By Adedapo Adesanya

The Manufacturers Association of Nigeria (MAN) has decried the worsening condition of manufacturing in Nigeria’s economy as the sector delivered a 1.38 per cent growth in 2024.

The group has, therefore, called on stakeholders to reevaluate their service delivery systems by adopting a forward-looking strategies to aligned with the nation’s evolving industrial sector.

The Director-General of MAN, Mr Segun Ajayi-Kadir, speaking during a business luncheon on Thursday in Lagos, submitted that the move would would help to address economic pressures.

The business luncheon, organised by the Apapa Branch of the MAN, is its 14th edition, and was themed Delivering Quintessential Membership Service in an Era of Economic Downturn.

Mr Ajayi-Kadir said the event was both a call to everyone desiring a more supportive environment and a strategic direction that all members were required to align with, noting that quintessential service entailed delivering service at the highest standard, marked by professionalism, excellence, empathy and responsiveness.

According to him, in spite of the current macroeconomic realities plaguing global business operations, manufacturers must aim to exceed expectations.

“An internal survey by MAN reports that unsold inventory rose sharply from N1.1 trillion in 2023 to N2.1 trillion in 2024.

“You can imagine a subsector or a sector, depending on how you look at it, having two trillion worth of unsold inventory.

“Additionally, challenges related to transport and logistics, infrastructure, particularly around major ports and industrial corridors, make the operating environment unconducive for manufacturing.

“The impact of these challenges is evident in the sector’s capacity utilisation and its contribution to GDP , which have hovered around 5.5 per cent and 10 per cent respectively, over the past 12 months,” he said.

Mr Ajayi-Kadir expressed concern that in spite of Nigeria’s abundant resources and industrial potential, the manufacturing sector’s growth was as low as 1.40 per cent in 2023.

He said that the growth declined further to 1.38 per cent in 2024, outlining new initiatives, including the environment and green manufacturing unit, international cooperation and advocacy division and membership satisfaction monitoring unit, as strategic responses to emerging industry needs.

The MAN chief reminded the stakeholders of the association’s “MAN of the Future” vision, which he said was a transformative agenda built on six core pillars, which he listed as relentless innovation, purposeful and deliberate engagement, transformational leadership, passion for growth, oneness and empathy, and breakthrough performance environment.

Mr Ajayi-Kadir said that the goal was to significantly boost the profitability of the members’investment, grow the economy, and improve the well-being of Nigerians.

“The MAN of the future is a transformative journey that requires a shift in mindset, operations, leadership, and accountability in our responsibilities,” he said.

On his part, the Chairman of MAN, Apapa Branch, Mr Raphael Danilola, expressed concern about the unpredictable rise in production costs, particularly for manufacturers operating under the Band-A electricity tariff.

Mr Danilola said that many businesses were struggling to pay the bills, decrying the growing trend among regulatory agencies, particularly in the state that prioritised revenue generation over their oversight functions.

According to the chairman, there are instances where manufacturers faced multiple levies, taxes and overlapping compliance demands from proliferation of Ministries, Departments and Agencies (MDAs).

“Manufacturers across all sectors have already borne the brunt of regulatory and economic pressures.

“At this point, there is fear of further decline. What is urgently required is a coordinated effort to reverse the trend,” he said.

Mr Danilola urged manufacturers to reassess their strategies, strengthen cooperation and become more deliberate in policy engagement, calling on them to collaborate in defending their businesses against policies suffocating the industry, adding that members must become more actively involved in defending the sector’s interests.

By Dipo Olowookere

The president of the Dangote Group, Mr Aliko Dangote, has said his Lagos-based refinery is not in competition with the Nigerian National Petroleum Company (NNPC) Limited.

Speaking during a visit to the headquarters of the NNPC in Abuja on Thursday, the businessman said the Dangote Petroleum Refinery and Petrochemicals (DPRP) and the NNPC are business partners and are not at war as being insinuated.

He promised to collaborate with the new management team of the state-owned oil agency led by Mr Bashir Bayo Ojulari to drive economic growth in Nigeria.

“There is no competition between us, we are not here to compete with NNPC Ltd. NNPC is part and parcel of our business, and we are also part of NNPC. This is an era of co-operation between the two organisations,” Mr Dangote was quoted as saying in a statement issued by the NNPC spokesperson, Mr Olufemi Soneye.

Mr Dangote explained that he visited the NNPC tas part of ongoing efforts to promote mutually beneficial partnerships and foster healthy competition in the energy landscape in the country to boost Nigeria’s energy security and advance shared prosperity for Nigerians.

The richest man in Africa also congratulated Mr Ojulari and the Senior Management Team on their “well-deserved appointments,” acknowledging the enormity of the responsibility ahead.

In his remarks, the chief executive of NNPC assured Dangote of a mutually beneficial partnership anchored on healthy competition and productive collaboration, highlighting the exceptional calibre of talent he met in the organisation, describing the workforce as dedicated, highly skilled, and hardworking professionals who are consistently keen on delivering value for Nigeria.

Expressing the company’s readiness to build a legacy of national prosperity through innovation and shared purpose, Mr Ojulari said NNPC would sustain its collaboration with the Dangote Group especially where there is commercial advantage for Nigeria. It had been speculated that there is a price war between Dangote Refinery and the NNPC, especially in terms of the retail price of Premium Motor Spirit (PMS), otherwise known as petrol.

It was intense under the leadership of the immediate past chief executive of the NNPC, Mr Mele Kyari, leading to the suspension of the Naira-for-crude sale agreement with Dangote Refinery and other private refiners.

However, the federal government announced the reinstatement of the deal last month after Mr Kyari was removed from office a few days earlier.

The NNPC was initially meant to be a shareholder in Dangote Refinery, but the deal later fell through.

By Adedapo Adesanya

Price appreciation recorded by three securities raised the NASD Over-the-Counter (OTC) Securities Exchange by 0.84 per cent on Thursday, May 8.

FrieslandCampina Wamco Nigeria Plc appreciated by N2.20 to close at N41.03 per share compared with the preceding day’s value of N38.83 per share, Central Securities Clearing System (CSCS) Plc exchanged by N2.17 to trade at N23.88 per unit versus N21.71 per unit, and Afriland Properties Plc added N1.07 to settle at N17.45 per share, in contrast to Wednesday’s price of N16.38 per share.

On the flip side, the price of Geo-Fluids Plc went down by 8 Kobo to end at N1.92 per unit compared with the N2.00 per unit it was traded at midweek.

At the close of transactions, the market capitalisation of the trading platform went up by N16.27 billion to N1.944 trillion from N1.927 trillion and the NASD Unlisted Security Index (NSI) rose by 27.80 points to 3,320.16 points from the previous session’s 3,292.36 points.

During the trading session, there was a 58,260.6 per cent surge in the volume of securities transacted in the session to 346.3 million units from the 593,373 units transacted in the previous trading day.

Equally, there was a 4,832.3 per cent rise in the value of securities traded during the trading day to N882.8 million from N17.9 million, but the number of deals dropped 40.7 per cent to 16 deals from 27 deals previously recorded on Wednesday.

Impresit Bakolori Plc finished the day as the most active stock by volume on a year-to-date basis with 533.9 million units worth N520.9 million, followed by Geo-Fluids Plc with 265.8 million units valued at N469.5 million, and Okitipupa Plc with 153.6 million units sold for N4.9 billion.

Okitipupa Plc also remained as the most traded stock by value on a year-to-date basis with 153.6 million valued at N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with 19.5 million units sold for N750.2 million and Impresit Bakolori Plc with 533.9 million units worth N520.9 million.