Business
Govt’s Excise Duty Puts 950,000 Manufacturing, Allied industries jobs at Risk of Layoffs
The increases in excise duty on sweetend beverages, beers, tobacco and single use plastics by the Federal Government will severely affect 950,000 direct and indirect employees in the manufacturing sector’s value chain.
Based on this, the Manufacturers Association of Nigeria (MAN) has called on the Federal Government to reverse the 2023 Fiscal Policy Measures, and retain the 2022 -2024 excise duty roadmap as approved in the 2022 FPM.
This is to foster stability in the affected sectors and their value chain.
Otunba Francis Meshioye, President of the Manufacturers Association of Nigeria (MAN), said that the government had better suspend the policy in the interest of the national economy.
At a press conference in Lagos, the previous day, the MAN President noted that companies in the affected industries support other businesses in their value chain, cutting across agriculture, logistics, bottling, labelling and packaging businesses, as well as factory and office staff, distribution, wholesale and retail businesses, catering for over 950,000 direct and indirect employees.
” For instance, over 37,000 sorghum farmers rely on the brewing sector for their livelihood. Unemployment rate which stands at 41 percent , puts about 489,000 existing jobs at risk and which will further widen the unemployment gap,” he said .
He explained that a crash in sale volumes and consequent cuts in production will severely impact
these businesses in the value chain, which will have a multiplier effect on the national economy.
” For instance, supplier transactions in the sector declined by over N260 billion by the end of 2022, when compared to 2021,” he said.
He said that retaining the 2023 FPM will have a negative signalling effect on current and prospective investors.
“A continuing decline in sale volumes will necessitate production cuts and a re-evaluation of investments in the sector. Specifically, if sales proceeds can no longer sustain
business overheads and operating expenses, businesses will be forced to scale
down their operations which would result in factory closures, job losses, a decline in exports and much more.
It is instructive to note that the Excise increase is a direct attack on Foreign Direct Investment (FDI),” he said.
Commenting on the introduction of the Single Use Plastics tax, he said that it is necessary for the authority to reverse the tax on Single Use Plastics and engage with relevant stakeholders
to facilitate ongoing initiatives, which have a better prospect of achieving the desired environmental objectives.
“A good example of this is the Food & Beverage Recycling Alliance, approved by the federal government,” he said.
Urges Deeper Local Investments
President Bola Tinubu has commended corporate Nigeria, investors, and stakeholders in the capital market for propelling the Nigerian Exchange (NGX) beyond the historic ₦100 trillion market capitalisation threshold.
In a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, the President described the achievement as a “new economic reality and rejuvenation,” signalling strong investor confidence in Nigeria’s reforming economy.
“With the Nigerian Exchange crossing the historic N100 trillion mark, the country is witnessing the birth of a new economic reality,” President Tinubu said. He highlighted the NGX All-Share Index’s impressive 51.19% return in 2025 — outperforming the previous year’s 37.65% and ranking among the world’s top performers — even as many global markets faced stagnation.
The President noted year-to-date gains surpassing benchmarks like the S&P 500 and FTSE 100, positioning Nigeria as an attractive investment destination rather than a overlooked frontier market.
He praised resilient performances across sectors, from industrial giants localising supply chains to innovative banks, and anticipated further growth with upcoming listings in energy, tech, telecoms, and infrastructure.
President Tinubu linked the stock market’s success to broader reforms yielding macroeconomic stability. Inflation has declined for eight consecutive months, dropping from a peak of 34.8% in December 2024 to 14.45% in November 2025, with forecasts suggesting 12% in 2026 and potentially single digits by year-end.
Nigeria recorded a $16 billion current account surplus in 2024, projected to rise to $18.81 billion in 2026, driven by surging non-oil exports (up 48% to ₦9.2 trillion in Q3 2025) and manufacturing growth. Foreign reserves have exceeded $45 billion, with the naira stabilising and projections to surpass $50 billion in early 2026.
Infrastructure advances, including rail expansions, major highways like Lagos-Calabar and Sokoto-Badagry, and port revitalisation, were also highlighted, alongside improvements in healthcare, education loans via NELFUND, and research funding.
Urging Nigerians to invest more domestically, President Tinubu assured that “2026 will yield even greater returns” as reforms mature. He pledged continued efforts toward a transparent, egalitarian, high-growth economy, bolstered by tax and fiscal changes effective January 1, 2026.
“Nation-building is a process requiring hard work and focus. This ₦100 trillion milestone signals to the world that Nigeria’s economy is robust and productive,” he concluded.
Business
MTN’s 5G subscribers reach 15m
“We are proud to be the first telco to achieve over 82 percent coverage in 4G, and the first to roll out 5H in Nigeria, already reaching an estimated 15 million of the population and counting,”
MTN Nigeria says that its 5G network, has reached an estimated 15 million subscribers across the country.
In a statement, the company linked the growth to its aggressive leadership in 4G/5G deployment and the accelerated rollout of its Fibre-to-the-Home (FTTH) network.
” We are proud to be the first telco to achieve over 82 percent coverage in 4G, and the first to roll out 5H in Nigeria, already reaching an estimated 15 million of the population and counting,” the statement reads.
It added that the drive for connectivity is backed by significant capital spending, stressing that Capex, excluding leases, soared by 248.0% to N757.4 billion.
The firm said that this investment was strategically directed at capacity enhancement to reduce congestion and to deliver ultra-fast broadband to households through FTTH.“Demand for data remains robust, driving a 36.3% YoY increase in data traffic, with average usage per subscriber rising by 20.8% to 13.2GB.
Business
China-Nigeria bilateral trade hits $22.3bn in 2025
“From January to October 2025, bilateral trade exceeded $22.3 billion; this represented a 30.2 percent year-on-year increase,” Yuqing said.
• Consul General of the People’s Republic of China in Lagos, YAN Yuqing
Chinese Consul-General in Lagos, Ms Yan Yuqing, had said China-Nigeria bilateral trade exceeded $22.3 billion between January and October 2025.
Yuqing disclosed this at the Lagos Forum New Year Media Symposium, where she reviewed bilateral relations and outlined prospects for deeper cooperation in 2026
.“Over the past year, China-Nigeria economic and trade cooperation has shown great vitality and strong momentum.
Over the past year, China-Nigeria economic and trade cooperation has shown great vitality and strong momentum.
“From January to October 2025, bilateral trade exceeded $22.3 billion; this represented a 30.2 percent year-on-year increase,” Yuqing said.
She said Nigeria had remained one of China’s major investment destinations in Africa for many consecutive years.
Presidential Condolences to Chimamanda Over the loss of her son
Ndidi builds up team’s moral , offers to pay outstanding bonuses
Super Eagles arrive Marrakech for Algeria quarter-final clash
Tech Expert, Zuckerberg trains with UFC champions, Adesanya, Alexander
Organ Trafficking: Ekweremadu bags 10 years in UK prison
SAINT OBI: Between his marriage and his death
-
Opinions3 days agoNigeria’s Democracy Under Siege: Opposition Faces Existential Threats
-
Health2 days agoWHO Names Nigeria’s Professor Martins Emeje Co-Chair of Traditional Medicine Advisory Group
-
Sports2 days agoFenerbahçe wants to buy Ademola Lookman from Atlanta for €42m
-
News2 days ago141 million Nigerian households to live in poverty this year – Report
-
Crime2 days agoNigerian Troops Neutralise Suspected Kidnappers, Recover Weapons in Plateau State Raid
-
Politics2 days ago2027: LP’s Baba-Ahmed declares presidential ambition
-
News3 days agoNBA declares “Odogwu Lawyer” missing
-
Business3 days agoBeyond GDP, UNCTAD to launch new economic indicators for measuring countries prosperity