President Bola Tinubu assured that the 2025 budget will boost human capital development, increase the volume of trade and investments, bolster oil and gas production, and get manufacturing sector humming again, and ultimately increase the competitiveness of our economy. The N47.9 trillion 2025 budget, christened, “Budget of Restoration: Securing Peace, Rebuilding Prosperity, was presented to the…
Prof Mojisola Adeyeye, NAFDAC’s Director-General has admitted that the agency doesn’t have enough staff to effectively carry out its regulatory responsibilities across the country. In a comparison of the agency’s staffing situation with that of Indonesia, she said that with a population of 280 million, Indonesia has 20,000 staff at its regulatory agency, while Nigeria,…
WTO’s Goods Trade Barometer has shown that world merchandise trade volume rose 1.1% quarter-on-quarter and 3.3% year-on-year, on a seasonally adjusted basis, in the third quarter of 2024. This marks the fourth consecutive quarter of moderate trade expansion. By comparison, merchandise trade in current US dollar terms was up 4.3% year-on-year in Q3. This represents…
▪︎ NSDC CEO, Kamar Barkin, and Committee Committee Chairman, Hon Dolapo Enitan Badru The House of Representatives Committee on Industry has agreed to amend the National Sugar Development Council (NSDC) Act which is hindering investment in the sugar industry. The Executive Secretary/CEO of NSDC Mr Kamar Bakrin, said that the ammendments will accelerated sugar project…
Mr Ifeanyi Chukwunonso Okeke, the Director-General /chief executive officer, SON,said that the agency’s quality assurance interventions have positioned Nigerian manufacturers to compete favourably in the lucrative global leather and textile market valued at over $1 trillion. “Our capacity buildings have led to a significant improvement in the quality of leather products in Nigeria. Local manufacturers…
(Visual Capitalist) China and manufacturing dominance together are words easily believed, but this wasn’t always the case. The world’s manufacturer didn’t always make—quite literally—everything. This visualization projects the change in manufacturing value added (MVA) by country from 2000 to 2030. Data is sourced from the UN Industrial Development Organization, as of November 2024. Economic Reforms and…
The latest Global Trade Update published by UN Trade and Development (UNCTAD) reports that Global trade is set to reach a record $33 trillion by the end of 2024. The reports indicate that the $1 trillion increase reflecting 3.3% annual growth, highlights resilience in global trade despite persistent challenges. Said the reports: “Robust growth in services trade,…
(Business Day) The shutdown of textile companies across Nigeria has weakened Nigeria’s cotton production, pushing the crop into near-oblivion. Cotton is a critical plant-based raw material for textiles, with others being jute, hemp and sisal. Nigeria produces about 51,000 metric tons of cotton from over 300,000 tons in 1980s. The low cotton production is attributed…
The Deputy Chairman, House of Representatives’ Committee on Finance, Honourable Saidu Abdul, has called for periodic assessments of progress being made in the development of Nigeria’s sugar industry targets under the Phase II of the Nigeria Sugar Master Plan (NSMP). Hon Abdul made the call in response to the declaration of 2025 as the Year…
The Pharmaceutical Manufacturers Group of the Manufacturers Association of Nigeria (PMG-MAN) is lamenting that the industry is in a worse position now than before the Federal Government’s executive order on pharmaceutical inputs that temporarily suspends VAT payments for two years. Oluwatosin Jolayemi, the Chairman of the PMG-MAN / Managing Director of Daily Need Group, who…
