Business
LCCI’s Outlook for the manufacturing sector in 2025

The Lagos Chamber of Commerce and Industry (LCCI) has projected moderate growth for the manufacturing sector in 2025 predicated on improved infrastructure and enhanced access to foreign exchange, among other factors.
President of LCCI, Gabriel Idahosa, predicted in a New Year statement on the economy. He noted that Nigeria’s manufacturing sector experienced sluggish growth in 2024, with about 8.9% contribution to the gross domestic product (GDP), occasioned by significant headwinds, including high production costs driven by inflation, foreign exchange volatility, and energy shortages.
Idahosa, however, noted that despite these challenges, sub-sectors like food processing and textiles showed resilience and were supported by domestic demand.
He, therefore, urged the federal government to prioritize the promotion of price stability, improvement in ease of doing business, fiscal sustainability, and debt management to unlock sustainable economic growth and improve the well-being of Nigerians in 2025.
His words: “The removal of fuel subsidies and persistent power supply challenges further strained the sector, limiting output and increasing the cost of locally produced goods.
Access to foreign exchange for importing raw materials remained constrained, exacerbating supply chain disruptions. Several multinational companies exited the Nigerian market.
Despite these challenges, specific sub-sectors like food processing and textiles showed resilience, supported by domestic demand.
Looking ahead to 2025, the manufacturing sector is projected to grow moderately, driven by anticipated improvements in infrastructure, enhanced access to foreign exchange, and government policies aimed at promoting local production and reducing reliance on imports.
“Addressing structural bottlenecks, fostering innovation, and expanding public-private partnerships will be critical for unlocking the sector’s growth potential.
Business
UPDATE: NUPENG Skips Meeting to Resolve Dispute with Dangote in Abuja

The leadership of the National Union of Petroleum and Natural Gas Workers (NUPENG) failed to attend a crucial Federal Government meeting aimed at resolving its dispute with the Dangote Group, as tensions escalate over a planned nationwide strike by oil workers.
The meeting, called by the Minister of Labour and Employment, Muhammad Dingyadi, was set for 10:00 a.m. on Monday at the ministry’s headquarters in Abuja. However, by 2:30 p.m., the meeting had yet to start due to the absence of NUPENG representatives.
On Sunday, the Federal Government appealed to NUPENG to postpone the industrial action, assuring that it had intervened in the dispute. It also urged the Nigeria Labour Congress (NLC) to withdraw its “red alert” issued to affiliate unions preparing for a solidarity strike.
An insider noted that even if NUPENG plans to attend the meeting, it won’t be immediate. “They can’t be expected to fly into Abuja and rush into talks the same day. Consultations with NLC leadership and others need to happen first,” the source explained.
The core of the conflict centers on the Dangote Group’s alleged anti-union policy, which NUPENG claims violates workers’ rights. The union insists that no oil worker will be allowed to work at Dangote without union membership, accusing the company of an “anti-worker and anti-union” stance aimed at exploiting refinery employees.
NUPENG officials were still in Lagos on Monday afternoon, coordinating the strike effort. “You don’t wait until a strike is declared before calling for talks,” one union source said, criticizing the government’s delayed response. “The union gave sufficient notice, but the ministry only acted after tensions rose.”
Meanwhile, while journalists awaited the start of the NUPENG meeting, Minister Dingyadi held a separate closed-door session with representatives of the Nigerian Medical Association (NMA).
The government has yet to announce a new meeting date or confirm if NUPENG will participate at a later time.
Business
UPDATE: NUPENG Accuses Dangote Refinery of Fuel Sector Monopoly, Warns of Massive Job Losses

The Nigerian Union of Petroleum and Natural Gas Workers (NUPENG), representing Petroleum and Tanker Drivers (PTD), has condemned Dangote Refinery’s decision to deploy 10,000 Compressed Natural Gas (CNG) tankers for petroleum product distribution, calling it a monopoly that threatens the livelihood of thousands of workers in the sector.
NUPENG described the move as anti-labour and harmful to PTD members, highlighting that drivers recruited by Dangote for these operations are reportedly barred from joining any trade union. The union warned this action violates both the 1999 Nigerian Constitution and international labour laws.
Speaking anonymously, some tanker drivers expressed concerns to journalists that unless the Nigerian Midstream and Downstream Petroleum Regulatory Authority intervenes swiftly, the situation could escalate and seriously damage the Nigerian economy, affecting millions of livelihoods.
The tanker drivers outlined several looming risks including:
- Loss of income for tanker owners and their families
- Unemployment for drivers, motor boys, and support staff
- Job losses for truck mechanics, painters, welders, and fabricators
- Decline in business for spare parts dealers, tyre and battery sellers
- Negative impact on depot representatives, artisans, and food vendors
- Financial ruin for transporters who have invested heavily in the sector
They warned that the move could result in millions of job losses, sparking social insecurity, increased poverty, and a surge in unemployment nationwide.
Business
Africa Climate Summit begins in Ethiopia today
The first edition of the summit was held in Nairobi, Kenya, in 2023, where African leaders adopted the Nairobi Declaration — a roadmap for the continent’s green growth and financing agenda.

The second edition of the Africa Climate Summit (ACS2) commenced today in Addis Ababa, Ethiopia
Themed ‘Accelerating Global Climate Solutions: Financing for Africa’s Resilient and Green Development’, the summit is billed for September 8-10, is being attended by world leaders, private Sector delegates, and top United Nations officials; policymakers, climate experts, and civil society.
Inputs from the deliberations will be used to forge a common African position ahead of the COP30 negotiations scheduled for Brazil next year.
Discussions will centre on how Africa can tap its vast renewable energy potential, showcase homegrown technology, attract climate finance, and strike a balance between development priorities and urgent climate action.
The first edition of the summit was held in Nairobi, Kenya, in 2023, where African leaders adopted the Nairobi Declaration — a roadmap for the continent’s green growth and financing agenda.
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