Industry
Nigeria to host African cassava conference in October
Chairman of the National Quality Council (NQC), Osita Aboloma inaugurated the Local Organising Committee for the hosting of the African Cassava Conference scheduled for Abuja, Nigeria between October 15 and 17, 2023 The conference themed “Stimulating Africa’s Industrialization Through Development of and Assuring Quality Along The Cassava Value Chain,” would be attended by various players in industries and…
Brace for price hike, Breadmakers notify consumers
Nigerians have been asked to brace up for increase in the prices of bread, a major food item on the table of almost all Nigerians. The produce said their cost of production has risen following the withdrawal of fuel subsidy and the liberalization of the foreign exchange (forex) market by the federal government. President of…
Kano govt eyes NIPSS study outcome to revitalise industries
Kano State government says it was ready to implement findings of the ongoing study by the Senior Executive Course 45 of the National Institute for Policy and Strategic Studies, NIPSS, Kuru, which aimed at developing intervention strategies against challenges faced by industries in the state. The state Deputy Governor, Aminu Abdussalam Gwarzo, made the disclosure…
Marketers warn against increase in petrol price
The Independent Petroleum Marketers of Nigeria (IPMAN) yesterday cautioned the Nigerian National Petroleum Company Limited (NNPCL) against further increase in petrol price. Its National Vice-President Abubakar Maigadi warned that further increases would not favour the market especially now that the demand for the product has dropped. He said: “We are waiting for the new consignment…
Afreximbank invests $1 billion to develop industrial parks in Nigeria
Afreximbank has signed a new financing agreement expected to bolster plans for several industrial zones currently under development in ten countries, including Côte d’Ivoire, Chad, Congo, Rwanda, and Nigeria. The initiatives, Afreximbank said, will promote job creation, transform and formalise economies, foster industrialization, and support the growth of intra-African trade and investment. On the sidelines…
Oil prices low as economic uncertainty weigh on demand
Brent crude futures fell below $76 per barrel on Monday, giving back some gains from last week as global economic uncertainties continued to weigh on the demand outlook. Major banks have downgraded their GDP growth forecasts for China as latest data pointed to a faltering post-pandemic recovery in the world’s top crude importer, Trade Economics…
NMDPRA issues licences for establishment of oil export terminal
Belema Sweet Export Terminal Limited and NNPC Exploration and Production Limited are the latest companies issued licences for the establishment of two crude oil export terminals in the country. Presenting the licences in Abuja on Tuesday, the Chief Executive, Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, Farouk Ahmed, said the signing of the terminal…
Local rice processors frown at alleged presidential order to re-open border
The Rice Processors Association of Nigeria, RIPAN, suspects that persons and groups who do not wish the Nigerian economy well, were behind the re-circulation of an old video where the Idiroko Border was re-opened. A video trending on social media gave the impression that President Bola Ahmed Tinubu recently instructed the Nigeria Customs Service, NCS,…
Nigerian manufacturers spend N76.7bn on power generation in six months
Inadequate electricity supply remains a huge challenge to manufacturers, accounting for their huge investment in self-energy generation, which stood at N76.7 billion in the second half of last year.Manufacturers’ cost of self-energy generation increased from N45.04 billion in the corresponding half of 2021, indicating N31.66 billion or 70 per cent increase over the period. According…