Nigeria’s Manufacturing PMI Hits 57.3 Points January 2018

By Adedapo Adesanya The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised the alarm over alleged secret reintroduction of fuel subsidy payments by the federal government. In late May, after taking the oath of office, President Bola Tinubu announced the total removal of subsidy on petrol, which saw prices jump to over N600. The removal of fuel subsidy and the resulting increment in the pump of petrol by almost 300 per cent had quadrupled the inflation rate in the country and affected the purchasing power of Nigerians, especially the middle class and low-income earners. It was expected that as

By Aduragbemi Omiyale The value of unsold finished products in the inventory of Nigerian manufacturers in the first half of 2023 increased by 44/9 per cent on a year-to-date basis to N272 billion from N187 billion in the same period of 2022. This information was contained in the report released by the Manufacturers Association of Nigeria (MAN) on Tuesday. According to Punch, the document also revealed that in the period under review, the manufacturing sector laid off 3,567 workers due to the harsh business environment triggered by high inflation, the foreign exchange (FX) crisis, and fuel subsidy removal. “This increase

By Aduragbemi Omiyale The Vice President, Mr Kashim Shettima, has said Nigeria is in dire need of foreign direct investment (FDI) more than ever before, tasking domestic and foreign investors to make Nigeria their investment hub because efforts are being made to formulate business-friendly policies. Mr Shettima, while speaking when he hosted the management of First Surat Group, as well as top management of MTN Nigeria at the presidential villa in Abuja, charged MTN Nigeria to facilitate and spearhead digital mobile money and digital education. He assured that President Bola Tinubu was willing to partner with various stakeholders in the

By Adedapo Adesanya A foreign oil company, Equinor ASA, has chosen a little-known Nigerian company, Chappal Energy, as the preferred buyer of its stake in one of the country’s largest deep-water oil fields, Agbami. According to a report by Bloomberg on Monday, the Norwegian energy giant is trying to sell its 20.2 per cent interest in the Agbami field – joining other international producers such as Shell Plc, Exxon Mobil Corporation and Eni SpA in looking to offload assets in Africa’s biggest crude producer, Nigeria. In January, Equinor launched the sale of its stake in an offshore Nigerian oilfield, joining

One of the highlights of November every year is the Zenith Xmas lights on Ajose Adeogun Street, Victoria Island, Lagos. This artistic creation can only be synonymous with one brand and that is Zenith Bank. The lights remind residents of Lagos that the joyous season of Xmas is fast approaching and several people rush to Victoria Island just to experience this marvel. Last year, the number of people who came to see the lights was unprecedented. More so, the decorations were simply breath-taking that people could not hold their joy as they brought their families to experience the magical moment.

By Dipo Olowookere The expansion drive of Africa’s richest man, Mr Aliko Dangote, recently received a further boost when he secured credit facilities from one of the top lenders in the continent. Business Post gathered that Mr Dangote’s firm, Dangote Industries Limited (DIL), signed a memorandum of understanding (MoU) with the African Export–Import Bank (Afreximbank). This deal was sealed at the 24th Annual General Meeting (AGM) of the bank, which took place in Kigali, the Rwandan capital. It was gathered that the agreement, which is for credit facilities, “may be granted by Afreximbank to Dangote Industries Limited and its subsidiaries

By Dipo Olowookere Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Maikanti Baru, has inaugurated the Boards of the NNPC Medical Services Ltd. (NMSL) and the NNPC Health Maintenance Organisation (HMO) Ltd. Dr Babatunde Victor Adeniran chairs the Boards of the NNPC Medical Services Ltd (NMSL) and the NNPC Health Maintenance Organisation (HMO) Ltd, and there are seven members for each of the boards, which are expected to commence work immediately. At the ceremony in Abuja on Thursday, the agency’s boss said, “My vision is to make NNPC a renowned Health Medical Services (HMS) provider globally. “In

By Dipo Olowookere The local currency appreciated against the Dollar at the interbank segment of the foreign exchange (forex) market on Monday. Data from the FMDQ website indicated that the Naira gained 5 kobo or 0.02 percent against the foreign currency to close at N306.95/$. Business Post reports that the Dollar suffered the marginal loss against the local currency amid the trade issues the United States is having with China. Last week, the President Donald Trump administration raised tariffs on $200 billion Chinese by 25 percent, with President Xi Jinping coming up with higher tariffs. This trade war between the

By Dipo Olowookere The Lagos State announced the opening of ‘CodeLagos’ and ‘Eko Nke Koo’ centre at the Isolo Public Library. Governor Akinwunmi Ambode made the announcement at the official commissioning of the newly renovated Library by Zenith Bank Plc under the Project 350 (Adopt a Library) initiative of the State Government, which is a long-term strategy to ensure Lagos State Libraries were equipped with facilities of the 21st Century through a partnership with the Private Sectors. Mr Ambode, represented by the State Commissioner for Science and Technology, Mr Olufemi Odubiyi, commended the management of Zenith Bank for renovating the

By Dipo Olowookere All is getting set for the 3rd edition of the prestigious and glamorous Nigeria Travel Awards organised by Jumia Travel. The event, which is scheduled to hold at Four Points by Sheraton on Monday, March 11, 2019, has three broad objectives: to promote Nigeria’s tourism sector, encourage hoteliers to improve the quality of their services for further advancement of their respective destinations, and recognise outstanding players in the Nigeria hospitality/travel industry. Information made available to us on Tuesday revealed that the keynote speaker for the ceremony, Mr Steve Ayorinde, who is the Commissioner for Tourism, Arts &

By Adedapo Adesanya The benchmark index of international food commodity prices declined in February, for the 11th consecutive month, albeit only marginally. The Food and Agriculture Organisation of the United Nations (FAO), in its monthly price watch, said the FAO Food Price Index averaged 129.8 points in February, a marginal 0.6 per cent decrease from January but 18.7 per cent down from its peak in March 2022. The decline in the index, which tracks monthly changes in the international prices of commonly-traded food commodities, reflected drops in quotations for vegetable oils and dairy products that more than offset a steep

The family of late Captain Romeo Itima, majority shareholder at Global West Vessel Specialists Limited (GWVSL), has expressed disappointment over what they termed as ‘the lacklustre performance’ of the incumbent Managing Director/ CEO of the company, Captain Winfred Itima. Speaking on behalf of the family in an interactive session with some workers of the firm on Sunday, May 12, 2019, Mr Kevin Itima (son of Late Romeo Itima), deplored the refusal of the Managing Director to pay the salaries of workers for about three years now. He debunked the claim that workers were not being paid because of the court