31 C
Lagos, South Africa and New York
Saturday, June 6, 2020

Nigerian shoemakers tap national pride, nostalgia to spur local industry

Nneka Chile, Abraham Achirga LAGOS/ABUJA, March 5 (Reuters) - Two men in grey jumpsuits brush glue onto rubber soles, while factory machines whir in the background. Elsewhere, women perched behind industrial sewing machines attach leather swatches to sturdy-looking men’s shoes. The production line could be anywhere...

Nigeria’s Manufacturing PMI drops to 59.2 index points in January — CBN

THE Central Bank of Nigeria, CBN, said that the Manufacturing Purchasing Managers Index, PMI, dropped marginally to 59.2 index points in January though activities in sector expanded for the 34th consecutive months. The January Manufacturing PMI represents 1.6 index points decline when compared to...

Nigeria needs to look inwards to revive Ajaokuta Steel Company, Expert says

From Grace Obike, Abuja Experts in in the metal and mining sector have called for inclusion in the revival of the Ajaokuta Steel Company. The experts who are members of the Nigerian Institution of Metallurgical, Mining and Materials Engineers (NIMMME) said some of its members have...

Nigeria’s Manufacturing PMI rises to 60.8 index points in December

The Manufacturing Purchasing Managers Index (PMI) rose for the 33rd consecutive month to 60.8 index points in December 2019. This represents 1.5 index points increase when compared to 59.3 index points recorded in the previous month. The Non-Manufacturing PMI rose for the 32nd consecutive month...

Imposing tax on communication services would slow Nigeria’s broadband adoption, GSMA warns

Warns tax will slow broadband adoption as ecosystem adds $21b to economy The Global System for Mobile telecommunications Services (GSMA) has expressed serious concern over the proposed nine per cent Communication Service Tax (CST) in Nigeria, currently under consideration by the National Assembly. GSMA noted that...

Lending to Nigeria’s Local Manufacturers surge $1.3 billion on Central Bank’s Credit Push

By Tope Alake, Alonso Soto, and Elisha Bala-Gbogbo Lending to manufacturers rises to a two-decade high: Emefiele Banks have to boost loan-to-deposit ratios to 65% or risk fine Lending to Nigeria’s manufacturing sector surges $1.3 Billion on central bank...

Nigeria seeks to localize manufacturing of rail system with wagon assembly plant launch

Vice President Yemi Osinbajo, yesterday in Kajola, Ogun State, kicked off the construction of the first ever wagon assembly plant for the railway system in the country, saying it is part of efforts to localise rail technology in Nigeria. Osinbajo said while performing the ground-breaking...

Russia targets New Investments to Revive Nigeria’s Biggest Steel Plant on Hold Since Soviet Era

By William Clowes Russian company MetProm the latest to develop idled complex Construction started in 1979 but plant has yet to pour steel Russia may give a new lease of life to Nigeria’s biggest steel plant after decades of...

Local manufacturing in Nigeria expands to 58.2% as employment dips

The Manufacturing PMI in the month of October stood at 58.2 index points, indicating expansion in the manufacturing sector for the thirty-first consecutive month. The index grew at a faster rate when compared to the index in September. Thirteen of the 14 surveyed subsectors...

FirstBank: Towards reviving Nigeria’s textile industry

By Chinyere Joel- Nwokeoma (NAN) For many years, until the early 1980s, the Nigerian textile industry was the highest employer of labour, after the public sector. Sadly, the industry is in dire straits battling for survival in recent times. Among the challenges that confronted the sector...