Business
CPPE Spots Flaws in RMRDC Raw Materials Bill, Calling for its Withdrawal
Dr Muda Yusuf, the Director/ CEO of CPPE, said: ” The RMRDC involvement in trade policy matters is an aberration. Besides, the bill has a very weak value proposition.
The Centre for the Promotion of Private Enterprise (CPPE) has critiqued the Raw Materials Research and Development Council [RMRDC] Bill in the National Assembly, calling for its withdrawal.
The RMRDC Bill proposed by Senator Peter Onyekachi Nwaebonyi, which aims to ensure local processing of at least 30 percent of Nigeria’s raw materials before exportation, has received overwhelming support from the Manufacturers Association of Nigeria, and other stakeholders during the public hearing organized by the Senate Committee on Science and Technology, held on Wednesday, March 5, 2025.
However, Dr Muda Yusuf, the Director/ CEO of CPPE, said: ” The RMRDC involvement in trade policy matters is an aberration. Besides, the bill has a very weak value proposition.
The CPPE advises the RMRDC to withdraw the bill.
Dr Yusuf urged the National Assembly to encourage the RMRDC to focus on its core mandate of raw materials research to offer the most cost-effective raw materials option for manufacturers.
Dr Yusuf explained that the RMRDC Bill currently before the National Assembly has the prospect of creating significant adverse and unintended consequences for Nigerian exporters and manufacturers.
What study has been done to determine the local processing capacity for each category of primary products currently being exported?
What metrics would be used to determine raw materials that manufacturers would be allowed to import into the country?
What is the effective time frame for implementation?Is it within the mandate of the RMRDC to promote the ban on exports or imports?
The position of the CPPE is that this bill raises more questions than answers.
It is a very simplistic proposition that has not taken into account the critical challenges of manufacturing, processing,, and value addition in the Nigerian economy. “
Business
TIME Names Moniepoint CTO Felix Ike Among 50 Global Executives of the Year
In its citation, TIME said Ike “has helped to establish the business as one of Africa’s leading financial platforms.
TIME magazine has named Felix Ike, co-founder and Chief Technology Officer of Nigerian fintech Moniepoint, to its inaugural Executives of the Year: Tech and Data list.
Ike is the only executive representing an African company among the 50 leaders selected for the 2026 list.
The list, unveiled on Tuesday, September 22, recognises chief information officers, chief technology officers, chief data officers and chief product officers whose decisions are shaping how major organisations deploy technology and use data.
Moniepoint is also the only African company represented on the inaugural list.
Ike was named alongside executives from Netflix, CrowdStrike, Dell, Duolingo, AT&T, OpenAI, Anthropic, Shopify and Reddit, among others.
In its citation, TIME said Ike “has helped to establish the business as one of Africa’s leading financial platforms.
“The recognition follows Moniepoint’s inclusion in TIME’s 2025 list of the 100 Most Influential Companies, giving the Lagos-founded fintech another global distinction.
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Business
Djibouti, Ethiopia and Dangote to build $660 million petroleum pipeline
In Kenya, Dangote and the government are due to break ground on a new 700,000-barrel-per-day crude oil refinery in Lamu next week.
Ethiopia, Djibouti and Nigerian billionaire Aliko Dangote plan to build a $660 million refined petroleum pipeline that will connect Ethiopia and Djibouti, a spokesperson in Ethiopian Prime Minister Abiy Ahmed’s office said on Thursday.
The project will include a 120-km (75-mile) pipeline, as well as approximately 375,000 cubic metres of storage capacity at Damerjog in Djibouti and 800,000 cubic metres at Dewele in Ethiopia, the spokesperson told Reuters, adding it should become operational within 18 months.
Abiy said on his X account the project will be developed through a partnership between Ethiopian Investment Holdings and the Dangote Group, which separately is already building a $4 billion fertiliser pipeline and power plant, and a polypropylene packaging facility, in Ethiopia.
The project aims to reduce logistics costs and delays along the Ethiopia-Djibouti transport corridor, Abiy said.
Developers say the infrastructure will strengthen energy security and improve supply chain resilience for the two countries, he said.
Abiy is on a visit to Djibouti and made the announcement alongside its president, Ismail Omar Guelleh, and Dangote.
In Kenya, Dangote and the government are due to break ground on a new 700,000-barrel-per-day crude oil refinery in Lamu next week.
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