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Saturday, June 6, 2020

Nigeria daily oil production hits 2.3 million barrels per day – NNPC GMD

The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, says the country’s daily oil production is currently 2.32million barrel per day. Mr Baru disclosed this on Tuesday when a delegation of the Nigerian Union of Journalists (NUJ) led by its President, Chris Isiguzo,...

Kogi to Develop Billet Facility to Meet Domestic Demand

Kogi Iron Limited (ASX: KFE) is an Australia registered company involved in the business of exploration of iron ore. In an announcement made on Friday 7th June 2019, the company highlighted that it has dispatched the prospectus for its entitlement offer to its eligible...

Nigeria’s Manufacturing PMI Stands at 57.8% in May 2019 from 57.7% in April 2019

Nigeria's manufacturing PMI for May 2019 survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period May 6-10, 2019. The respondents were purchasing and supply executives of manufacturing and non-manufacturing organizations in all 36 states in Nigeria and...

Nigeria needs to sign AFCTA to boots its local content competitiveness in Africa

The National Association of Chambers of Commerce, Industry Mines and Agriculture (NACCIMA) has called on the federal government to sign the African Continental Free Trade Agreement (AFCTA), saying it will help reposition the country’s competitiveness in the area of locally manufactured goods. The immediate past...

Anambra govt signs $1.1 million deal to build waste recycling plant

The Anambra Government has signed $1.1 million (N396m) contract for the establishment of plastic waste recycling plant in the state in partnership with a private firm, Redivivus Industries Ltd. The contract also included recycling and management of other waste materials in the state using the...

Ignoring illegal importation of iron and steel may lead to collapse of 60 per cent of local manufacturing companies in Nigeria

The Federal Government loses about N53bn per annum to the illegal importation of iron and steel products, the Galvanised Iron and Steel Manufacturers Association has alleged. The group, at a press briefing in Abuja on Friday addressed by its consultant, Mr Obiorah Ifoh, also called...

Nigeria’s manufacturing PMI grows to 57.7% in April 2019

The April 2019 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period April 9-13, 2019. The respondents were purchasing and supply executives of manufacturing and non-manufacturing organizations in all 36 states in Nigeria and the Federal...

In Aba, Nigeria’s China of Africa, local manufactured shoes carry dollar price tags

Adesola Dike is an undergraduate in a Nigerian top University in Lagos State, he has flairs for foreign made fashion brands, but over here in Nigeria, she only has access to those foreign fashion brands shipped into Nigeria as 'second handed clothes'. On the side...

VAT increase will raise Nigeria’s misery index, says MAN

The Manufacturers Association of Nigeria (MAN) has said any increase in the Value Added Tax (VAT) will be inappropriate. Its Director-General Mr. Segun Ajayi-Kadir told The Nation at the weekend that increasing VAT could send a wrong signal that the government was not sensitive...

Manufacturers want harmonisation of taxes, levies for higher productivity

Worried about the implications of additional tax burden on local producers, the Manufacturers Association of Nigeria (MAN) has urged the Federal Government to harmonize taxes/levies/fees payable by businesses in the country so as to attract more investment that would translate to higher productivity and...