Manufacturing/Industry

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Business Solutions Investment Manufacturing/Industry

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 …

Business Solutions General News Manufacturing/Industry

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.  …

Business Solutions Manufacturing/Industry

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 …

General News Manufacturing/Industry

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 …

Business Solutions General News Manufacturing/Industry

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 …

ICT Manufacturing/Industry Tech

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 …

Business Planning Foreign Manufacturing/Industry

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 …

Manufacturing/Industry

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 …

Investment Manufacturing/Industry

We will stop exporting solid minerals raw – Tinubu

Udege(Nasarawa), Oct. 13, 2023 –  President Bola Tinubu says his administration will put an end to the practice of exporting solid minerals raw. Tinubu said this on Friday at the groundbreaking ceremony of a $250 million lithium factory in Nasarawa State. The president, who was represented by Dele Alake, the Minister for Solid Minerals Development, said government would discourage the carting away of our solid minerals without value addition. He said the establishment of the factory project was in line with his administration’s industrialization policy directed at providing adequate energy …

Manufacturing/Industry

FG earmarks N75bn in loans to support SMEs

Abuja, Sept. 28, 2023 -Doris Uzoka-Anite, the Minister of Industry Trade and Investment, on Thursday said the federal government had earmarked  N75 billion in loans to support 100,000 Micro, Small and Medium Enterprises (SMEs) She said the loans would be given at single digit interest rates with repayment spread over 36 months. The minister said this at the opening of the 18th Abuja International Trade Fair organised by the Abuja Chamber of Commerce and Industry in Abuja. She was represented by MrIrimiya Kaura, the Director Commodities and Export in the …