriculture and manufac­turing has been identified as two sectors capable of emancipating Nigeria from the uncertainty of an unstable mono-revenue source economy. The Group Executive Director of Dangote Group, Devakumar Edwin, addressing newsmen in Lagos, stressed that the salva­tion of the Nigerian economy in the future depends on massive agricultural revolution and