▪︎Cover image: Doris Uzoka-Anite Minister of Industry, Trade and Investment. Photo: X ” The paper industry in Nigeria has largely been in recession due to the growth in digital technology and other macroeconomic headwinds.” The sector contracted to 0.56% in 2023 from the 1.47% in 2022. Dr. Muda Yusuf, the Chief Executive Officer of the…
Officers of the Manufacturers Association of Nigeria during a tour of industries in Edo/Delta Branch .
Stavros Nicolaou is the Group Senior Executive of Aspen Pharmacare Holdings Limited, Gauteng, South Africa. In an interview with IFC, he explains the importance of being able to create viable markets for vaccine procurement, the need for partnerships for the right regulatory reform, and what0 Aspen is planning for expanding vaccine security on the continent….
▪︎Samsung Electronics Head Office in Seoul, South Korea The Biden-Harris Administration is providing a $6.4 billion grant to Samsung Electronics (Samsung) to build new semiconductor fabrication plants in Texas. The U.S. Department of Commerce, disclosed this today , on its website. “I signed the CHIPS and Science Act to restore U.S. leadership in semiconductor manufacturing…
The Central Bank of Nigeria has sacked about 117 staff cutting across 29 departments, staff of the apex bank said. Daily Trust reported that the layoff had been going on since the appointment of Dr Olayemi Cardoso as the Governor. The CBN workers revealed that no department can be spared in the continued sacking ravaging…
▪︎CBN Governor, Olayemi Cardoso The Central Bank of Nigeria, CBN, on Monday, banned the use of foreign denominated collaterals for naira loans. This was contained in a circular dated April 8, 2024 and directed to all banks by the CBN’s Acting Director of Banking Supervision Department. In the circular titled, “The Use of Foreign-Currency Denominated…
▪︎Image: $75m loan agreement signing ceremony between AfDB and Indorama Eleme Fertiliser The African Development Bank has signed a $75 million loan agreement with Nigeria’s Indorama Eleme Fertilizer and Chemicals Limited to increase its fertilizer production and develop a port terminal for exports. Ousmane Fall, the African Development Bank’s acting director for Industrial and Trade…
In Summary▪︎Global Banks N500bn▪︎National Banks N200bn ▪︎Regional Banks N50bn ▪︎All banks are required to meet the minimum capital requirement within 24 months commencing from April 1, 2024, and terminating on March 31, 2026 The Central Bank of Nigeria has announced the increase in the capital base of commercial banks with international authorisation to N500 billion…
The Standards Organisation of Nigeria (SON) has warned importers of tyres against stuffing it before shipment They may look nice in the eyes, but we rely on scientific investigation and analysis ” The act of stuffing tyres into one another instead of bringing it in different containers renders the tyres dead on arrival into the…
By Industrial Times staff writer For some time now, some among our tenth Republic Ministers have been fanning the flames to return Nigeria to the era of importation of bagged cement to stabilise the rising cost in the markets. The drum beats for the importation of cement started throbbing in August 2023. THE FIRST THREAT FOR…
