Business

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

Published

3 years ago

July 10, 2023

438 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

Meta set to charge WhatsApp Business messages from October 1

For example, a Nigerian fintech company sending 500,000 chargeable utility messages could incur about $5,050 in fees from Meta alone, excluding charges that may come from third-party providers or software platforms used to manage the messaging service.

Published

9 hours ago

August 28, 2026

OCHEFA

19 Views

Businesses using Meta’s WhatsApp Business Platform will begin paying for certain messages sent to customers from October 1, 2026, under a new pricing structure announced by the company.

The change applies to organisations that use the WhatsApp Business Platform, formerly known as the WhatsApp Business API, to manage customer communication on a large scale.

Regular WhatsApp users and small businesses using the standard WhatsApp Business app are not the main targets of the new charges.

Under the revised system, the amount businesses pay will depend on the type of message being sent.

Utility messages, including payment alerts, order confirmations and other service-related updates, will cost about $0.0101 per message, while marketing messages will attract a higher fee of approximately $0.062 each.

Although the individual charges appear relatively small, companies that send large volumes of messages could see their communication expenses rise significantly.

Business

Dangote Refinery Suspends Petrol Sales To Lagos Depots

Dangote Refinery is prioritising markets where imported products are either unavailable or less dominant, rather than adding more supply to Lagos, which receives substantial volumes of imported petrol.

Published

16 hours ago

August 28, 2026

OCHEFA

17 Views

Dangote Petroleum Refinery has suspended coastal sales of Premium Motor Spirit (PMS) to depot owners and importers in Lagos.

People familiar with the refinery’s operations said that the move is deliberate, aimed at redirecting locally refined petrol to areas where imported supply is scarce.

The suspension is ongoing. A source said: “The suspension of coastal sales to Lagos is still ongoing. It is aimed at redirecting products to locations where imported products are unavailable. Lagos has quite some imported petrol.”

The strategy is intended to ensure locally refined petrol reaches areas where it is most needed.

The decision comes amid concerns at the refinery over the volume of imported petrol entering Nigeria.

According to data available to the refinery, imported PMS accounted for about 43 per cent of total petrol supplied into Nigeria in July

Business

Naira Exchange Rates Friday, August 28

Today, the Naira Black Market exchange rate for 1 Great British Pound (GBP) is 1900 Naira. This means that you can get 1900 Naira for every 1 Pound that you exchange.

How much is 100 pounds in naira today?
At the current black market rate of 1900 per pound, 100 British Pounds = 190,000 Naira.