Manufacturing/Industry

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Nigerian economy is resilient, attractive to investors – IMPI

Abuja, March 19, 2024 – The Independent Media and Policy Initiative (IMPI) says the Nigerian economy is very resilient and attractive to investors as investments in its key sectors are highly profitable. It also says there are verifiable data to show that Nigeria has a robust investment climate under the President Bola Tinubu administration contrary to the narrative of an economy shorn of investor confidence. In a policy statement signed by its Chairman Niyi Akinsiju, the policy think tank noted that it came to that conclusion after a comparative analysis …

CPPE cautions legislators against use of foul languages on investors

Lagos, March 17, 2024 -The Centre for the Promotion of Private Enterprise (CPPE), a private sector think-tank in Lagos, has appealed to the National Assembly members against the use foul languages on investors during their deliberations. Muda Yusuf, the Director of CPPE, gave the advice to the NASS members in a statement issued  on Sunday against the backdrop of recent deliberation in the House of Representatives on the rising prices of cement across the country. He said the CPPE had noted with concern the recent remarks on the floor of …

767 companies shut down, 335 distressed in 2023 – MAN

Lagos, March 6, 2024 – A total of 767 companies were shut down while 335 were distressed in Nigeria in 2023. The Manufacturers Association of Nigeria (MAN) said this in a statement on Wednesday. It attributed the situation to exchange rate volatility, rising inflation and other economic challenges that have worsened the investment climate. The association condemned the recently introduced Expatriate Employment Levy (EEL) by the Federal Government. It said the levy ran contrary to the Renewed Hope Agenda, the fiscal policy and tax reforms of the current administration.  “The …

Manufacturers reduce cement price to N7,000, N8,000 per bag

Abuja, Feb. 19, 2024 – Cement manufacturers in the country have agreed to reduce the price of the product to between N7,000 and N8,000 per 50kg depending on the location. The decision was taken on Monday at a meeting of the Minister of Works, David Umahi, with cement manufacturers. The manufacturers expressed their willingness to bring down the prices in future as soon as the federal government intervention were fulfilled. BUA Industries disclosed its plans to inject six million tons of cement into the market to mitigate the surging prices.  …

BUA announces 50% salary increase to workers

Lagos, Feb. 18, 2024 – The BUA Group has increased salary of its workers by 50 per cent across the board. Mohammed Wali, its Head of Human Resources, announced the company’s decision through an internal memo on Sunday. According to the memo, the salary increase aims to alleviate the economic challenges in the country.   The salary increase applies to both permanent and non-permanent staff and will be effective from February 1, 2024.  “Sequel to the above development, the Human Resources and Finance departments are processing the increase to ensure that …

BUA to sell cement at N3,500 per bag from January

Lagos, Dec. 27, 2023 – Alhaji Abdul-Samad Rabiu, the Chairman of BUA Group, on Thursday said that the company would stick to its promise to sell cement at N3,500 per bag from January 2024. He said this while speaking with journalists after a meeting with President Bola Tinubu in Lagos. “You know the price that we have set will be N3,500 per bag. You know x factory of course plus VAT and then delivered to customers depending on the region. “As you know, the factory that we have; one is …

Emzor’s $23m API plant and Nigeria’s investment climate in 2024

By Feyisola Adeyeha.   Lagos, Nov. 26, 2023 – For Emzor Pharmaceutical Industries, 2024 promises to be a year of big bang and boost, not only for its wide-range production lines, but also for the investment climate of Nigeria.  By the first quarter of 2024, an estimated 500 new jobs and more robust manufacturing mileage are expected through the local production of Active Pharmaceutical Ingredients (APIs) by Emzor. As at now, the Sagamu, Ogun State production plant of Emzor is a beehive of activities.  Construction engineers on site are busy putting finishing touches to the …

Google awards N75m to 15 Nigerian small and medium businesses

Lagos, Nov. 23, 2023 – Google’s Hustle Academy has awarded N75 million to 15 small and medium-scale businesses (SMBs) in Nigeria.  The businesses are also to receive mentorship and regular support from the Google’s initiative.  A statement from Google on Thursday read: “Alongside the graduation, 15 SMBs have been chosen to receive support from the 75 Million Naira Hustle Academy Fund. “This initiative aims to provide a combination of financial assistance, mentorship, and business tool access to some of the most promising Nigerian SMBs.”  The recipients are: Google also announced that …

Hyundai to build car plant jointly with Saudi Arabia

Riyadh, Oct. 23, 2023 – South Korea’s Hyundai Motor Group will build a car plant in Saudi Arabia jointly with the Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, South Korea’s President Yoon Suk Yeol, said on Sunday. Yoon was speaking in Riyadh where the PIF and Hyundai signed the agreement on the plant, which will have an annual production capacity of 50,000 electric and gas-powered cars and will be the first South Korean automobile factory in the Middle East, a joint statement said. PIF will hold a 70% stake …

FEC approves Presidential Council on Industrial Revitalisation Roadmap

Abuja, Oct. 16, 2023 – The Federal Executive Council (FEC) has approved the establishment of a Presidential Council on Industrial Revitalisation Roadmap. The council will have 10 subcommittee with the president as the chairman.  Doris Uzoka-Anite, the Minister of Industry, Trade and Investment, disclosed this to the State House Correspondents on Monday after the Federal Executive Council (FEC) meeting in Abuja.  “We have a lot of policies, frameworks and guidelines that should help revitalise the industries within these different ministries and agencies. “We’re supposed to collaborate and come up with …