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.
Business
Naira Exchange Rates To Dollar, Pound, Euro…Wednesday, 16 September 2026
How much is 100 pounds in naira today?
At the current black market rate of 1880 per pound, 100 British Pounds = 188,000 Naira
BLACK MARKET RATE
1 US Dollar is 1380 Naira.
1 Great British Pound (GBP) is 1880 Naira.
1 Euro (EUR) is 1575 Naira.
1 Canadian Dollar (CAD) is 1000 Naira.
1 Chinese Yuan is 190 Naira.
1 Ghanaian Cedi is 100 Naira.
1 South African Currency, Rand (ZAR) is 70 Naira.
1 UAE Dirham is 370 Naira.
1 CFA Franc (XOF) is 2350 Naira.
1 CFA Franc (XAF) is 2250 Naira.
1 Australian Dollar (AUD) is 850 Naira.
CBN Exchange Rate
DOLLAR (USD) ₦1329.15
POUND (GBP) ₦1793.69
EURO (EUR) ₦1534.77
SWISS FRANC (CHF) ₦1622.69
JAPANESE YEN (JPN) ₦8.5
CFA FRANC (XOF) ₦2.33
WEST AFRICAN UNIT OF ACCOUNT (WAUA) ₦1811.58
CHINESE YUAN (CNY)₦198.03
SAUDI RIYAL (SAR)₦353.85
SOUTH AFRICAN RAND (ZAR)₦81.79
Business
Textiles was my biggest business mistake — Dangote
Dangote disclosed that almost 8,000 workers were laid off across the textile business, with 6,920 of them coming from Nigerian Textile Mills in Ikeja alone.
•Aliko Dangote
President of Dangote Group, Aliko Dangote, has described his investment in the textile industry as the biggest business mistake of his decades in business.
Dangote made the disclosure during an appearance on Arise Television, where he reflected on some of the challenges he encountered while building his business empire.
Dangote’s comments come amid ongoing concerns over the survival of local manufacturing industries and the impact of imported goods on domestic production and employment.
“My biggest business mistake was textiles,” he said.
According to the industrialist, the textile business eventually collapsed due to inadequate policy protection and what he described as dumping by foreign manufacturers.
“We were swamped by Chinese dumping and Indian dumping. So eventually we had to close down,” Dangote said.
He said the closure had a significant impact on workers, particularly employees of Nigerian Textile Mills in Ikeja, Lagos.
Dangote disclosed that almost 8,000 workers were laid off across the textile business, with 6,920 of them coming from Nigerian Textile Mills in Ikeja alone.
He said the experience shaped his approach to subsequent investments, stressing the need to ensure that businesses remain viable even when government protection is eventually withdrawn.
Business
Dangote: Africa Is Like a ‘Scratch Card’ — Opportunities Are Immense
Dangote’s message, therefore, extends beyond the refinery itself: Africa’s opportunities will remain invisible unless capital is deployed to “scratch” the surface and turn potential into productive assets.
| map of Africa by Wikipedia
By Ochefa
Africa is sitting on enormous economic opportunities that remain largely untapped, President and Chief Executive Officer of Dangote Industries Limited, Alhaji Aliko Dangote, has declared.
Dangote likened the continent to a “scratch card”, saying its vast opportunities would only become visible when Africans and investors take deliberate steps to unlock them.
“Africa is like a scratch card. Unless you scratch it, you don’t see the use of it. The opportunities are immense,” Dangote said.
He spoke in Lagos during the Dangote Petroleum Refinery and Petrochemicals “Facts Behind the Offer” presentation and opening gong ceremony, held to mark the formal opening of the refinery’s Initial Public Offering (IPO) on the Nigerian Exchange Limited (NGX).
The offer comprises 4.1 billion new ordinary shares at ₦525 per share, giving the issue a value of about ₦2.15 trillion, with a minimum subscription of 10 shares valued at ₦5,250. The offer is scheduled to close on October 13, 2026, subject to the terms contained in the prospectus.
Dangote said the group was looking beyond Nigeria as it seeks to expand its industrial footprint across Africa, disclosing plans being explored for the establishment of a refinery in Lamu, Kenya.
The move, he said, reflects the need to build African businesses capable of attracting large-scale international capital while creating greater economic integration across the continent.
According to him, the Dangote Group’s expansion strategy is not simply about building individual businesses, but about creating platforms through which Africans and international investors can participate in the continent’s economic transformation.
“What we are trying to do is to open up the market and make sure that when we open up the market, Africans and non-Africans will join us to have what you call the new Africa rising,” he said.
The refinery IPO represents a major test of Nigeria’s ability to mobilise domestic and international capital behind large-scale industrial projects.
Dangote urged Nigerians and other Africans to seize the opportunity presented by the offer, arguing that the refinery has the potential to become Africa’s largest company by the end of 2026.
His “scratch card” analogy captures the central argument behind the expansion strategy: Africa’s economic potential may be enormous, but unlocking it requires capital, infrastructure, industrial investment and businesses willing to take long-term risks.
For Nigeria, the refinery’s public offering also signals a potentially significant shift in the ownership structure of one of the country’s biggest industrial assets—from a project largely associated with one private investor to an enterprise in which a broader pool of investors can participate.
The development comes as Nigeria seeks to deepen its capital market, retain more domestic savings within the economy and mobilise long-term funding for productive investment.
Dangote’s message, therefore, extends beyond the refinery itself: Africa’s opportunities will remain invisible unless capital is deployed to “scratch” the surface and turn potential into productive assets.
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