Business
MAN Is Wooing Tinubu On Anti- Manufacturing Policies
The Manufacturers Association of Nigeria has requested President Bola Ahmed Tinubu, to look into the fiscal and monetary policies of the government that are hindering industrial growth.
The Association also applauded President Tinubu for the swift stoppage of the fuel subsidy, and said ,” It is an unmistakable indication of a far-sighted strategic choice.”
MAN, in its reaction to PresidentTinubu’s inauguration speech, said, ” Change in administration is usually greeted with expectations and as an advocacy group, we surely look forward to a number of policy changes and decisions.”
Segun Ajayi- Kadir, the Director- General of the Association, noted that the manufacturers are eager to see President Tinubu matches his words with actions regarding.
Tinubu had in his inuauguration speech promises ” industrial policies that will utilize the full range of fiscal measures to promote domestic manufacturing and lessen import dependency.”
Segun Ajayi- Kadir, listed some of the policies of the previous goverments needing overhauls, to include the followings :
* A marching order, so to say, is needed to move the Central Bank towards a unified exchange rate.
* A reversal of the unwarranted violation of the government’s three-year excise escalation roadmap on alcoholic beverages and tobacco.
- Direct the NERC to admit all qualified applicant companies into the Eligible Customer Scheme in order to allow them access to power as stipulated in the Electric Power Sector Reform Act 2005.
- Direct all relevant agencies of government to ensure that the electronic call-up system at ports aimed at redressing the congestion works without fail.
- Revisit the Finance Bill 2022 to ensure it includes the critical inputs of the organized private sector. In particular, the jettisoning of the highly objectionable removal of the 10% investment allowance on the acquisition of plants & machinery (in the Company Income Tax Act, section 32). Additionally, to ensure that the imposition of the 0.5% levy on eligible imports from third countries is limited to goods that we have the capacity to produce locally and quite importantly, exclude raw materials that are not locally available.
- The input of the Organised Private Sector on the CEMA bill should also be taken on board before the amendment bill is signed into law.
*Announce a special policy initiative to address the revival of closed and distressed industries, particularly in the northeast where 60% of our member companies have closed.
*Craft and announce a special policy initiative to leverage diaspora expertise and investment to address evident gaps and help to boost the performance of the economy.
- Direct all ministries, departments, and agencies of government to unfailingly comply with Executive Order 003 on the patronage of made-in-Nigeria products.
In this regard, there should be strict application of the margin of preference, effective monitoring and periodic evaluation of compliance, and appropriate sanctions meted out to MDAs acting in breach of the executive order. - Announce a special policy initiative to derisk manufacturing and release adequate funding for the sector through effective funding of special lending windows.
Business
AI’s Market Value Surging to $4.8 trillion by 2033- UNCTAD
Accordingly, the UN trade body urged: ” Countries should act now – by investing in digital infrastructure, building capabilities and strengthening AI governance – to harness the AI potential for sustainable development.
• A data center stores and processes data, the foundation on which AI systems learn, improve, and make decisions. © Shutterstock/Goodenough |
UN Trade and Development’s (UNCTAD) Technology and Innovation Report 2025 has projected that Artificial intelligence (AI) is expected to reach $4.8 trillion in market value by 2033.
Accordingly, the UN trade body urged: ” Countries should act now – by investing in digital infrastructure, building capabilities and strengthening AI governance – to harness the AI potential for sustainable development.”
In the report, UNCTAD Secretary-General Rebeca Grynspan underlined the importance of ensuring people are at the centre of AI development, calling for stronger international cooperation to “shift the focus from technology to people, enabling countries to co-create a global artificial intelligence framework”.
She said;” AI’s economic benefit is massive but must be shared, becoming a prominent force in digital transformation; noting that. however, access to AI infrastructure and expertise remains concentrated in a few economies.”
Just 100 firms, mainly in the US and China, account for 40% of global corporate research and development (R&D) spending. Leading tech giants, such as Apple, Nvidia and Microsoft, each have a market value of around $3 trillion, rivalling the gross domestic product of the whole African continent.
Market dominance, at both national and corporate levels, may widen technological divides, leaving many developing nations at risk of missing out on the benefits of AI.”
She emphasized that AI is reshaping jobs , and therefore, investment in skills is crucial”AI could impact 40% of jobs worldwide, offering productivity gains but also raising concerns about automation and job displacement.
The benefits of AI-driven automation often favour capital over labour, which could widen inequality and reduce the competitive advantage of low-cost labour in developing economies.
However, AI is not just about replacing jobs – it can also create new industries and empower workers.
Investing in reskilling, upskilling and workforce adaptation is essential to ensure AI enhances employment opportunities rather than eliminating them,” said Grynspan.
Business
Afreximbank disburses $50bn in Nigeria in 10 years
Over the last decade alone, total disbursements into Nigeria amounted to about 50 billion US dollars, spreading across vital sectors of energy, infrastructural, manufacturing, healthcare, transport and financial services.
The Africa Export-Import Bank (Afreximbank) has disbursed $50 billion for the execution of various projects in Nigeria in the last 19 years
The President of the bank, Prof. Benedict Oramah, made this known at the commissioning of the Afreximbank Africa Trade Centre, AATC, in Abuja, where he also reaffirmed the Bank’s vision to dismantle trade barriers and promote African market integration.
“Over the last decade alone, total disbursements into Nigeria amounted to about 50 billion US dollars, spreading across vital sectors of energy, infrastructural, manufacturing, healthcare, transport and financial services.
“Our support to the Nigerian financial services industry, amounting to 19 billion US dollars in the last decade, has helped to deepen and expand the sector and elevated their impact on the local economy,” he stated
Source: Sweetcrudereports
Business
$1.3b lithium factories set to take off Q2, 2025 — Alake
Alake stated this during the BusinessDay Solid Minerals Conference, with the theme: “Building a Resilient Mining Sector in Nigeria; Leveraging Diplomacy, International Partnership and Regulatory Coherence”.
Dele Alake, Minister of Solid Minerals, on Thursday, revealed that two Lithium factories are ready for take off, in the 2nd quarter of 2025.
Alake stated this during the BusinessDay Solid Minerals Conference, with the theme: “Building a Resilient Mining Sector in Nigeria; Leveraging Diplomacy, International Partnership and Regulatory Coherence”.
He spoke on successes recorded by the current administration in the mining sector:
“ The two Lithium factories will be commissioned this second quarter of 2025, with the first, located in Abuja, investing $700m and another one in Nasarawa, investing $600m”.
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