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 Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange further appreciated by 0.23 per cent on Thursday, April 23, with the Unlisted Security Index (NSI) adding 8.99 points to close at 3,969.96 points against the previous day’s 3,968 points.
The rise in the share price of Central Securities Clearing System (CSCS) Plc by N2.86 to N69.34 per unit from N66.48 per unit raised the market capitalisation of the NASD bourse by N5.38 billion to N2.380 trillion from N2.375 trillion.
Yesterday, there were two price losers, led by Food Concepts Plc, which lost 29 Kobo to sell at N2.65 per share versus N2.94 per share, while UBN Property Plc dipped by 22 Kobo to N2.03 per unit from N2.25 per unit.
During the session, the volume of securities traded declined by 97.9 per cent to 451,522 units from 21.5 million units on Wednesday, the value of securities depreciated by 52.32 per cent to N23.6 million from N49.5 million, and the number of deals depreciated by 3.6 per cent to 27 deals from 28 deals.
At the close of business, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 59.5 million units exchanged for N4.0 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.
By Adedapo Adesanya
Fresh foreign exchange (forex) demand pressure saw the Naira depreciate against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 22, by N5.46 or 0.4 per cent to trade at N1,353.91/$1 compared with the preceding day’s value of N1,348.45/$1.
It was the same outcome for the local currency in the official market after it depreciated against the Pound Sterling by N4.13 to close at N1,825.88/£1, in contrast to the preceding session’s N1,821.75/£1, and against the Euro, it dropped 72 Kobo to finish at N1,582.72/€1 versus N1,582.00/€1.
But the Nigerian Naira appreciated against the US Dollar at the GTBank FX desk by N2 during the session to quote at N1,361/$1 compared with Wednesday’s closing price of N1,361/$1, and at the parallel market, it closed flat at N1,375/$1.
FX Pressure came as data showed that NFEM interbank turnover was N28.117 million, lower than the N66.084 million recorded the previous day.
Concerns over liquidity pressures, policy transparency, and confidence in Nigeria’s FX market continue to grip the market while the country’s foreign reserve declines further, even as the Central Bank of Nigeria (CBN) recently said that the recent decline in Nigeria’s external reserves should not be a cause for concern.
Global developments also played a significant role, as rising geopolitical tensions boosted demand for the US Dollar, further weakening emerging market currencies, including the Naira.
As for the cryptocurrency market, there was a mixed outcome as traders reacted to rising geopolitical tensions from the Iran war and fresh inflation data from Japan.
Japanese inflation ticked higher in March, stoking expectations that the Bank of Japan may soon signal rate hikes, which could strengthen the yen and unsettle global risk assets.
The Iran conflict has disrupted oil flows through the Strait of Hormuz, raising energy costs and inflation risks worldwide and potentially complicating efforts by the Federal Reserve to cut interest rates.
Ethereum (ETH) declined by 1.8 per cent to $2,316.53, Bitcoin (BTC) lost 0.6 per cent to sell at $77,935.53, Solana (SOL) fell by 0.5 per cent to $85.67, and Binance Coin (BNB) dropped 0.4 per cent to sell for $634.85.
However, Dogecoin (DOGE) appreciated by 1.4 per cent to $0.0976, Ripple (XRP) grew by 0.7 per cent to $1.43, Cardano (ADA) expanded by 0.6 per cent to $0.2493, and TRON (TRX) improved by 0.2 per cent to $0.3279, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
By Aduragbemi Omiyale
The resilience shown by Nigerian Breweries Plc in the 2025 fiscal year, despite a volatile macroeconomic environment, which consumed several businesses, has not got without notice.
Shareholders of the brewery giant applauded the board and management for the strong recovery and improved profitability recorded in the year.
At the company’s 80th Annual General Meeting (AGM) on Wednesday, April 22, 2026, in Lagos, they attributed these achievements to disciplined cost management and a significant reduction in finance expenses.
“We are proud of how the company has withstood the ups and downs of a challenging environment. The return to profitability and the reversal of the negative cash position recorded in the previous two financial years are commendable,” a member of the Noble Shareholders Association, Mr Owolabi Opeyemi, said at the gathering.
Also, the immediate past Secretary of the Independent Shareholders Association of Nigeria (ISAN), Mr Eke Emmanuel, noted that the company’s resilience reflects strong leadership and a sound strategic direction.
“It is good news that we have been here for 80 years. There is no reason why we will not be here for the next 80 years with what we have achieved. To return to this level of profitability and cash position shows the Board has done an enormous amount of work,” he said.
Addressing investors at the AGM, the board chairman, Mrs Juliet Anammah, expressed confidence that the company is firmly on a recovery path following the net losses recorded in the past two years due to macroeconomic pressures and fiscal reforms.
She thanked shareholders for their continued support and reaffirmed that the company will build on its 2025 performance as it accelerates growth ambitions.
“We have a solid foundation built over eight decades, anchored on a strong portfolio of brands, an extensive nationwide sales and supply chain network, ongoing digital transformation, and most importantly, our people. These strengths remain critical to sustaining our leadership position,” the former chief executive of Jumia Nigeria said.
Ms Anammah also addressed the company’s dividend position, noting that the decision not to declare a dividend reflects the need to rebuild retained earnings impacted by prior macroeconomic shocks, particularly foreign exchange-related losses.
“We recognise the importance of dividend payments to our shareholders and sincerely appreciate your continued understanding. While we are not declaring a dividend at this time due to negative retained earnings, we are working diligently to restore the company’s financial position and return to dividend payments as soon as it is sustainable to do so,” she added.
She further noted that the board remains vigilant to external risks, including the Middle East crisis and broader macroeconomic challenges, which may impact the pace of improvement in the 2026 financial year.
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