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Lagos, South Africa and New York
Monday, August 10, 2020

Nigeria, South Africa bilateral trade hits N552.2 billion in 2016

South Africa’s Minister of Trade and Industry, Rob Davies, said that Nigeria’s exports to South Africa hit N552.2 billion (R23 billion) in 2016. According to a statement from the country’s Department of Trade and Industry on Thursday, Mr. Davies said South Africa’s exports to Nigeria...

Invest Abacha Loot on Ajaokuta, Reps tell FG

…say Original Russian builders to be recalled to complete complex The House of Representatives Thursday urged the Federal Government to use the recovered funds from the Abacha loot to finance the Ajaokuta steel complex. The lawmakers also said TPE of Russia (the original builders) should...

Nigeria Cashew Farmers Plan Output Boost With Eye on Exports

Country earned $253 million from cashew exports in 2015 Cashew farmers want to cultivate 340,000 additional hectares Nigerian cashew producers are working on a four-year plan to cultivate more land and boost exports more than threefold to 500,000 metric tons a year to feed...

OPS, MAN, CBN disagree over $2.83b disbursement claim to members

The Central Bank of Nigeria (CBN)  has disbursed $2.83 billion foreign exchange (forex) to manufacturers, but members of the Organised Private Sector (OPS), including Manufacturers’ Association of Nigeria (MAN) areclaiming that their inability to access forex has forced some members out of business.  OKWY...

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...

Nigeria’s local alcohol manufacturers reject 500% excise duty hike

The Distillers and Blenders Association of Nigeria (DIBAN) says it rejects the new ”astronomical increase” in excise duty being imposed on domestic wines and spirits. Tax The Chairman of DIBAN, Chief Patrick Anegbe told newsmen on Wednesday in Lagos, that the hike was a...

Nigeria’s June Manufacturing PMI Expands Slower to 57.4 Points as Slower Economic Growth Seen in Q2

Freshly released Purchasing Managers’ Index (PMI) survey report for June 2019 showed slower expansions in both the manufacturing and non-manufacturing businesses amid slower growth in new orders and business activity which might partly be adduced to the delay in the implementation of minimum wage...

Why Nigeria’s January manufacturing PMI fell to 48.2 – CBN

The country’s manufacturing activity fell to 48.2 index points in January 2017, down from 52.0 recorded in December, the Central Bank of Nigeria said in its Purchasing Managers’ Index released on Tuesday. The report showed that while the manufacturing PMI dropped to  48.2 index points,...

Nigeria’s Manufacturing Index Expands for Fourth Consecutive Month

Economic recovery appears on the rise with the Manufacturing Purchasing Managers’ Index (PMI) standing at 54.1 index points in July 2017, indicating expansion in the manufacturing sector for the fourth consecutive month. The PMI is an indicator of the economic health of the manufacturing sector,...

Nigeria-China currency swap may help cut 50% cost of production, Local manufacturers say

Manufacturers have expressed the hope that the proposed currency swap between Nigeria and China will go a long way in reducing their cost of doing business. Specifically, textile manufacturers are optimistic that importing raw materials from China with the Chinese Yuan instead of the dollars...
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