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Nigerian paper mills have collapsed years after privatisation, forcing the economy to depend on imported paper for its needs.
According to data from the National Bureau of Statistics data, Nigeria imported paper and its allied products worth $70.88m (N296.696bn) between July and December 2021. While paper valued at N188.137bn was imported in the third quarter of 2021, import in the last quarter of the year was estimated at N108.559bn… More details through: https://punchng.com/nigerian-paper-mills-collapse-imports-hit-n297bn-in-six-months/
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Manufacturers “are eager to resume transactions with neighbouring countries without the fear of paying heavy tariffs. The federal government’s reopening of more land borders will enable manufacturers to boost their cross-border transactions with access to larger markets, increase their profit and ease raw material sourcing, stakeholders have said.
In August 2019, the federal government, as part of its protectionist policy, decided to close the land borders to all movement of goods to end smuggling and ensure total control over what comes into the country. More details through: https://businessday.ng/big-read/article/manufacturers-see-larger-market-profits-on-border-reopening/ Steelmakers are sceptical about the planned concession of Ajaokuta Steel Company Limited after Nigeria imported iron, steel, and metals valued at ($2.00bn) N837.761bn in the third and the fourth quarters of 2021.
According to the National Bureau of Statistics, Africa’s most populous nation brought in basic metals, iron, and steel products with 6000mm in width, rolled, painted, varnished, and coated with plastics within the six-month period. The total value of basic metal products imported within the two quarters was N748.529bn, while that of iron and steel was N88.232bn… More details through: https://punchng.com/after-spending-over-8bn-on-ajaokuta-nigeria-imports-n837bn-steel/ THE Federal Executive Council on Wednesday approved the engagement of transaction advisors for consultancy services for the concession of Ajaokuta Steel Company Limited and the National Iron Ore Mining Complex in Itakpe, Kogi State.
FEC also approved contracts worth N10.48bn and $27.09m respectively for the Federal Ministry of Power, for the purchase of several transmission equipment to stabilise power supply nationwide. The Minister of Information and Culture, Lai Mohammed, disclosed this to State House correspondents shortly after Wednesday’s hybrid FEC meeting Presided over by the President, Major General Muhammadu Buhari (retd.), at the council chambers of the State House, Abuja… More details through: https://punchng.com/consultant-to-get-n853m-for-ajaokuta-steel-firms-concessions-fg/ Despite the prevailing forex restriction for import goods by the Central Bank of Nigeria (CBN), textile is now the highest imported commodity, latest statistics from the National Bureau of Statistics (NBS) has shown.
Recall that in 2019 the CBN, as part of its intervention to revive the textile industry, imposed forex restriction on its importation, including woven fabrics and clothes to encourage local production and create jobs. The directive to restrict forex on imported goods seems not to be yielding positive results three years after following the latest report by the NBS which revealed that textile materials were the highest items that accounted for the country’s import index in 2021… More details through: https://dailytrust.com/despite-cbn-ban-textile-tops-nigerias-import-commodities THE Minister, Industry, Trade and Investment, Adeniyi Adebayo has decried the over $4billion bill import bill incurred yearly on textile and apparels, assuring that the government is addressing the challenges facing the cotton industry to create jobs for Nigerians.
The Minister stated this during a visit by the National Cotton Association of Nigeria (NACOTAN) in Abuja, stating that the industry has the capacity to transform Nigeria’s rural economy and revive the textile and garment industries by creating over two million jobs. The revival will also improve internal revenue across the three tiers of government, reduce $4.0 import bill incurred on textile and apparel, earn foreign exchange and make Nigeria a global player in the sector… More details through: https://thenationonlineng.net/fed-govt-laments-4billion-import-bill-on-textile/ Nigeria is the second largest investor in food and packaging technology in Africa with 390 million Euro, according to the Germany Machinery Association.
Managing Director, Fairtrade Messe, Mr Paul Maerz who stated this at a virtual event, noted that the country’s food production has also grown by 41 per cent from 26 billion euro in 2016 to 36 billion euro in 2020 and expected to rise by 48 per cent by 2024, quoting Euro Monitor. He said: “With 390 million euro in 2020, Nigeria is the second largest investor in food and packaging technology in Africa, just behind Egypt, but well ahead of South Africa, Algeria, Morocco and other African countries… More details through: https://thenationonlineng.net/nigerias-investments-in-food-packaging-tech-hits-euro-390m/ An American company, Kimberly-Clark, has expanded operations in Nigeria with the opening of a $100 million (about N41.6 billion) manufacturing plant in the Ikorodu area of Lagos State.
The new manufacturing plant, commissioned by Vice President Yemi Osinbajo, produces Huggies diapers. It is expected to create 1,000 jobs for Nigerians… More details through: https://dailytrust.com/us-firm-opens-n41-6bn-manufacturing-plant-in-lagos BUA Cement Plc, yesterday announced that it would commission its three million metric tons (MT) Sokoto Line 4 cement plant and 48 megawatts (MW) power plant today.
The group Chairman of BUA, AbdulSamad Rabiu announced the commissioning on the group’s official LinkedIn page. According to him, the event would also see the ground-breaking of the three million metric ton line 5 by President Muhammadu Buhari… More details through: https://dailytrust.com/bua-to-commission-3m-ton-sokoto-cement-48mw-plants-today Dolidol, a Moroccan market leader in the mattress space, has acquired Mouka, Nigeria’s leading brand of mattresses, pillows and other bedding products, making a smooth transition for Mouka’s sustainable market leadership. According to the Chief Executive Officer (CEO) of Mouka, Mr. Raymond Murphy, this affiliation with a regional market leader, following the transaction, sets the scene for bigger and greater things for the Mouka brand.
“In the light of this new development, Dolidol, a Moroccan market leader in the mattress space, will bring to the fore significant foam science, technical and engineering expertise to Mouka. As the market leader in Francophone Africa, Dolidol’s expertise will also be introduced to boost Mouka’s operations and the quality of its product portfolio… More details through: https://thenationonlineng.net/moroccan-firm-acquires-mouka/ |
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