By Adedapo Adesanya

The Manufacturers Association of Nigeria (MAN) has called for stakeholder engagement over the Senate’s request for a ban on the import of textile materials.

The Director-General of the association, Mr Segun Ajayi-Kadir, said such a policy without proper engagement will only lead to failure.

“I want to appeal to the National Assembly: let us not go down this route the same way again. The failure of policy in Nigeria has principally been due to a lack of stakeholder engagement. You cannot shave a man’s head in his absence,” he said on Channels TV breakfast show on Wednesday.

“We pass resolutions, introduce policies, and enact laws that do not substantially reflect what is happening on the ground. That is why well-intentioned moves fail to achieve their objectives.

“We need stakeholder engagement. We need to bring all the existing textile industries to the table and ask them, ‘When, how, and where can you scale?’ We have an idea of the national demand, and we know the reasons why they are operating below 30 per cent of installed capacity. The question is, does the government have the political will to do what it takes to help them deliver?”

On Tuesday, the Senate asked the federal government to ban the importation of textile materials in a bid to boost local production and revive the country’s struggling textile industry.

It urged the federal government, through the Ministries of Agriculture and Trade and Investment, to take urgent steps to resuscitate textile manufacturing across the country, particularly along the Kaduna-Kano industrial corridor, citing its potential to create jobs and address rising youth unemployment and insecurity.

Mr Ajayi-Kadir said the country can meet its textile needs, but believes revival of the industry has to go beyond “passing” resolutions.

“It needs to be actively supported by measures that we have consistently recommended but have not yet been implemented,” the MAN chief said.

“For instance, are we going to enforce the patronage of made-in-Nigeria textiles within the government? When the National Assembly passed this resolution, how many of them were wearing made-in-Nigeria garments? If you look closer, how many of us are driving cars assembled in Nigeria?

“If you legislate a ban on textile imports, it must go hand-in-hand with the diligent implementation of Executive Order 003 and a ‘Nigeria First’ mindset. Are we going to enforce it from the Presidency to the National Assembly, the military, uniformed agencies, and even schools? Are we ready to enforce a ‘Nigeria Day’ where everyone is obliged to wear what is made in Nigeria?

“Is the government going to do its bit? Are we going to reject textile, garment, or uniform items in the budget unless they show a direct connection to local production? Are we going to muster what it takes to effectively implement the 30 per cent Common External Tariff (CET) on imports from third countries? Are we going to secure our borders so that the ban does not come to nought?

“A major conversation needs to take place for us to be serious about enforcing an import ban. It is not just by fiat,” he said on the show.

By Adedapo Adesanya

The Minister of Finance, Mr Taiwo Oyedele, has endorsed the 2026 Article IV Mission Concluding Statement on Nigeria by the International Monetary Fund (IMF), saying the report provides further independent validation that the bold and necessary reforms undertaken under the leadership of President Bola Tinubu are strengthening macroeconomic stability.

He noted the IMF’s overall positive assessment of the country’s economic reform programme, which projected economic growth of 4.1 per cent in 2026 despite persistent poverty, food insecurity, and renewed inflationary pressures arising from rising global fuel and food prices.

The Fund said that although the reforms have delivered improved macroeconomic outcomes, conditions remain difficult for many Nigerians. According to the IMF, poverty reached 63 per cent based on the national poverty line, while an estimated 27 million Nigerians faced food insecurity in late 2025.

According to Mr Oyedele, the IMF observed that reforms implemented over the past three years have yielded improved macroeconomic outcomes and enhanced Nigeria’s resilience to external shocks.

He said the Fund specifically highlighted improvements in foreign exchange market functioning, stronger external buffers, ongoing fiscal and revenue reforms, banking sector resilience, and growing macroeconomic stability.

“These developments affirm that Nigeria is moving in the right direction and is better positioned to withstand global economic uncertainties than at any time in recent years.

“The government is particularly encouraged by the IMF’s recognition that the difficult but necessary decisions to end fuel subsidies, eliminate deficit monetisation, liberalise the foreign exchange market, and strengthen fiscal discipline have contributed significantly to reducing vulnerabilities and rebuilding confidence in the economy. The report notes that Nigeria now faces global shocks with stronger policy frameworks and buffers than before.”

Mr Oyedele said the recent conflict in the Middle East has created new challenges for economies around the world through higher energy prices, rising food costs, tighter financial conditions, and disruptions to global supply chains. While these developments present inflationary pressures, the IMF acknowledged that Nigeria has demonstrated notable resilience.

He added that despite significant increases in global energy prices, the foreign exchange parallel market premium has remained below five per cent, sovereign spreads have remained broadly stable, and investor confidence has been preserved.

“The IMF further noted that Nigeria is well-positioned to benefit from higher energy prices through stronger export earnings, improved fiscal revenues, and increased foreign exchange inflows.”

The minister explained that the federal government remains focused on translating these opportunities into long-term gains by increasing crude oil production, expanding domestic refining capacity, growing gas production and exports, and attracting new investments across the energy value chain.

“While challenges remain, the direction is clear, and the foundations are stronger. The ultimate objective of these reforms is not merely improved economic indicators, but better outcomes for all Nigerians: lower inflation, decent jobs, higher incomes, greater economic opportunity, and a better quality of life,” he said.

By Aduragbemi Omiyale

Dufil Prima Foods Limited, makers of the popular Indomie Noodles, has been able to control over 60 per cent of the noodles market share in Nigeria because of its strong customer base, extensive distribution network and promotional activities, GCR Ratings has said.

These strategies deployed by the organisation have improved its financial profile, prompting the rating agency to upgrade the national scale long-term and short-term issuer ratings of Dufil to A(NG)/A1(NG) from A-(NG)/A2 (NG), previously, with a stable outlook.

It was disclosed that the company has witnessed strong cash generation and modest debt levels, which have enhanced its credit profile.

GCR said Dufil’s supply chain stability and ongoing product development have helped it to sustain the brand’s appeal to the young demographics in Nigeria and deepen market penetration.

These strengths are partly offset by high revenue concentration, with noodles accounting for more than 74 per cent, while other business lines, including flour, pasta, snacks, packaging, and palm oil, contribute a combined 26 per cent in 2025, it stated.

“We expect noodles to remain a dominant contributor to topline, supported by plans to expand noodle production capacity in 2026. Nevertheless, the completion of the flour plant expansion in Q3 2026 is expected to modestly increase the contribution of the flour business and support margins in the snacks segment,” a part of the statement obtained by Business Post read.

In the 2025 fiscal year, Dufil grew its earnings by 30 per cent to N1.1 trillion as a result of inflation-induced price review and gradual volume recovery. Its absolute EBITDA contracted to N84.5 billion from N92.7 billion in 2024, while its EBITDA margin eased to 8 per cent from 11.4 per cent in 2024.

Also, gross debt reduced to N96.2 billion from N163.6 billion in 2024, and to N79.6 billion in the first quarter of 2026, driven by management efforts to deleverage its balance sheet from expensive borrowings.

In addition, the liquidity position has slightly improved on robust cash holding of N44.6 billion, including restricted cash of N20.8 billion as of March 2026, adequate to cover the anticipated short-term debt obligations of N47.9 billion over the next nine-month period to December 31, 2026.

Although refinancing risk remains high with short-term debt accounting for above 40 per cent of the total debt, liquidity is further supported by sizable, unutilised committed facilities of N106.5 billion, indicating the company’s wide access to funding sources.

GCR said it expects the anticipated higher capital spending of N32.5 billion over the next 21 months to December 2027, as well as projected higher dividend payments in view of robust prior year profits to be sufficiently covered by the projected robust operating cash flow.