Economy
Exempt MSMEs from N70,000 Minimum Wage Payment—Manufacturers
By Adedapo Adesanya
The Manufacturers Association of Nigeria (MAN) has asked that Micro, Small and Medium Enterprises (MSMEs) be exempted from paying the new N70,000 minimum wage, given their incapacity and prevailing operational challenges.
The group in a statement commended President Bola Tinubu for achieving the breakthrough on the long-awaited minimum wage for Nigerian workers.
However, the Director-General, Mr Segun Ajayi-Kadir, while reacting to the N70,000 minimum wage agreement by President Tinubu and leaders of labour unions on Thursday in Abuja, said small businesses can’t afford the level based on recent economic challenges.
The MAN DG stated that manufacturers looked forward to the promised assistance, urging the private sector to hold onto the President’s promise in this regard to enable the private sector board with the agreement.
“In this regard, I would assume that reference would be made to the demands made by the Organised Private Sector at the concluding stage of the tripartite negotiations.
“We had intimated to the committee the challenges confronting businesses in the private sector and that there was the need to ameliorate those challenges to improve the capacity of our members to pay the minimum wage that we offered.
“We maintained that those binding constraints may constitute impediments to the full compliance of our members when the minimum wage is signed into law.
“So, the assumption is that Mr President will give expedited consideration to those challenges and take necessary steps to address them.
“This will go a long way in onboarding the private sector in the new agreement on the minimum wage,” he said.
Mr Ajayi-Kadir presented a list of demands to enable the private sector to take on payments of the new minimum wage.
He said that Micro, Small and Medium Enterprises (MSMEs) should be exempted from compliance given their incapacity and prevailing operational challenges.
He added that the Central Bank of Nigeria (CBN) should redeem all validly transacted outstanding foreign exchange forwards for companies in the productive sector.
Mr Ajayi-Kadir called for the reversal of the increase in electricity tariffs or only a 100 per cent increase in electricity tariff for a minimum of 20 hours of supply.
He proposed duty exemption on imported conversion kits, government subsidy on procurement of same and a freeze on the introduction of new taxes on businesses for the next five years.
“We call for a fixed rate of N800 for the assessment of import duty on all production inputs and also advocate a revisit of the recent Financial Reporting Council regulation to curtail its application to private businesses.
“We also call for the discontinuation of the Price Verification Portal as it is inimical to the smooth operation of businesses and the basis for setting it up no longer exists.
“We are optimistic that the positive atmosphere created by the recent agreement between government and labour would facilitate speedy consideration and acceptance of aforementioned,” he said.
By Modupe Gbadeyanka
The Nigerian maritime sector may soon witness the inflow of $600 million in investment from APM Terminals.
On the sidelines of the ongoing Africa CEO Forum in Kigali, Rwanda, the Regional President of APM Terminals for Africa-Europe, Mr Igor van den Essen, informed President Bola Tinubu that his company was interested in deepening its investment in Nigeria.
According to a statement issued by the Special Adviser to the President of Information and Strategy, Mr Bayo Onanuga, the investment would be deployed in Apapa port modernisation, logistics infrastructure, and long-term private-sector investment in Nigeria’s maritime sector.
President Tinubu welcomed the investments, emphasising that Nigeria is repositioning itself for greater competitiveness through ongoing economic reforms and infrastructure modernisation.
He said the country is determined to move beyond structural bottlenecks and outdated systems, stressing the need for advanced technology, faster cargo processing, and improved operational efficiency across the nation’s ports.
He emphasised that Nigeria possesses the market scale, talent base, and economic potential to support globally competitive maritime and logistics infrastructure investments and called on other investors to take advantage of Nigeria’s reform outcomes.
Earlier, Mr Igor van den Essen lauded President Tinubu’s reform agenda and policy direction, which had strengthened investor confidence and created renewed momentum for long-term infrastructure investments.
He described Nigeria as a strategic stronghold within its African operations, referencing over 20 years of collaboration and substantial existing investments in the country’s port ecosystem.
He reaffirmed his company’s commitment to expanding investments in Nigeria and disclosed plans to support the development of world-class terminal infrastructure and technology-driven port operations.
He also commended Mr Tinubu for establishing the National Single Window (NSW), which has streamlined trade procedures, improved Customs coordination, and reduced delays in cargo clearance.
By Adedapo Adesanya
Dangote Petroleum Refinery has filed a new lawsuit against the federal government over the fuel import licences issued to marketers and the Nigerian National Petroleum Company (NNPC) Limited.
Last week, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) issued licences to six marketers for the importation of 720,000 metric tonnes of Premium Motor Spirit, known as petrol.
The marketers are NIPCO, AA Rano, Matrix, Shafa, Pinnacle, and Bono. The development comes amid claims by the NMDPRA that the Dangote Petroleum Refinery now supplies over 90 per cent of Nigeria’s daily petrol consumption.
Dangote said in the filing that the licences issued undermine its operations and contravene the law, which it argues allows imports only when domestic supply falls short.
Named in the suit against the country is the Attorney General and Minister of Justice, Mr Lateef Fagbemi. The federal government can only be sued via his office.
The case signals renewed tensions almost a year after Dangote withdrew an earlier lawsuit challenging similar licences. That case sought to nullify import permits issued to the NNPC and several traders.
The new filing asks the Federal High Court in Lagos to set aside import permits issued or renewed by the NMDPRA, arguing they breach an earlier order to maintain the status quo.
Dangote ended the earlier lawsuit in July 2025 without explanation, leaving unresolved questions over competition and supply in one of Africa’s largest fuel markets.
Nigeria has long relied on petrol imports due to underperforming state refineries. However, Dangote’s 650,000 barrels per day capacity refinery was touted to end that dependence.
Despite the presence of the facility, imports have continued to cover supply gaps as the refinery ramps up output.
The NMDPRA did not issue a single import licence in the first quarter of 2026 because the Dangote refinery had the capacity to meet Nigeria’s petrol demand.
Business Post gathered that only upon intervention by President Bola Tinubu were the licenses granted for the second quarter by the NMDPRA.
By Adedapo Adesanya
The Nigeria Bureau of Statistics (NBS) has revealed that Nigeria’s headline inflation rate in April 2026 rose to 15.69 per cent, beating analysts’ expectations of 15.95 per cent, as the fallout from the Iran war continued to affect the global economy.
The statistical office on Friday showed the headline inflation rate for April on a month-on-month basis was 2.13 per cent, while the food inflation rate in the review month was 16.06 per cent on a year-on-year basis.
The rise in prices comes as an energy price shock stemming from the continued conflict in the Middle East, which stoked food prices and affected relative exchange rate stability.
According to the NBS, “this can be attributed to the rate of change in the average prices of the following products: Millet whole grain, yam flour, ginger (Fresh), beef, garri, tam tuber, pepper (Fresh), cray fish, cassava tuber, Beans, Irish Potatoes, tomatoes (fresh), wheat grain (Sold loose), soya beans, guinea corn, plantain, carrots (Fresh) etc.”
“The average annual rate of food inflation for the twelve months ending April 2026, relative to the previous twelve-month average, was 17.55%, which was 17.05% points lower than the average annual rate of change recorded in April 2025 (34.60%),” the NBS said.
Analysts at Coronation Research had earlier projected that the inflation rate in Nigeria would be at 15.95 per cent on a year-on-year basis in April 2026. It added that the expected inflation rate signals a return toward the underlying disinflation trajectory and could be a pivotal data point in shaping Monetary Policy Committee (MPC) deliberations at the next policy meeting.
It also expects food inflation to further ease, as food and non-alcoholic beverages remain the dominant contributor to headline CPI, accounting for about 40 per cent of the Consumer Price Index (CPI) basket.
The MPC of the Central Bank of Nigeria (CBN) will meet this month, the first since the Iran War started in late February, to review core monetary policies and possibly make adjustments.
The committee reduced the Monetary Policy Rate (MPR) by 50 basis points from 27.0 per cent to 26.5 per cent at its 304th Monetary Policy Committee (MPC) meeting in February.
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