Business

CPPE: Suspension of Tax Increments, Good For Already Troubled Manufacturing Sector

Published

3 years ago

July 10, 2023

WhatsApp Image 2023 07 10 at 11.07.42 AM

499 Views

The Centre for the Promotion of Private Enterprise (CPPE) says that the recent suspension of increased excise duties and green tax on the manufacturing sector by President Bola Ahmed Tinubu, is good.

In a statement, Dr. Muda Yusuf, the CPPE CEO, said: ” The manufacturing sector is a troubled part of the economy. And we commend this move to normalize policy implementation processes consistent with the national tax policy and best practice principles.

The executive orders also demonstrate the sensitivity of the Tinubu administration to the predicament of the manufacturing sector amid overwhelming headwinds and hassles to real sector activities in the Nigerian economy.”

Dr. Muda believes that the executive orders will help the sector to record remarkable growths in several dimensions.

He noted that the sector’s growth slowed to 1.6% in the first quarter of 2023, from 2.8% in the fourth quarter of 2022 having contracted by 1.9% in the third quarter of 2022.
It barely contributes 10% to the Gross Domestic Product [GDP] in the first quarter of 2023.

The sector is grappling with the following, among others:
•Challenges of depreciation in the exchange rate which is impacting adversely on the cost of production, a situation which is severely inhibiting production and productivity in the sector.
•Intense pressure on cost of production arising from numerous structural bottlenecks. This situation is creating sustainability challenges for investors in the sector, especially those in the SME segment.

They have experienced significant spikes in the cost of raw materials, cost of fund, high import duty, elevated energy cost, prohibitive cost of transportation and high cost of logistics.

Business

Africa’s Top Five Strongest Currencies

Tunisia continues to lead as Africa’s strongest currency. The Tunisian Dinar’s strength is largely supported by strict exchange control measures and inflation management, even amid ongoing political and economic challenges

Published

13 hours ago

November 2, 2026

OCHEFA

9 Views

According to the Forbes currency calculator, the following are the five strongest African currencies as of October 2026 against the US Dollar.

5. Botswana – Botswana Pula (BWP) Exchange Rate: 13.76 BWP per USD

The Botswana Pula stands out as one of Sub-Saharan Africa’s strongest currencies. Sound governance, effective fiscal policies, and a balanced reliance on diamond exports have helped maintain its strength.

4. Ghana – Ghanaian Cedi (GHS) Exchange Rate: 11.58 GHS per USD While the Ghanaian Cedi has been volatile, recent economic reforms and IMF support have introduced some stability. Government initiatives to rein in inflation and manage public debt are beginning to yield positive outcomes.

3. Morocco – Moroccan Dirham (MAD) Exchange Rate: 9.81 MAD per USD

The Moroccan Dirham benefits from the country’s stable macroeconomic policies, economic diversification, and prudent monetary governance. Morocco’s growing appeal to foreign investors, especially in renewable energy, also bolsters its currency.

2. Libya – Libyan Dinar (LYD)Exchange Rate: 6.39 LYD per USD

Despite years of political unrest, the Libyan Dinar remains notably strong. This resilience largely stems from Libya’s abundant oil reserves, which generate substantial foreign exchange revenue.

1. Tunisia – Tunisian Dinar (TND)Exchange Rate: 2.98 TND per USD
Tunisia continues to lead as Africa’s strongest currency. The Tunisian Dinar’s strength is largely supported by strict exchange control measures and inflation management, even amid ongoing political and economic challenges

Business

Naira Exchange Rates Today, Monday November 2,2026

Published

1 day ago

November 2, 2026

OCHEFA

25 Views

PARALLEL MARKET RATES

₦1382 DOLLAR (USD)

₦1815POUND (GBP)

₦1515EURO (EUR)

₦970DOLLAR (CAD)

₦65RAND (ZAR)

₦350DIRHAM (AED)

₦190YUAN (CNY)

₦100G.CEDI (GHS)

₦2300CFA F.(XOF)

₦2200CFA F.(XAF)

₦850AUSSIE (AUD)

OFFICIAL CBN EXCHANGE RATES

DOLLAR (USD)₦1346.26

POUND (GBP)₦1803.58

EURO (EUR)₦1503.23

SWISS FRANC (CHF)₦1634.20

JAPANESE YEN (JPN)₦8.56

CFA FRANC (XOF)₦2.28

WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1821.09

CHINESE YUAN (CNY)₦202.35

SAUDI RIYAL (SAR)₦358.71

SOUTH AFRICAN RAND (ZAR)₦80.67

Business

African Energy Bank Headquarters Operation in Nigeria

The $5bn financial institution is designed to fund oil, gas and other energy projects across Africa as traditional international lenders reduce financing for fossil fuel investments.

Published

2 days ago

November 1, 2026

OCHEFA

35 Views

Pic:L-R: Sen. Heineken Lokpobiri, Hon. Minister for State Petroleum Resources (Oil), Federal Government of Nigeria, Dr. George Elombi, President and Chairman of the Board of Directors at Afreximbank and Hon Mamadou Sangafowa-Coulibaly, Minister of Mines, Petroleum and Energy of Côte d’Ivoire during the first General Meeting of the Africa Energy Bank in Abuja, Nigeria.

African Export-Import Bank and the African Petroleum Producers’ Organisation have formally announced the establishment of the Africa Energy Bank (AEB).

The $5bn financial institution is designed to fund oil, gas and other energy projects across Africa as traditional international lenders reduce financing for fossil fuel investments.

The announcement was made during the AEB’s inaugural general meeting held in Abuja, Nigeria, on 31 October 2026.

The bank will provide financing for petroleum exploration, production, transportation, refining and distribution, while supporting Africa’s efforts to reduce dependence on imported petroleum products.

Afreximbank and APPO estimated the continent’s energy investment requirements at `$200bn, indicating a substantial funding gap that the new institution is expected to help address.