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Key Highlights of the NME & NIRAM Expo, 2023 Deal Flow

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▪︎MAN President, Otunba Francis Meshioye visit an exhibition stand at MANEXPO recently (File photo).

” Whether you are an investor, seeking promising ventures, a manufacturer looking to expand your horizons, or an industry professional seeking valuable insights, the Nigeria Manufacturing and Equipment Expo (NME Expo) & the Nigeria Raw Materials Exposition (NIRAM Expo) promises to be a fertile ground for deal flow and collaborations.”

Segun Ajayi-Kadir, the Director-General of  Manufacturers Association of Nigeria- MAN, said in a statement five days to the exhibition holding at the Convention Centre, Federal Palace Hotel, in Lagos, Nigeria, from 21st – 23rd November 2023.

He said that manufacturers, investors, industry leaders and stakeholders from across the continent will converge at this prestigious event to explore and harness the potential of the manufacturing sector.

This year’s edition with the theme ‘Future Manufacturing: Building a Sustainable Roadmap to the Industrialization of Nigeria” emphasis on “Deal Flow” as being the key to Manufacturing and industry growth” as the central focus, aiming to facilitate meaningful partnerships, investments, trade opportunities and collaborations that drive innovation and growth.

Key Highlights of the NME & NIRAM Expo, 2023 Deal Flow
Focus:
● Investor Meet-ups: The event will host exclusive sessions where investors can connect with promising manufacturing enterprises looking to expand, innovate, or secure funding;
● B2B Connect: A dedicated platform will enable participants to pre-schedule meetings with potential partners, ensuring valuable face-to-face interactions;
● Industry Insights: Renowned manufacturing experts and leaders of thought will share insights on emerging manufacturing trends, investment strategies and market opportunities;
● Exhibition Zone: The exhibition area will feature a curated selection of cutting-edge manufacturing technologies, solutions and investment-ready projects; and
● Networking Opportunities: Participants will engage in high-level networking with industry players, government officials and representatives from international trade missions.

The Expo shall be a catalyst to facilitate deal flow which creates a significant opportunity for manufacturing companies to learn, meet new potential clients, engage with one another to find out how to deal with manufacturing challenges and ultimately grow their manufacturing businesses.

In addition, the event further supports the development of Intra-Africa trade with many African countries being represented.

Bunmi Aliyu, Managing Director, Leoht Africa, added that  the potential impact of the event would be felt for many more months after, as manufacturing companies further unpack the leads and contacts they would derive from the event, thus creating potential opportunities for engagements and business interactions.

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BREAKING: Dangote refinery Reduces petrol price from N880 to N840 per litre

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….New rate takes effect from June 30.

The Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit, popularly known as petrol, from N880 to N840 per litre.

Anthony Chiejina, the Spokesman for the Dangote Group, confirmed the price adjustment on Monday night.

Chiejina said the new rate took effect on June 30.

He said, “PMS price has been reduced from N880 to N840 per litre effective 30th June,.

Recall that Dangote refinery hiked the price of petrol to N880 as tension escalated during the 12-day crisis between Israel and Iran, raising the price of crude oil to almost $80 per barrel.

Also, marketers anticipated that there would be a new price regime from Monday.

Dangote’s partners like MRS, Heyden and AP are expected to adjust their pump prices soon.

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FG Suspends Implementation of Financial Reporting Council (Amendment) Act 2023

Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, announced the decision in a release on Monday.

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• Minister of Industry, Trade and Investment, Dr Jumoke Oduwole

The Federal Government has suspended the implementation of contentious provisions in the Financial Reporting Council (Amendment) Act 2023 following concerns raised by private sector stakeholders.

Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, announced the decision in a release on Monday.

She said that it followed a series of high-level consultations with key industry groups.

These include the Nigeria Employers’ Consultative Association (NECA), the Association of Licensed Telecommunications Operators of Nigeria (ALTON), and the Oil Producers Trade Section (OPTS).

At the heart of the concerns is the reclassification of large private companies as Public Interest Entities, requiring them to remit annual dues between 0.02 and 0.05 percent of turnover without a ceiling.

This is in contrast to the ₦25 million cap placed on publicly listed companies regardless of their size.

Stakeholders warned that the provision could increase compliance costs and hurt investor confidence.

But the minister said the policy was part of President Bola Ahmed Tinubu’s pro-business posture under the 8-Point Agenda and has responded with practical measures.

She explained that a stakeholder consultation was held on March 26, 2025, leading to an administrative pause and the formation of a Technical Working Group.

The group, she noted, comprised representatives from NECA, MAN, ALTON, NACCIMA, CAC, SEC, and others and held six meetings over three weeks that culminated in the submission of a comprehensive report on April 17, 2025.

Based on the findings, Oduwole, said President Tinubu briefed and recommended the continuation of the pause pending legislative review.

“To provide immediate relief, the Ministry has now directed the Financial Reporting Council to impose an interim cap of ₦25 million on annual dues for private sector PIEs, aligning them with the publicly quoted companies.

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Dangote Refinery to plough back N1.7trn into economy

From August 15, Dangote will begin the direct delivery of petrol and diesel to filling stations, industrial facilities, and other high-volume consumers.

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The Dangote Petroleum Refinery has earmarked to plough back N1.7 trillion gross annual savings from domestic fuel distributions into the economy.

In a statement, the company said that the daily distributions of 65 million litres of petrol, diesel and Jet AI and CNG nationwide would bolster the government’s presidential CNG initiative, and every key actors in the distributions value chains.

In a breakdown of the refinery’s benefits to all Nigerians, it emphasized  that the familiar narrative of  perennial fuel scarcity and adulterated fuel imports by marketers is being replaced by ”  no more fuel scarcity, and consistent supply of high quality petroleum products from the refinery.

It added that the refinery’s operations will likely cut down the nation’s inflation from the current 33 percent to 23 percent, while pushing the GDP growth rate from 2 percent to  3.4 percent.

Regarding the over N720 billion it was investing on deploying 4,000 Compressed Natural Gas-powered trucks for the nationwide distribution of petroleum products, the company said that it will significantly benefit over 42 million Micro, Small and Medium Enterprises (MSMEs) by reducing energy costs and enhancing profitability.

The initiative, which eliminates transportation costs for fuel marketers and large-scale consumers, is expected to help reduce pump prices and inflation.

From August 15, Dangote will begin the direct delivery of petrol and diesel to filling stations, industrial facilities, and other high-volume consumers, the company said.

According to the statement from the refinery, it aims to meet Nigeria’s daily consumption of 65 million litres of refined petroleum products.

This includes 45 million litres of Premium Motor Spirit (PMS) or petrol, 15 million litres of diesel, and 5 million litres of aviation fuel.

The initiative is also expected to resuscitate dormant filling stations, fostering job creation in the process.

Over 15,000 direct jobs are projected to be created across the logistics chain, including drivers, station managers, and attendants at the CNG stations.

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