Honda and Nissan are in talks to merge by 2026, in an effort to fight intense competition from Chinese rival cars makers , such as Tesla and BYD. Reuters reports on Monday, that the tie-up would create the world’s third-largest auto group by vehicle sales after Toyota and Volkswagen (VOWG). It would also give the two companies scale and a…
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, urged the National Assembly to iron out the contending issues in the Tax Reform Bill rather than dumping it in its entirety. Edun also disclosed that a total sum of ₦16.1 billion was disbursed to 22 manufacturing concerns from the ₦75 billion…
The Minister of Industry, Trade, and Investment, Dr Jumoke Oduwole, has acknowledged that it’s important that businesses in Nigeria thrive as they’re seen as the best advertisements for foreign direct investment. She spoke at NACCIMA House in Lagos during an engagement with the leadership of the association. The Minister said the NACCIMA leadership had expressed…
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,…
