Economy
Manufacturers’ CEOs Confidence Index in Nigeria Rises First Time Since 2022
By Adedapo Adesanya
The confidence index of the Manufacturers Association of Nigeria (MAN), which measures changes, quarterly in the pulse of 400 Chief Executive Officers (CEO) of manufacturing concerns to development in government policies and movement in macroeconomic indicators, rose by 1.7 points in the first quarter of 2024.
This was disclosed by Mr Francis Meshioye, President of MAN during the Public Presentation of the MAN CEO’s Confidence Index Report in Lagos, noting that this was the first in the last six quarters.
Mr Meshioye reported moderate improvement in the Aggregate Index Score (AIS) evidenced by the meagre increase from 51.8 points in the fourth quarter of 2023 to 53.5 points.
He said the indicators considered during the period under review include changes in business conditions, employment and production levels in the economy.
The MAN President, however, noted that the current business and employment conditions remained below the average 50 points threshold due to rising inflation, escalating energy costs, exchange rate instability and unstable customs duty rates, particularly in January and February.
He emphasised the need for the development of the manufacturing sector to be at the front burner for economic policymakers as the sector was the most essential for sustained economic growth and shared prosperity.
“The Manufacturers Association of Nigeria acknowledges the government’s efforts at revitalising the manufacturing sector evidenced by the recent monetary policy initiatives targeted at salvaging the economy.
“However, it must be made clear that most of these policy initiatives have not resulted in a win-win situation.
“Most notably, the consecutive hikes in the Monetary Policy Rate by 600 basis points to combat inflation and encourage the inflow of foreign portfolio investment will not result in sustainable gains for the naira.
“In its bid to bring high inflation under control, the Apex bank must strike a balance by implementing policies that stimulate foreign investment and promote an enabling environment for domestic manufacturers to flourish.
“It is high time the government focused more on promoting foreign direct investment and exports of high-value-added manufactured goods that are capable of boosting the country’s foreign exchange reserves and sustaining the appreciation of the naira,” he said.
The MAN President also urged the government to frontally address insecurity, improve electricity supply, promote fiscal sustainability, and ensure policy consistency.
He said among other priorities, the fiscal authority must also lend supportive measures by adequately incentivising the manufacturing sector and other productive sectors.
“This is very important to boost non-oil export earnings in addition to the increase in oil export proceeds occasioned by increased oil production, rising global oil prices and the coming on stream of the Dangote Refinery,” he said.
On his part, Mr Segun Ajayi-Kadir, Director General, MAN, noted that the performance showed that manufacturing was set on the path of restoration and recovery, with the hope of improvement in the next quarter.
Mr Ajayi-Kadir attributed the performance to the undying resilience of manufacturers, the reasonable gains recorded by the Naira in the latter part of the first quarter and the expectation of a reasonable reduction in diesel price.
He also urged the government to intentionally prioritise the manufacturing sector by implementing sector-specific recommendations to revamp the sector and reposition the economy towards sustainable growth and development.
Economy
Customs Oil and Gas Free Trade Zone in Rivers Collects N53.98bn Revenue
By Adedapo Adesanya
The Nigeria Customs Service (NCS) Oil and Gas Free Trade Zone Command in Rivers State says it has achieved a record-breaking revenue collection of N53.98 billion between January and November 2024, exceeding its annual target by 2.3 per cent and nearly doubling the N26.80 billion generated in 2023.
This was disclosed by the Customs Area Controller, Oil and Gas Free Trade Zone, Onne, Comptroller Seriki Usman, during a press briefing at the command’s headquarters, where he attributed the success to strategic collaboration with stakeholders, operational efficiency, and a focus on regulatory compliance.
He said, “A notable achievement of the command was its record-breaking revenue collection of N53.98 billion. This figure represents a 2.3 per cent increase over our annual target for 2024 and a remarkable 98.6% rise compared to the N26.80 billion collected in 2023.
“Our record-breaking revenue underscores the importance of effective trade facilitation and regulatory compliance. This achievement reflects the commitment of our officers, the collaboration with stakeholders, and the critical role of the Oil and Gas Free Trade Zone in driving Nigeria’s economic growth,” he said.
He explained that the Command successfully facilitated the export of key products such as refined sugar, fertiliser, liquefied natural gas, LNG, and crude oil from major facilities, including Bundu Sugar Refinery, Notore Chemical PLC, and Bonny Island.
“The seamless management of imports and exports within the free trade zone has enhanced operations for licensed enterprises,” he noted.
Speaking on the significance of these achievements, Comptroller Usman emphasized the need to maintain the momentum.
“This accomplishment is not just about numbers but about fostering trade growth, innovation, and creating a conducive environment for businesses to thrive within the free trade zone.”
On regulatory compliance, Comptroller Usman reassured Nigerians of the Command’s commitment to ensuring adherence to international trade regulations while fostering economic progress.
“Our focus remains on enhancing service delivery, promoting ease of doing business, and driving revenue generation that supports the nation’s development goals,” he said.
The command emphasized that collaboration with stakeholders, particularly the Oil and Gas Free Trade Zone Authority, has been pivotal in achieving these milestones, and called for continued partnership to sustain trade growth and improve service delivery.
As the year comes to a close, the command has reiterated its resolve to solidify its role as a critical revenue driver and trade facilitator in Nigeria’s oil and gas sector.
Mr Usman said the performance reflects the command’s vital role in strengthening Nigeria’s non-oil revenue base and its determination to remain a key player in the country’s economic transformation efforts.
“We remain committed to sustaining our achievements, fostering trust among stakeholders, and contributing significantly to the nation’s economic growth,” Comptroller Usman concluded.
Economy
FAAC Disburses 1.727trn to FG, States Local Councils in December 2024
By Modupe Gbadeyanka
The federal government, the 36 states of the federation and the 774 local government areas have received N1.727 trillion from the Federal Accounts Allocation Committee (FAAC) for December 2024.
The funds were disbursed to the three tiers of government from the revenue generated by the nation in November 2024.
At the December meeting of FAAC held in Abuja, it was stated that the amount distributed comprised distributable statutory revenue of N455.354 billion, distributable Value Added Tax (VAT) revenue of N585.700 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.046 billion and Exchange Difference revenue of N671.392 billion.
According to a statement signed on Friday by the Director of Press and Public Relations for FAAC, Mr Bawa Mokwa, the money generated last month was about N3.143 trillion, with N103.307 billion used for cost of collection and N1.312 trillion for transfers, interventions and refunds.
It was disclosed that gross statutory revenue of N1.827 trillion was received compared with the N1.336 trillion recorded a month earlier.
The statement said gross revenue of N628.972 billion was available from VAT versus N668.291 billion in the preceding month.
The organisation stated that last month, oil and gas royalty and CET levies recorded significant increases, while excise duty, VAT, import duty, Petroleum Profit Tax (PPT), Companies Income Tax (CIT) and EMTL decreased considerably.
As for the sharing, FAAC disclosed that from the N1.727 trillion, the central government got N581.856 billion, the states received N549.792 billion, the councils took N402.553 billion, while the benefiting states got N193.291 billion as 13 per cent derivation revenue.
From the N585.700 billion VAT earnings, the national government got N87.855 billion, the states received N292.850 billion and the local councils were given N204.995 billion.
Also, from the N455.354 billion distributable statutory revenue, the federal government was given N175.690 billion, the states got N89.113 billion, the local governments had N68.702 billion, and the benefiting states received N121.849 billion as 13 per cent derivation revenue.
In addition, from the N15.046 billion EMTL revenue, FAAC shared N2.257 billion to the federal government, disbursed N7.523 billion to the states and transferred N5.266 billion to the local councils.
Further, from the N671.392 billion Exchange Difference earnings, it gave central government N316.054 billion, the states N160.306 billion, the local government areas N123.590 billion, and the oil-producing states N71.442 billion as 13 per cent derivation revenue.
Economy
Okitipupa Plc, Two Others Lift Unlisted Securities Market by 0.65%
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.65 per cent gain on Friday, December 13, boosted by three equities admitted on the trading platform.
On the last trading session of the week, Okitipupa Plc appreciated by N2.70 to settle at N29.74 per share versus Thursday’s closing price of N27.04 per share, FrieslandCampina Wamco Nigeria Plc added N2.49 to end the session at N42.85 per unit compared with the previous day’s N40.36 per unit, and Afriland Properties Plc gained 50 Kobo to close at N16.30 per share, in contrast to the preceding session’s N15.80 per share.
Consequently, the market capitalisation added N6.89 billion to settle at N1.062 trillion compared with the preceding day’s N1.055 trillion and the NASD Unlisted Security Index (NSI) gained 19.66 points to wrap the session at 3,032.16 points compared with 3,012.50 points recorded in the previous session.
Yesterday, the volume of securities traded by investors increased by 171.6 per cent to 1.2 million units from the 447,905 units recorded a day earlier, but the value of shares traded by the market participants declined by 19.3 per cent to N2.4 million from the N3.02 million achieved a day earlier, and the number of deals went down by 14.3 per cent to 18 deals from 21 deals.
At the close of business, Geo-Fluids Plc was the most active stock by volume on a year-to-date basis with a turnover of 1.7 billion units worth N3.9 billion, followed by Okitipupa Plc with the sale of 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units sold for N5.3 million.
In the same vein, Aradel Holdings Plc remained the most active stock by value on a year-to-date basis with the sale of 108.7 million units for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with a turnover of 297.3 million units worth N5.3 billion.
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