Economy
BUA Cement, Others Boost Nigeria’s Manufacturing Production Value to N3.73trn
By Adedapo Adesanya
Nigeria’s manufacturing sector recorded N3.73 trillion in production in the second half of 2021, 58.1 per cent higher than the N2.36 trillion reported in the corresponding half of 2020.
The president of the Manufacturers Association of Nigeria (MAN), Mr Mansur Ahmed, disclosed at a presentation on Thursday that this growth is indicative of the development in the industry.
He noted that the manufacturing production value increased by N0.07 trillion or 1.9 per cent when compared with the N3.66 trillion achieved in the first half of last year, while the total value of production for the year stood at N7.03 trillion as against the N4.42 trillion posted in 2020, which was ravaged by COVID-19, which prompted lockdown in most part of the year.
Mr Ahmed said the increase in the manufacturing production value in the second half of 2021 was associated with increased cement production due to the new BUA cement factory in Sokoto; the African Glass new factory and activities of the five new papermills.
“This is also highlighted by the increased production value in the non-metallic mineral products sector to N374.41 billion in the second half of 2021 from N74.18 billion and N249.79 billion recorded in the corresponding half in 2020 and the preceding half respectively,” he said.
Also, capacity utilisation in the manufacturing sector increased to 59 per cent in the second half of 2021 from 53.7 per cent recorded in the corresponding half of 2020; indicating a 5.3 per cent increase over the period.
It increased by 6.6 per cent when compared with 52.4 per cent recorded in the preceding half and averaged 58.9 per cent in 2021 from the 49.5 per cent average in 2020.
He said Mr Ahmed attributed the increase in manufacturing capacity utilisation to the phasing of economic and social restrictions meant to contain the COVID-19 pandemic and the full rebounding of economic activities globally within the period.
“In addition, there are increased capacities in the paper subsector brought in by five new paper mills that are into recycling of waste papers to produce cartons.
“Also, the additional capacities as BUA Group introduced a cement factory in Sokoto and the new African Glass Ltd. factory that produced glass products influenced the development.
“The performance shows that manufacturing is fast returning to the 2019 pre-COVID-19 level of activities in the country,” he said.
The MAN President revealed that investments in the manufacturing sector increased to N73.18 billion from N56.44 billion recorded in the corresponding half of 2020; indicating N16.74 billion or 29.7 per cent increase over the period.
Ahmed said it increased by N70.96 billion or 49.3 per cent when compared with N144.14 billion recorded in the preceding half with manufacturing investment totalling N217.22 billion in 2021 as against N118.52 billion in 2020.
Manufacturing investment has been gradually recovering following the return of economic activities as the issues of the COVID-19 pandemic are continuously resolved.
“In the last year, significant investment has been recorded in the Pulp, Paper, Printing & Publishing (6Ps) sector with the establishment of five new paper mills that are into recycling of waste papers to produce cartons.
“There is also the new BUA Group cement factory in Sokoko; and the new African Glass Limited factory that produced glass products,” he said.
Also, the total historical cumulative jobs in the manufacturing sector were estimated at 1,671,441 by the end of 2021, based on surveys conducted since 2013.
According to the report, a total of 8,508 jobs were created in the sector in the second half of 2021 as against 3,451 jobs recorded in the corresponding half of 2020 and 7,602 jobs created in the preceding half.
“The total net employment in the sector in 2021, after adjusting for job losses was 11,659 while net job losses in 2020 were 3,257.
“The trend indicates that manufacturing job is also rebounding following the gradual return of economic activities in the sector after a year onslaught brought by COVID-19 pandemic,” it read.
Mr Ahmed said Foreign Direct Investment (FDI) recorded $107.81 million in the third quarter of 2021; translating to a pick up from the downward trend of FDI in the country since the fourth quarter of 2020.
He said the association’s data also revealed an increase from $77.97 million recorded in the second quarter of 2021, which was the lowest level recorded for the past 11 years.
He noted that the report of the manufacturing sector’s FDI revealed an uptick in the third quarter of 2021 when compared with the data recorded in the last three quarters.
“Therefore, the third quarter figure of $107.81 million indicates 29.84 million dollars or 38.27 per cent increase when compared with $77.97 million recorded in the second quarter.
“The figure indicates a drop of $306.98 million or 74.01 per cent when compared with $414.79 million recorded in the corresponding quarter of 2020.
“The third quarter report of NBS revealed that the foreign Portfolio Investment increased to 1217.21 million dollars from $551.37 million dollars indicating, $665.84 million or 120.76 per cent increase over the period,” he said.
Similarly, the figure revealed an increase of $809.96 million or 198.89 per cent when compared with $407.25 million recorded in the corresponding quarter of 2020.
“The FDI increased to $323.83 million in the third quarter of 2021 from 68.03 million dollars recorded in the second quarter of 2021, thus indicating $255.80 million or 376.01 per cent increase over the period.
“However, the report indicated $76.26 million or 19.06 reduction when compared to $400.09 million recorded in the third quarter of 2020,” Mr Ahmed added.
He, however, said local raw materials utilisation in the manufacturing sector dipped to 51.7 per cent in the review period from 56.5 per cent in the corresponding period of 2020; indicating a 4.8 per cent decline over the period.
He noted that since the full opening of the economy from the COVID-19 pandemic, local raw materials and other manufacturing inputs had been relatively scarce and costly.
The MAN boss also said the inventory of unsold finished products dipped to N224.63 billion in the second half of 2021 from N303.22 billion recorded in the corresponding half of 2020.
This, he said, indicated a N78.59 billion or 25.9 per cent decline over the period.
“However, it increased by N9.8 billion or 4.6 per cent when compared with N214.83 billion recorded in the preceding half.
“Inventory in the sector totalled N439.46 billion in 2021 as against N577.61 billion recorded in 2020. “The decline in inventory in the period under review was attributed to the recovering aggregate consumption following the gradual rebounding of economic activities as COVID-19 pandemic receded,” he said.
By Adedapo Adesanya
NASD Plc, which operates Nigeria’s Over-the-Counter (OTC) securities exchange, has reaffirmed its commitment to reinforcing its long-term strategic direction and governance framework.
The exchange recently convened its major shareholders, board members, and executive management at a high-level stakeholder retreat in Lagos.
NASD said, “The retreat held in Lagos brought together key institutional stakeholders for in-depth discussions on NASD’s evolving role within Nigeria’s capital market ecosystem.
“The engagement provided a structured platform for shareholders and management to align on strategic priorities necessary to deepen institutional strength, enhance market relevance, and support sustainable growth.”
The company noted that deliberations focused on the importance of strong shareholder collaboration, disciplined strategy execution, and equitable governance practices to further strengthen investor confidence and long-term value creation.
The statement added that participants exchanged views on navigating market complexity, adapting to regulatory and economic changes, and ensuring that the Exchange continues to operate in line with global best practices while addressing the specific needs of Nigeria’s over-the-counter market.
NASD emphasised that the retreat highlighted the critical role of close alignment among shareholders, the Board, and executive leadership in shaping the Exchange’s next phase of development. By encouraging open dialogue and shared strategic intent, the engagement reaffirmed NASD’s commitment to transparency, institutional resilience, and leadership within the capital market.
The session concluded with a group engagement reflecting the depth of experience, governance oversight, and collective responsibility guiding NASD’s strategic outlook as it continues to enhance its contribution to Nigeria’s financial market architecture.
NASD posted a standout performance in 2025, with its market diversification strategy delivering a surge in listings, deeper market activity, and a sharp expansion in market value across its alternative trading platforms.
Last year, the market capitalisation on the exchange more than doubled to N2.12 trillion, representing a 106 per cent increase from N1.03 trillion in 2024. The number of admitted securities also rose marginally to 47, up from 45 in the prior year, reflecting a 4 per cent growth.
The NASD Securities Index (NSI) rose by 18 per cent to 3,543.74 points, compared with 3,002.68 points in 2024. Similarly, the NASD Pension Index advanced by 21 per cent to 1,032.88 points, up from 954.33 points.
Trading volumes surged significantly during the year. Total volume traded climbed to 14.03 billion units, marking a 377 per cent increase from 2.98 billion units in 2024. However, this sharp rise in volume contrasted with a decline in transaction value, which fell by 43 per cent to N59.29 billion, down from N103.96 billion in 2024.
The total number of deals executed on the platform dropped to 6,456, representing a 26 per cent decline from 8,724 deals recorded the previous year, indicating fewer but larger or more strategic transactions.
The exchange also recorded notable listings in 2025, with Infrastructure Credit Guarantee Company PLC (InfraCredit), Paintcom Investment Nigeria PLC (Paintcom), and MRS PLC admitted to trading.
By Bon Peters
The Area 1 Command of the Nigeria Customs Service (NCS) in Port Harcourt, Rivers State, surpassed its 2025 revenue target by generating about N288.8 billion.
In the preceding financial year, the command generated N200.8 billion as revenue, indicating a year-on-year growth of 43.83 per cent.
Addressing journalists in Port Harcourt, the Customs Area 1 Controller, Comptroller Salamatu Atuluku, disclosed that the target for the command last year was N216.9 billion, indicating that this was surpassed by N71.8 billion or 33.1 per cent.
She attributed this achievement to the effectiveness of improved compliance monitoring, enhanced cargo examination processes, automation-driven controls, and sustained stakeholder sensitization.
According to her, the monthly revenue performance remained consistently strong throughout the year, with the highest collection recorded in October 2025 at N33.7 billion.
On export trade facilitation, she hinted that in line with the federal government’s economic diversification agenda, the command intensified efforts toward facilitating legitimate export trade, adding that within the year under review, it processed a total export volume of over a million metric tons, comprising both oil and non-oil commodities with a Free on Board (FOB) value of $463.6 million, which she said contributed meaningfully to Nigeria’s foreign exchange earnings.
In addition, Ms Atuluku stated that N838.02 million was paid as Nigeria Export Supervision Scheme (NESS) charges for both oil and non-oil exports during the year, noting that this reflected an increased exporter participation, improved documentation compliance, and the command’s deliberate efforts to streamline export procedures while ensuring adherence to extant regulations.
On anti-smuggling and enforcement activities, it was disclosed that the command sustained vigorous enforcement operations throughout 2025, deploying intelligence-led interventions, risk profiling, and routine cargo examinations to curb smuggling and protect national interests, resulting in the interception of undeclared pharmaceutical products at the NACHO shed.
The items intercepted included Progesterone 100mg/2ml, and Isifrane IP 250ml among others, discovered in three packages without the mandatory NAFDAC regulatory certification, contrary to import guidelines governing pharmaceutical products, the Controller stated.
In the year under review, the personnel of the command benefitted from periodic training programs, sensitization sessions, operational briefings, and system-focused engagements, particularly in areas of customs automation, risk management, enforcement procedures, and trade facilitation.
On infrastructural development, the command renovated the Quarter Guard, thereby enhancing access control, security coordination, and command presence at the main entry point, including the Command Staff Clinic which was renovated and upgraded to improve healthcare delivery and working conditions for medical personnel, and beneficiaries.
Also, the command executed a Corporate Social Responsibility (CSR) intervention on December 11, 2025, at the Model Primary School I and II, Orominike, D-Line, Port Harcourt, with the donation of customs-branded notebooks, school bags, and school uniforms, aimed at supporting basic education and easing the burden on pupils and parents within the host community.
By Adedapo Adesanya
Five securities caused the NASD Over-the-Counter (OTC) Securities Exchange to experience a setback of 0.64 per cent on Monday, February 2.
During the first trading session of February 2026, FrieslandCampinaWamco Nigeria Plc shrank by N4.46 to end at N63.54 per unit versus the previous session’s N68.00 per unit, as Okitipupa Plc depreciated by N3.83 to close at N230.77 per share versus last Friday’s N234.60 per share.
Further, Central Securities Clearing System (CSCS) dropped 50 Kobo to sell at N40.00 per unit compared with the previous closing price of N40.50 per unit, UBN Property Plc dipped by 21 Kobo to N1.99 per share from N2.20 per share, and Acorn Petroleum Plc lost 3 Kobo to end at N1.35 per unit versus N1.38 per unit.
As a result, the market capitalisation went down by N13.98 billion to settle at N2.158 trillion, in contrast to the previous value of N2.171 trillion, and the NASD Unlisted Security Index (NSI) contracted by 23.35 points to settle at 3,606.76 points compared with last Friday’s closing value of 3,630.11 points.
Amid the loss, Geo-Fluids Plc managed to finish green after it chalked up 9 Kobo to sell at N6.84 per share versus the N5.75 per share it ended in the last trading day.
Yesterday, the volume of securities traded by investors surged by 1,238.5 per cent to 3.9 million units from 287,618 units, the value of securities increased by 1,075.2 per cent to N36.0 million from N3.1 million, and the number of deals soared by 90.5 per cent to 40 deals from 21 deals.
At the close of trades, CSCS Plc remained the most traded stock by value (year-to-date) with 15.4 million units valued at N623.9 million, followed by FrieslandCampina Wamco Nigeria Plc with 1.7 million units worth N110.2 million, and Geo-Fluids Plc with 10.6 million units sold for N69.9 million.
CSCS Plc was also the most active stock by volume (year-to-date) with 15.4 million units traded for N623.9 million, trailed by Geo-Fluids Plc with 10.6 million units worth N69.9 million, and Mass Telecom Innovation Plc with 10.1 million units transacted for N4.1 million.
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