A worrisome case in point is the ongoing forex forward-related dispute involving KAM Industries Nigeria Limited, a leading manufacturer in the steel sector in West Africa a member of the Association, and one of the commercial banks in Nigeria.

The Manufacturers Association of Nigeria has call on the Central Bank of Nigeria to direct commercial banks to immediately unfreeze the accounts of manufacturers affected by unmet foreign exchange forwards obligations.

Segun Ajayi-Kadir, the Director- General of MAN, in a statement, yesterday , lamented that this development has led to the harassment and the freezing of some of its members’ corporate and personal bank accounts by some commercial banks in the country.

The $2.4 billion Forex backlog was part of a $7 billion outstanding obligation.

Last year, despite the interventions of the former Minister of Industry, Trade and Investment, Dr Doris Uzoka, the CBN’s failure to these forward contracts, which are intended to mitigate currency risks, is causing financial distress for manufacturers.

“A worrisome case in point is the ongoing forex forward-related dispute involving KAM Industries Nigeria Limited, a leading manufacturer in the steel sector in West Africa a member of the Association, and one of the commercial banks in Nigeria.

“Commercial banks and manufacturers should be partners that collaborate to build shared prosperity for the nation, not adversaries, “said Ajayi-Kadir.

He emphasised that as a vital sector of the economy, manufacturers rely heavily on access to Forex for the importation of essential raw materials, machinery, and equipment that are not locally available.

However, recent developments have shown a troubling trend in the way banks are handling the matter, to the extreme detriment of manufacturing industries.

Another reduction of petrol price has been announced by Dangote Petroleum Refinery and Petrochemicals by N15 in the price of its high-quality Premium Motor Spirit (PMS).

Nigerians will now purchase the product at the following prices: N875 per litre in Lagos; N885 per litre in the South West; N895 per litre in the North West and North Central, as a result of this reduction, while it will be sold for N905 per litre in the South East, South South, and North East.

According to the petroleum giants, these prices will apply through all its partners, including MRS, AP (Ardova), Heyden, Optima Energy, Techno Oil, and Hyde.

The refinery called on other marketers to join its expanding network of partners, thereby demonstrating their support for President Bola Tinubu’s Nigeria First policy, which advocates for the prioritisation of locally-produced goods and services Since the commencement of operations, Dangote Petroleum Refinery has consistently implemented cost-reduction strategies aimed at delivering tangible savings to Nigerians.

In February 2025, the company carried out two price reductions on petrol, resulting in a total decrease of N125 per litre.

This was followed by a further reduction of approximately N45 per litre in April.

Additionally, the prices of other key products, such as diesel and Liquefied Petroleum Gas (LPG), have been significantly lowered, improving affordability across transportation, industrial, and domestic energy sectors.

Dangote Petroleum Refinery recently reassured Nigerians of price stability despite fluctuations in global crude oil prices, reaffirming its commitment to supporting Nigeria’s economy.

“By refining petroleum products domestically at the world’s largest single-train refinery, we are proud to make a substantial contribution to Nigeria’s energy security, foreign exchange savings, and overall economic resilience—aligning with President Bola Tinubu’s Renewed Hope Agenda, which focuses on addressing the nation’s economic challenges and improving the well-being of Nigerians.

We are immensely grateful to His Excellency, President Bola Tinubu, for making this possible through the commendable Naira-for-Crude Initiative, which has enabled us to consistently reduce the price of petroleum products for the benefit of all Nigerians,” it stated.

Dangote Petroleum Refinery further assures the public of a consistent supply of petroleum products, with sufficient reserves to meet domestic demand, as well as a surplus for export to enhance the country’s foreign exchange earnings.

The founder of Dangote Refinery, Aliko Dangote, was named on Tuesday in the inaugural 2025 TIME100 Philanthropy list, which recognises the 100 most influential leaders shaping the future of philanthropy worldwide.

The list, published by TIME Magazine, includes Aliko Dangote, whose Foundation spends an average of $35 million annually on programmes across Africa, alongside other global figures in charitable work, such as Michael Bloomberg, Oprah Winfrey, Warren Buffett, and Melinda Gates, all of whom were recognised as Titans.

Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to deepen collaboration with Council For The Regulation of Freight Forwarding in Nigeria (CRFFN), with the aim to boost freight forwarding standards in the country.

The commitment was made today during a courtesy visit by the CRFFN team, led by its Registrar, Kingsley Igwe, to the NSC headquarters in Lagos.

The delegation was welcomed by the Executive Secretary/Chief Executive Officer of NSC, Dr. Pius Akutah.

He emphasized the importance of synergy between the agencies under the Ministry of Marine and Blue Economy and therefore, stressed the need for a formal Memorandum of Understanding (MoU) between the two agencies to strengthen their operational framework .

Dr. Akutah highlighted the importance of inter-agency collaboration, stating that no agency can do it all by itself without collaboration.

He further pointed out that the establishment of the Ministry of Marine and Blue Economy by President Bola Tinubu demonstrates the Federal Government’s strong commitment to economic development and therefore, the need for agencies under the Ministry to operate professionally in order to fulfill the President’s vision for the sector.

Dr. Akutah highlighted the importance of professionalism in trade, commending CRFFN’s restructuring the Freight Forwarders’ registration process, particularly the incorporation of Know Your Customer (KYC) protocols, describing it as a critical step in improving industry standards.

Dr. Akutah urged CRFFN to uphold and enforce the compliance standards it has set to align with global best practices.

Earlier , Mr. Igwe informed that CRFFN is grappling with challenges, especially in the areas of revenue generation and capacity building.

He appealed for NSC’s support in training freight forwarders to meet international benchmarks and strengthen Nigeria’s logistics value chain.

He disclosed that CRFFN has already developed a training curriculum but requires resources and suitable training locations to execute the program effectively.

The Registrar also commended Dr. Akutah’s efforts in sanitizing port operations and expressed confidence in the NSC’s continued support.