Business
LCCI, NIXIN Reel Actions to Boost Nigeria’s Paper Industry
He condemned the current tariff regime, which imposes duties on plain paper imports but allows for the importation of printed materials duty-free.
The Lagos Chamber of Commerce and Industry (LCCI) has called on the Federal Government to provide policy support and incentives to boost local paper manufacturing in Nigeria.
The Chairman, LCCI, Printing Publishing and Allied Group (PPA), Gabriel Okonkwo, stressed the urgent need for government intervention in the paper manufacturing sector to revive local production and reduce Nigeria’s dependence on imports.
During a meeting with stakeholders at NIXIN Paper Mill, Okonkwo highlighted policy inconsistencies that have continued to undermine local manufacturers.
He condemned the current tariff regime, which imposes duties on plain paper imports but allows for the importation of printed materials duty-free.
“This unfair policy has created a lopsided competitive environment that favours foreign manufacturers over local producers.
“This has led to a situation where it’s cheaper to print books and other materials abroad and import them, rather than produce them locally,” he added.
As a result, a significant number of printing jobs are being outsourced to other countries, depriving our local industry of business opportunities.
If local manufacturers can provide high-quality paper at competitive prices, it would reduce our reliance on imports, conserve foreign exchange, create jobs, and contribute significantly to the economy,” Okonkwo said.
He pointed out that Nigeria’s large population, especially its student demographic, offers a massive market for paper products, calling on support for local paper manufacturers to produce at scale and competitive prices.
Reinforcing his call for increased confidence in local capacity, Okonkwo pointed to recent developments with the electoral body as a case in point. “INEC didn’t even believe we could produce ballot papers locally until recently.
It’s time we began to believe in and invest in our own,” Okonkwo stressed.
As part of NIXIN Paper Mill’s commitment to the nation’s self-sustenance, the paper mill is concentrated on increasing production capacity, improving product quality, and expanding its product line to meet the growing demands of the Nigerian market, thereby reducing the country’s dependence on foreign paper products and contributing to the growth of the local economy.
The Managing Director of NIXIN Paper Mill, Eric Wang, highlighted the potential of Nigeria’s paper industry, comparing it with his hometown in China, with a population of just 300,000, supporting a paper factory that consumes over 20,000 tons monthly.
In contrast, Nigeria, with a population exceeding 200 million, recorded only 70,000 to 75,000 tonnes per month, a figure he believes should be much higher given the country’s educational and commercial demands.
“We see that over 80 percent of Nigeria’s educational and printing materials are imported from Asia,” Wang stated.
Business Manager, NIXIN, Williams Sun, echoed that Nigeria significantly underutilized its local paper production capacity, with many orders still going to countries like India and China.
He emphasized the significant investment NIXIN has made of over $60 million and expressed frustration over the lack of returns, noting that one year into operations, the expected market response has yet to materialize.
Sun urged the government to support investors and take steps that will attract more players into the publishing and paper production space, which is critical for building a self-sufficient industry.
Business
Naira Exchange Rates Thursday, 5 Nov 2026
BLACK/ PARALLEL MARKET RATES
₦1400DOLLAR (USD)
₦1830POUND (GBP)
₦1515 EURO (EUR)
₦950 CANADIAN DOLLAR (CAD)
₦70 SOUTH AFRICAN RAND (ZAR)
₦350 UAE DIRHAM (AED
₦190 Chinese YUAN (CNY)
₦100 Ghanaian CEDI (GHS)
West African CFA ₦2240 (XOF)
Central African CFA ₦2180 (XAF)
₦820 Australian Dollar AUSSIE (AUD)
Business
NNPCL wants to sell 10% equity via IPO on NGX, LSE
NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.
The Nigerian National Petroleum Company Limited (NNPC Ltd.) is considering selling between 5% and 10% of its equity through a potential initial public offering (IPO), with the proposed listing expected to focus primarily on Nigeria’s domestic capital market.
The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, November 3, 2026, adding that the company could also pursue a secondary listing in London or New York.
The disclosure comes shortly after the Dangote Petroleum Refinery’s IPO closed on October 27, following a two-week extension of its subscription period from the initial October 13 deadline.
NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.
Ojulari indicated that raising additional capital would be a secondary consideration rather than the main reason for going public.
The company is also considering listing some of its subsidiaries separately, following a model adopted by Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ state-owned oil company.
Beyond the potential IPO, Ojulari disclosed that Chinese companies have expressed interest in acquiring equity stakes in some of NNPC’s smaller refineries, particularly the Port Harcourt and Warri facilities, which require substantial rehabilitation.
Business
Naira Exchange Rates Wednesday, 4 Nov 2026
BLACK/PARALLEL MARKET RATES
1390DOLLAR (US
₦1835POUND (GBP)
₦1510EURO (EUR
₦970 CANADIAN DOLLAR (CAD)
₦65 SOUTH AFRICAN RAND (ZAR)
₦350 UAE DIRHAM (AED)
₦190 CHINESE YUAN (CNY)
₦100 GHANAIAN CEDI (GHS)
₦2300 West African CFA F.(XOF)
₦2200 Central African CFA F.(XAF)
₦850 Australian Dollar AUSSIE (AUD)
OFFICIAL CBN EXCHANGE RATES
DOLLAR (USD)₦1346.93
POUND (GBP)₦1807.72
EURO (EUR)₦1512.26
SWISS FRANC (CHF)₦1644.21
JAPANESE YEN (JPN)₦8.52
West African CFA FRANC (XOF)₦2.30
WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1825.03
CHINESE YUAN (CNY)₦201.92
SAUDI RIYAL (SAR)₦359.15
SOUTH AFRICAN RAND (ZAR)₦81.37
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