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Thursday, November 26, 2020

UnEmployment spikes as Nigeria’s manufacturing PMI contracts to 49.4 index points in October

Non-manufacturing PMI still slower at 46.8 points The October 2020 PMI data released by the CBN shows a rise of 2.5 basis points to 49.4 index points from 46.9 index points recorded for September, a demonstration of an easing back constriction in the manufacturing sector...

CBN boosts FG’s supports to revamp textile sector

By Kadiri Abdulrahman Abuja. Oct. 15, 2020 The Central Bank of Nigeria (CBN) on Thursday said it would continue its efforts to support the Federal Government’s economic diversification efforts by focusing on the textile sector. CBN’s Development Finance Department made this known at the stakeholders’...

Russia to send 60-man team to conduct technical audit of Ajaokuta steel- Minister

By Francisca Oluyole Abuja, Oct. 14, 2020 Mr Olamilekan Adegbite, the Minister of Mines and Steel Development says a 60- man team from Russia will soon arrive Nigeria to start Technical Audit of Ajaokuta steel. Adegbite disclosed this newsmen on Wednesday in Abuja. He said that...

Textile industry, critical in addressing Nigeria’s rising unemployment- Union President

By Esenvosa Izah Lagos, Oct. 9, 2020 The National Union of Textile Garment and Tailoring Workers of Nigeria (NUTGTWN) says textile industry remained critical in addressing the nation’s current unemployment challenge. Its National President, Mr John Adaji, made the disclosure at a news conference on...

Establishment of Mikano automobile plant will have positive multiplier effect on Nigeria’s socio-economic life, says Ekiti Speaker

By Idowu Gabriel Ado-Ekiti, Oct. 9, 2020 The Speaker, Ekiti House of Assembly, Mr Funminiyi Afuye, says Mikano International Ltd’s establishment of an automobile assembly plant in Nigeria will have positive multiplier effect on the country’s socio-economic life. Afuye spoke on Friday in Ado-Ekiti, when...

MAN calls for transparency and uniformity in electricity tariffs

By Rukayat Moisemhe Lagos, Oct. 9, 2020 The Manufacturers Association of Nigeria (MAN) has called on the Federal Government to prevail on electricity distribution companies to regularise the varying costs of electricity tariffs across the states of the country. Mr Mansur...

Nigeria’s Manufacturing sector contracts for 5th consecutive month as recession looms

The Manufacturing PMI in the month of September stood at 46.9 index points, indicating contraction in the manufacturing sector for the fifth time. Of the 14 subsectors surveyed, 4 subsectors reported expansion (above 50% threshold) in the review month in the following order: electrical...

All On, Auxano sign $1.5m Investment Deal to increase Solar Panel Manufacturing in Nigeria

Shell-funded impact investment company All On has announced a $1.5 million investment in Auxano Solar Nigeria Limited to scale its operations over the next five years. “This investment would guarantee the expansion of Auxano’s solar panel assembly capacity by over 50 percent and is a...

COVID-19: Manufacturers donate N8bn cash, N300million palliatives

By Rukayat Moisemhe Lagos, Sept. 10, 2020 The Manufacturers Association of Nigeria (MAN) says its members made donations worth N8 billion in cash and N300million worth of palliative materials to both Federal and States Governments during the outbreak of COVID-19 pandemic. Mr Mansur Ahmed, President of...

Six sub-sectors reported expansion in new orders as Nigeria’s manufacturing pmi contracts 48.5

The Manufacturing Purchasing Managers’ Index (PMI) stood at 48.5 index points in August, indicating contraction in the manufacturing sector for the fourth consecutive months. The Central Bank of Nigeria (CBN) disclosed this in its PMI report for August posted on its website yesterday However, the report...
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