Economy
CBN Urges Manufacturers to Lead Nigeria’s FX Earnings Diversification Plan
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has urged manufacturers to lead efforts in diversifying Nigeria’s foreign exchange earnings from crude oil dependence.
The Governor of the apex bank, Mr Yemi Cardoso, made the call at the 54th Annual General Meeting (AGM) of the Manufacturers Association of Nigeria (MAN), Apapa Branch.
Represented by the Director of Trade and Exchange Department, Mr Aliyu Ashiru, he said in his speech that Nigeria’s economy had long been dominated by crude oil exports, which accounted for more than 80 per cent of foreign exchange inflows.
He, however, noted that the dependence has made the economy highly vulnerable to external shocks, stressing that manufacturing held significant potential to conserve forex, expand exports with value-added products, create jobs at all levels, and enhance macroeconomic stability.
The apex bank governor said a deliberate, coordinated, long-term strategy was required to unlock the sector’s full potential and transform it into a major forex earner, listing strategic pillars for growth, including policy alignment, investment in infrastructure and energy, access to finance and forex, value addition, and backward integration.
Mr Cardoso emphasised the need for a comprehensive industrial policy prioritising export-oriented manufacturing.
“This policy must be stable, predictable and aligned with trade, monetary and fiscal frameworks.
“Incentives such as tax holidays, duty waivers for machinery, export rebates and investment guarantees should target manufacturers producing for export markets.
“Nigeria must move from exporting raw materials to value-added products.
“This requires deliberate investment in backward integration, especially in agro-processing, petrochemicals and solid minerals,” he said.
Mr Cardoso assured that the CBN would continue supporting the sector through proactive monetary policies and targeted financing interventions.
On his part, President of MAN, Mr Francis Meshioye, said global oil price volatility underscored the urgency of diversifying Nigeria’s foreign exchange sources.
He identified priority areas including better infrastructure, lower production costs, affordable finance and the promotion of high-export-potential products.
Mr Meshioye also urged government intervention in industrial clusters, particularly within Amuwo-Odofin and Apapa areas of Lagos State.
“We urge government to address road networks in Amuwo-Odofin and Kirikiri industrial layouts, where many companies operate.
“Firms are willing to support rehabilitation in exchange for tax breaks.
“Improved industrial roads will reduce vehicle wear, enhance logistics and boost competitiveness,” he said.
Mr Meshioye further called for harmonisation of taxes and levies, particularly at local government level, to reduce exploitation and improve compliance for manufacturers.
For the Lagos State Governor, Mr Babajide Sanwo-Olu, he reaffirmed support for the sector, describing it as a formidable pillar for inclusive economic growth.
Represented by Mrs Folashade Ambrose-Medebem, Commissioner for Commerce, Cooperatives, Trade and Investment, he said his administration prioritised creating an enabling environment where industries could thrive, expand and compete globally.
“The disruptions and forex crisis experienced over the years highlight the importance of reducing import dependence.
“Lagos is championing agro-industrial linkages, connecting farmers to processors and strengthening local supply chains.
“In this digital age, competitiveness is inseparable from innovation.
“Lagos is building an innovation-driven economy where smart manufacturing supports productivity and efficiency,” he said.
Adding his input, the Chairman of MAN Apapa Branch, Mr Raphael Danilola, appealed to government to address operational challenges affecting manufacturers nationwide.
He identified challenges including poor road networks in industrial clusters, inadequate power, rising logistics costs, insecurity, and forex volatility.
Mr Danilola said tackling these problems was essential to improve competitiveness and boost manufacturing’s contribution to forex earnings.
By Modupe Gbadeyanka
A festive campaign designed to blend culture, lifestyle, music, generosity, and digital engagement into one connected celebration that brings millions of Nigerians together across cities and communities has been launched by MTN Nigeria.
Known as VibeTide, this initiative will continue throughout the festive months with a rich mix of activities designed to meet Nigerians wherever they gather.
The campaign came alive this morning with Y’ello Santa, a multi-city activation that lit up Lagos, Abuja, Port Harcourt, Kano, Ibadan, and Enugu with surprises, gifts, entertainment, and heartwarming interactions.
Thousands of Nigerians were celebrated and rewarded as MTN teams visited high traffic locations to create spontaneous festive moments. The turnout and excitement across the cities reflected the early momentum that the season typically brings.
To support the influx of returnees and tourists arriving for the holidays, MTN would introduce integrated bundles designed with the I Just Got Back (IJGB) community in mind.
Many travellers rely on mobile data the moment they land, using it to navigate busy cities, book rides, find events, make cashless payments, and stay connected to family and friends.
These affordable and reliable options ensure that visitors can settle in quickly and enjoy the festive experience without connectivity barriers. The bundles would be available through the yellotide portal, regular channels and the MyMTN app.
The dedicated portal for the initiative serves as the digital gateway for the entire campaign. It provides customers with access to exclusive event tickets, curated experiences, giveaways, and up to date information on all VibeTide activities, giving Nigerians an easy and personal way to stay plugged into the celebration.
YelloTide will run across November and December and extend into early 2026. It combines on ground activations, digital engagement, talent showcases, and community focused surprises that reinforce MTN’s commitment to celebrating Nigerians and powering shared experiences. Whether in bustling cities or in hometowns with family, MTN is placing itself at the heart of the celebrations, giving Nigerians more to enjoy and more to remember this festive season.
The Chief Marketing Officer of MTN Nigeria, Ms Onyinye Ikenna Emeka, said VibeTide was created to elevate the energy and emotion of the season, noting that it celebrates the joy Nigerians naturally bring to this time of year.
By Adedapo Adesanya
Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has welcomed the introduction of a N20 billion collective insurance bond backed by a consortium of insurers to replace the long-standing container deposit system in Nigeria’s maritime trade.
The container deposit system allows shipping companies to charge importers of clearing agents a refundable fee (container deposit) whenever they take delivery of a container from the port for the purpose of unpacking and returning it after use. It serves as a guarantee that the importer will return the container to the shipping line in good condition within a stipulated, agreed period.
The new scheme, designed to protect international traders and freight-forwarders, marks a major shift toward an insurance-driven framework for container and cargo risk management, with agreed standard premiums now set for container indemnity, cargo-in-transit, and public liability coverages.
Speaking at an engagement with insurance stakeholders on Wednesday in Lagos, NACCIMA’s President, Mr Jani Ibrahim, represented by the group’s Director General, Mr Sola Obadimu, emphasised the critical role of insurance in enabling business operations from maritime and oil & gas to agriculture and exports.
The two-day event, which dedicated the first day to maritime stakeholders, held at NACCIMA’s secretariat, spotlighted how Section 203 of the newly assented Nigerian Insurance Industry Reform Act (NIIRA) 2025 outlaws the traditional container-deposit fee and ushers in an insurance-based mechanism for both laden and empty shipping containers.
The reform signals “a new era” in container-risk management, NACCIMA said.
To drive implementation, NACCIMA proposed setting up an Implementation Committee representing private-sector trade groups (including manufacturers, SMEs, employers), regulators and all maritime stakeholders.
According to the association, on-boarding is slated to begin January 2026.
“The private sector will take the lead in implementing the Container Insurance Law in the maritime sector, towards the complete elimination of the deposit fee, as stipulated in law,” Mr Obadimu said.
Business-owners were urged to support the shift to an insurance-model, with NACCIMA detailing its partnership with consulting firm FRM Communications Limited to digitise container profiling, map stakeholders and integrate into national trade-facilitation systems.
By Adedapo Adesanya
The Securities and Exchange Commission (SEC) has announced that Nigeria’s capital market will officially transition to a T+2 settlement cycle for equities transactions from Friday, November 28, 2025.
The reform, aimed at aligning Nigeria with global best practices, is expected to enhance market efficiency, improve liquidity, and strengthen investor confidence ahead of the traditional year-end rally.
With the T+2 transition, Nigeria is taking a significant step toward a more efficient, competitive, and investor-friendly capital market as it braces for becoming an ambitious $1 trillion economy.
In a statement issued on Thursday, the SEC said the migration from the current T+3 (trade date plus three days) cycle had reached full implementation following months of preparation and rigorous stakeholder testing.
“The migration is expected to significantly enhance the Nigerian capital market by allowing investors quicker access to funds, improving overall liquidity, and reducing counterparty risk exposure,” the Commission noted.
The Central Securities Clearing System (CSCS) Plc, which serves as the market’s central counterparty, was praised for ensuring operational and technical readiness.
“Extensive testing with market participants has been successfully conducted without any reported issues,” the SEC said, adding that the initiative represents a “landmark change” in Nigeria’s market infrastructure.
Under the new settlement framework, all trades executed on Friday, November 28, 2025, will settle on Tuesday, December 2, 2025, while earlier transactions will continue under the existing T+3 system.
The SEC also reaffirmed its commitment to building a modern, transparent, and globally competitive market that continues to attract domestic and international investors.
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