Manufacturing/Industry

Showing: 21 - 30 of 103 Articles
Business Planning Manufacturing/Industry Maritime/Shipping Money market

BOI launches N10bn intervention fund, commits to bridging funding gap for women entrepreneurs

Lagos, March 22, 2025 – Dr Olasupo Olusi, the Managing Director of Bank of Industry (BOI), has expressed the bank’s commitment to providing financial assistance to female entrepreneurs in Nigeria. He made the commitment in Lagos during the launch of a N10 billion special intervention fund for female entrepreneurs tagged, “Guaranteed Loans for Women (GLOW)” According to a statement by the bank, Olusi said the N10 billion GLOW Fund was established in collaboration with the Women Chamber of Commerce, Industry, Manufacture and Agriculture (WCCIMA) to enhance women entrepreneurs’ access to …

Investment Manufacturing/Industry

UK signs $40.5m investment agreement with Nigerian agrobusiness firm

Abuja, Feb. 19, 2025 – British International Investment (BII), the UK’s development finance institution, has signed a $40.5 million investment deal with Johnvents Group, an agribusiness industry in Nigeria. The deal, which is enhance cocoa processing in Nigeria, was signed in Abuja on Tuesday. Jonny Baxter, the British Deputy High Commissioner in Nigeria, while speaking at the agreement signing ceremony, said: “The UK is proud to back first-class sustainable investment that is creating jobs and mutually beneficial partnerships across Nigeria. “Through this landmark agreement between the UK’s development finance institution, …

Manufacturing/Industry

MAN calls for FG’s intervention to surmount current challenges in sector

Lagos, Feb. 19, 2025 – The Manufacturers Association of Nigeria (MAN) has called for urgent government’s intervention to enable the sector survive its current challenges. It said that the sector could collapse without urgent government’s intervention, while the future of the country also hanged in the balance. Segun Ajayi-Kadir, its President, made the call while unveiling Q4 2024 Manufacturers CEO Confidence Index (MCCI) Report on Monday. The index is a measure of changes in the manufacturing activities due to government’s policies. Ajayi-Kadir said the report revealed that capacity utilisation declined by …

Foreign Manufacturing/Industry

Trump tariffs would wipe out billions in profits if they’re long lasting – Ford CEO  

Washington, Feb. 6, 2025 – Ford CEO Jim Farley has a message to the Trump administration: Our profits will be run over if you hit the world with tariff hikes. “There’s no question that tariffs at 25% level from Canada, Mexico, if they’re protracted, would have a huge impact on our industry, with billions of dollars of industry profits wiped out and adverse effect on the US jobs as well as the entire value system in our industry. Tariffs would also mean higher prices for customers,” Farley said on a late …

Capital market Manufacturing/Industry

BUA Foods records N188bn forex loss

Lagos, Feb. 3, 2025 – BUA Foods recorded N188.7 billion foreign exchange loss in 2024. This is contained in the company’s statement filed on the Nigerian Exchange Limited.  The company attributed the foreign exchange loss to the volatility in the foreign exchange market. In spite of the loss, it still recorded profit after tax of N274.95 billion in 2024, a 145.3 per cent increase of the figure recorded in 2023.to. Its gross profit also grew by 107.9 per cent to N541.71 billion. Its gross revenue rose to N1.53 trillion in …

Business Planning Investment Manufacturing/Industry

Prospects of aircraft manufacturing plant in Nigeria signify a boom in national economy – TDF

Abuja, Jan. 28, 2025 – The plan for an aircraft manufacturing centre in Nigeria is a reflection of the conducive environment for business under the President Bola Tinubu administration. The Democratic Front (TDF) said this in on Tuesday in a statement signed by its Chairman, Mallam Danjuma Muhammad and Secretary, Chief Wale Adedayo. It said the move was prompted by the new wave of investor-friendly policies put in place by government.  “We believe that the encouraging results from President Bola Tinubu’s economic reforms have attracted the vast interests from investors across …

Business Planning Manufacturing/Industry Money market

BoI boss calls for public-private sector collaboration for economic growth, SMEs development

Abuja, Jan. 27, 2025 – Olasupo Olusi, the Managing Director of the Bank of Industry (BoI) , has called collaboration between the public and private sectors to drive industrial growth and development of Small and Medium Enterprises (SMEs) in the country. Olusi made the call while speaking at an interactive session between BOI and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) in Abuja at the weekend.. He described the interactive session as a step toward transforming Nigeria’s economic landscape. The BoI boss stressed the need …

Business Planning Investment Manufacturing/Industry

Germany’s economic minister warns Europe against overtly relying on US

Berlin, Jan. 21, 2025 – Robert Habeck, Germany’s Economy Minister on Tuesday warned Europe against becoming overly reliant on US energy and urged the region to stick together in response to the new Donald Trump administration. Europe should “meet the Trump administration with an outstretched hand, but not have our hand cut off,” he said Tuesday at the Handelsblatt energy summit in Berlin, responding to the climate and energy directives Trump launched hours after taking office. The European Union should define its own interests, said Habeck, who is the Green Party’s lead candidate for …

Business Planning Manufacturing/Industry

Volkswagen warns against ‘harmful’ impact of Trump tariffs

Berlin, Jan. 21, 2025 – Volkswagen on Tuesday warned against the “harmful economic impact” of tariffs that U.S. President Donald Trump is proposing on imports from Mexico, where Europe’s top carmaker operates a major factory. The comments by the German autos giant, already grappling with high costs and cheap Chinese competition at home, reflect major uncertainty following Trump’s threat to possibly impose duties of 25% on goods from Mexico. While a firm decision has not been made, Trump said such tariffs could become effective from Feb. 1. “The Volkswagen Group is …

Investment Manufacturing/Industry

Trump’s tariff threat spurs auto suppliers to rethink production plans

Las Vegas, Jan. 9, 2025 – Global auto suppliers are working out how much of their production can be moved to the United States, or closer to it, as a defense against tariffs promised by President-elect Donald Trump, according to industry executives at CES in Las Vegas. The auto industry has already experienced eight years of U.S. protectionism, from real and threatened tariffs during Trump’s first term and then more tariffs and the U.S. Inflation Reduction Act under President Joe Biden. Most of those measures were aimed squarely at China, in …