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Thursday, July 9, 2020

Belarus seeks investment in production of trucks, other heavy-duty vehicles in Nigeria

The government of the Republic of Belarus has said it will invest in Nigeria, especially in the automotive industry, having seen the development of the country’s economy. The Ambassador of Belarus to Nigeria, Mr Vyacheslav Brill, was quoted to have said this in Abuja, when...

Local manufacturers spent N246bn on private power generation in two years —MAN

Against the backdrop of the worsening public power supply, new data have emerged showing that manufacturers in Nigeria spent a total of N246.38bn generating their own electricity between 2016 and 2017. Further analysis of the data compiled by the Manufacturers Association of Nigeria showed that...

Nigeria retakes ownership of Ajaokuta steel, Itakpe mining companies

Nigeria has recovered ownership of Ajaokuta Steel Company, ASC, and National Iron Ore Mining Company Limited, NIOMCO, Itakpe, following the resolution of a protracted legal dispute. The Minister of Mines and Steel Development, Kayode Fayemi disclosed this on Thursday in Abuja at the maiden meeting...

Nigerian manufacturers push to cut N19.5tr raw materials import bill

About N19.5 trillion has been spent by manufacturers to import input in 16 years, says the Raw Material Research and Development Council. This huge capital flight may have prompted manufacturers and the government to look inwards for alternatives, reports Assistant Editor OKWY...

Ford invests $15m vehicle assembly plant in Nigeria’s Coscharis Motors

Rasheed Bisiriyu Coscharis Motors, a subsidiary of Coscharis Group and distributors of Ford automobiles, has unveiled a vehicle assembly plant in Lagos worth over $15m (about N5bn) for the production of the brand. The President of the Coscharis Group, Mr. Cosmas Maduka, said at a press...

Nigeria’s Manufacturing Index Growth expands by 61.1 index in December

Manufacturing in Nigeria expanded by 63.6 index points in December 2018, the production level index for the manufacturing sector grew for the twenty-second consecutive months in December 2018. The index indicated a faster growth in the current month, when compared to its level...

Panel identifies five priority areas to drive Nigeria’s industrialisation

The Nigeria Industrial Policy and Competitiveness Advisory Council held its second meeting on Monday with a decision to focus on five priority areas. The areas are critical infrastructure, financing, trade, skills and capacity building. The Minister of Industry, Trade and Investment, Okechukwu Enelamah, disclosed this to...

Masari woo foreign investors to explore State’s untapped solid mineral resources

Governor Aminu Masari of Katsina State has said research conducted by the National Raw Materials Research and Development Council has shown that the state is blessed with 35 different types of mineral resources that are mostly untapped. Masari who spoke through the deputy governor,...

Manufacturing PMI Stands at 55.3% in September 2017 from 53.6%% in August 2017 – CBN

Introduction The September 2017 PMI was conducted by the Statistics Department of the Central Bank of Nigeria during the period September 11 - 15, 2017. The respondents were purchasing and supply executives of manufacturing and non-manufacturing organizations in 13 locations in Nigeria (2 states in...

Productivity at Nigeria’s manufacturing sector dropped N30bn in Q1 -NBS

The manufacturing sector recorded a decline of about N30bn in output in the first quarter of this year, figures obtained from the National Bureau of Statistics have revealed. An analysis of the Gross Domestic Product report prepared by the NBS showed that the sector recorded...
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