Business

CPPE Urges Sustained Support for High-Performing Sectors and Targeted Assistance for Sectors in Recession

The sectors currently in recession include air transport, textiles, and coal mining.

Published

11 months ago

August 4, 2025

OCHEFA

558 Views

•Dr Jumoke Oduwole, Minister of Industry Trade and Investment

The Centre for the Promotion of Private Enterprise (CPPE) has called for ongoing lending support for high-performing sectors of the economy and targeted intervention for sectors currently in recession.

This appeal follows the recently rebased Gross Domestic Product (GDP) figures released by the National Bureau of Statistics (NBS), now based on a new reference year 2019.

The latest GDP data for Quarter 1 of 2025 reveals the following:- 37 sectors recorded growth, though many experienced a slowdown.- 9 sectors contracted, and 3 sectors are in recession.

The top-performing sectors include:- Financial Services: 15.3%- Oil Refining: 11.51%- Transportation: 14.08%- Information and Communication Technology (ICT): 7.4%- Metal Ores: 25%Conversely, the sectors that contracted are:- Livestock: -16.7%- Fishing: -0.21%- Textiles: -1.63%- Coal Mining: -22.3%- Quarry & Minerals: -21.55%- Plastics and Rubber: -3.2%- Iron & Steel: -0.35%- Air Transport: -0.81%.

The sectors currently in recession include air transport, textiles, and coal mining.

Dr. Muda Yusuf, director and CEO of CPPE, emphasised the importance of enhancing productivity in critical areas such as agriculture, manufacturing, and trade.

He stated, “These sectors are essential for economic inclusion, job creation, self-reliance, economic security, and diversification.

However, their growth rates are currently below expectations: agriculture grew by only 0.7%, and manufacturing by 1.7% in Q1 2025.

These sectors require targeted interventions to unlock their full potential and drive sustainable development.”

Related Topics:Centre for the promotion of private enterprises Dr Muda Yusuf Featured NBS newly rebased GDP

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BUA Group Denies Reports of Bid to Acquire Stake in Kano Pillars Football Club

Published

2 hours ago

June 30, 2026

Charles Flames

13 Views

BUA Group has firmly dismissed online reports claiming that the conglomerate and its Chairman, Abdul Samad Rabiu, submitted a bid to acquire a 70% stake in Kano Pillars Football Club.

In a press statement issued on Tuesday, the company described the publication as inaccurate and misleading.

PRESS STATEMENT

Re: False Claims of Bid to Acquire Stake in Kano Pillars Football Club

Our attention has been drawn to an online publication suggesting that BUA Group and its Chairman, Abdul Samad Rabiu, have submitted a bid to acquire a 70% stake in Kano Pillars Football Club.

We would like to clarify that this report is inaccurate and does not reflect any position, action, or communication from BUA Group or Abdul Samad Rabiu. No such bid has been made, and there has been no engagement with any party on this matter.

We kindly request that this report be disregarded, and we encourage the public and members of the press to rely only on official statements issued through BUA Group’s verified channels for accurate information regarding our activities.

We appreciate the continued interest in BUA Group and thank the public for their understanding.

BUA Group reiterated its commitment to transparency and urged stakeholders to verify information through its official communication channels.

Business

Nigeria’s oil minister orders marketers to reduce fuel price

“While we believe that market forces will eventually restore equilibrium, the regulator also has a statutory responsibility to ensure that deregulation does not become an avenue for profiteering. This must be done in line with the extant provisions of the Petroleum Industry Act,”said Lokpobiri.

Published

6 hours ago

June 30, 2026

OCHEFA

17 Views

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, at the NMDPRA General Counsel and Legal Advisers Forum, directed petroleum marketers to reduce fuel price .

At the two-day forum themed: “Beyond Compliance: Driving Regulatory Certainty and Investment Confidence in Nigeria’s Petroleum Sector, Lokpobiri noted that refiners and marketers have continued to sell petrol at elevated pump prices despite the significant decline in crude oil prices from a peak of $120 per barrel to about $72 per barrel last week.

He said: “Following de-escalation of tensions between Iran and the United States, we expected to see a commensurate downward adjustment in the prices of PMS and other petroleum products.However, that has not yet happened.”