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Members of the Organized Private Sector in Nigeria (OPSN) have kicked against the suspension of the proposed hike in electricity tariff stating that any increase in tariff will reinforce the already high cost of doing business for the Private Sector and further depress productivity in the manufacturing sector.
Precisely, the operators stated that while electricity outages average about 10 hours per day, electricity expenses still constitute about 40% of the total cost of production and the average cost of self-generated electricity averages $313 million (N119 billion) in 2019… More details through: https://guardian.ng/business-services/manufacturers-others-spend-n119b-on-self-generated-electricity/
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The federal government has secured about $1.46 billion for the completion of the Ajaokuta Steel Mills in Ajaokuta, Kogi State.
The development signifies what could become an effective end to the over 40 year-delay in the completion of the multi-billion-dollar project. Minister of Mining and Steel Development, Arc.Olamilekan Adegbite, disclosed this in an interview with Vanguard in Abuja. More details through: https://www.vanguardngr.com/2020/02/fg-secures-1-46bn-to-complete-ajaokuta-mills/ In furtherance of the federal government policy directing military and para-military personnel to source their uniforms locally, a cotton processor, Mrs. Ololade Adeneye, has disclosed that $139 million (N50 billion) has been earmarked to set up gunnery plants in Oyo, Ogun and Ekiti states.
She requested support of federal and state governments for cotton farming, noting that the Nigeria has the capacity to supply cotton to the world. Adeneye who stated this during the flag off of cotton recovery from beneficiaries of the CBN/NACOTAN 2019/2020 Anchor Borrower Programme for Oyo state, held in Oyo town, said the sector will soon experience rapid development… More details through: https://www.dailytrust.com.ng/investor-stakes-n50bn-on-revival-of-textile-industry-in-s-west.html Manufacturers Association of Nigeria (MAN) on Tuesday said it had concluded plans establish $25 million (N9 billion) moringa oleifera farming plantation in the 774 local government areas of Nigeria.
The President of the association, Michael Ashimashiga, said this at a press conference in Abuja while discussing the importance of the plant. Mr Ashimashiga said the arrangement was part of efforts to address unemployment in the country… More details through: https://www.premiumtimesng.com/business/373726-man-to-establish-n9bn-moringa-plantation.html The Federal Government has said the Russian government and Afreximbank will provide up to $1.46bn to fund the resuscitation of the Ajaokuta Steel Company Limited.
The Minister of Mines and Steel Development, Olamilekan Adegbite, who disclosed this in Lagos on Tuesday, said a Memorandum of Understanding would be signed by the Nigerian and Russian governments this month for the project… More details through: https://punchng.com/russia-afreximbank-to-provide-1-46bn-for-ajaokuta-completion/ The Group Managing Director, African Industries Group, Mr. Alok Gupta, on Thursday said Nigeria will gain a lot from the company’s huge $600million steel plant in Kaduna State.
He said the nation will soon be exporting steel and chemical products to various countries within the Economic Community of West African States (ECOWAS) sub-region. He said the project will also bring in significant savings in foreign exchange by import substitution to the country… More details through: https://thenationonlineng.net/600m-steel-plant-to-create-3000-jobs-save-forex/ Nosak Group has invested more than $75 million in three ethanol plants in Nigeria even as it gets ready to tap opportunities in the African Continental Free Trade Area (AfCFTA) which begins in July 2020.
In an interview with BusinessDay, Osaro Omogiade, managing director of Nosak Distilleries Limited, said his group’s investments had been huge, adding that the company would continue to pump huge amounts to tap opportunities in the economy… More details through: https://businessday.ng/real-sector/article/nosak-pumps-75m-into-ethanol-plants-readies-for-afcfta/ Cormart Nigeria Limited has strengthened its product portfolio with the addition of starches and sweeteners from Cargill. According to a statement made available to THISDAY by the company, for more than 20 years, Cormart and Cargill have developed a business relationship that provides essential raw materials to Nigerian food manufacturers.
The statement also stated with the new product portfolio, customers are offered starches and sweeteners from Cargill which are not being currently produced in Nigeria, “this new addition will help to enhance local production in Nigeria.”… More details through: https://www.thisdaylive.com/index.php/2019/12/17/cormart-cargill-strengthen-partnership/ Nigeria imports ceramic products worth $900 million annually. Ceramic tiles imports account for over $500 million of the import, and are projected to reach $2.1 billion by 2025.
A Professor of Ceramics Engineering, Patrick Oaik-hinan, gave the figure on the side-line of the launch of Oaikhinan Ceramics Foundation in Lagos, to improve ceramic penetration and skills upscale in the country. He lamented that despite her growth potential for ceramics, Nigeria’s ceramics import bill remained huge, attributing this to erosion of the vibrancy of ceramics manufacturing in the country… More details through: https://thenationonlineng.net/nigerias-ceramic-tiles-imports-to-hit-2-1b/ Nigeria’s manufacturing sector is the biggest winner of central bank policies that have forced lenders to extend more credit to the private sector.
Lending to manufacturing companies in Africa’s most-populous country from May to the end of October totaled 459.7 billion naira ($1.3 billion), the most in two decades, central bank Governor Godwin Emefiele told reporters Tuesday in the capital, Abuja. Output from manufacturing firms was up 1.23% in the three months to September with contribution to real GDP at 8.74%, the the country’s National Bureau of Statistics said in a report last week… More details through: https://www.bloomberg.com/news/articles/2019-11-26/nigerian-manufacturing-wins-big-from-central-bank-s-credit-push |
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