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LCCI’s Outlook for the manufacturing sector in 2025

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The Lagos Chamber of Commerce and Industry (LCCI) has projected moderate growth for the manufacturing sector in 2025 predicated on improved infrastructure and enhanced access to foreign exchange, among other factors.

President of LCCI, Gabriel Idahosa, predicted in a New Year statement on the economy. He noted that Nigeria’s manufacturing sector experienced sluggish growth in 2024, with about 8.9% contribution to the gross domestic product (GDP), occasioned by significant headwinds, including high production costs driven by inflation, foreign exchange volatility, and energy shortages.

  Idahosa, however, noted that despite these challenges, sub-sectors like food processing and textiles showed resilience and were supported by domestic demand.

He, therefore, urged the federal government to prioritize the promotion of price stability, improvement in ease of doing business, fiscal sustainability, and debt management to unlock sustainable economic growth and improve the well-being of Nigerians in 2025.

His words: “The removal of fuel subsidies and persistent power supply challenges further strained the sector, limiting output and increasing the cost of locally produced goods.

Access to foreign exchange for importing raw materials remained constrained, exacerbating supply chain disruptions. Several multinational companies exited the Nigerian market.

Despite these challenges, specific sub-sectors like food processing and textiles showed resilience, supported by domestic demand.

Looking ahead to 2025, the manufacturing sector is projected to grow moderately, driven by anticipated improvements in infrastructure, enhanced access to foreign exchange, and government policies aimed at promoting local production and reducing reliance on imports. 

“Addressing structural bottlenecks, fostering innovation, and expanding public-private partnerships will be critical for unlocking the sector’s growth potential.

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Nigeria’s economy grows 3.7% in H1- Stanbic IBTC report

Muyiwa Oni, Head of Equity Research, West Africa at Stanbic IBTC Bank, said that the estimated 3.7 percent year-on-year GDP growth aligns with expectations for annual growth of 3.5 percent.

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• President Bola Tinubu

The Nigerian economy grew by 3.7 percent in the first half of 2025, driven by improved business conditions and increased oil production.

This was revealed in the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) report compiled by S&P Global and released on Tuesday.

Earlier, the World Bank estimated that Nigeria’s economy would grow by 3.6 percent in 2025, higher than the 3.4 percent recorded in 2024, despite shifts in global trade dynamics.

This projection is lower than the Central Bank of Nigeria’s estimate of 4.17 percent and the ambitious 5.5 percent GDP growth forecasted by the Nigerian Economic Summit Group in January.

Muyiwa Oni, Head of Equity Research, West Africa at Stanbic IBTC Bank, said that the estimated 3.7 percent year-on-year GDP growth aligns with expectations for annual growth of 3.5 percent.

He said, “Insights from the monthly PMIs and crude oil production data from the Nigerian Upstream Petroleum Regulatory Commission suggest an economy that grew by an estimated 3.7 per cent y/y in H1 2025, supported by higher crude oil production and improved growth in manufacturing and services, while agriculture continues to lag its long-term average growth rate of 3.6 per cent.”

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Lagos Declares Manufacturing, Selling, Distributing single-use Plastics a Crime

Wahab called on the public, particularly business owners, food vendors, and market traders, to cooperate with the government to ensure a cleaner, safer, and more sustainable Lagos.

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• Tokunbo Wahab

The Lagos State Government has announced the commencement of full enforcement of the ban on the use and distribution of Single-Use Plastics (SUPs) across the state, effective July 1, 2025.

Mr. Tokunbo Wahab, the Commissioner for the Environment and Water Resources, made the announcement on Tuesday during a media briefing held at Alausa, Ikeja.

He emphasized that offenders will be prosecuted in line with the State’s Environmental Laws.

Wahab stated that the decision to enforce the ban follows an 18-month transition period granted to residents, manufacturers, and vendors to adjust and adopt more sustainable alternatives.

“The decision to ban Single-Use Plastics in Lagos was not arbitrary. It was an existential one, influenced by multiple factors,” he said.

Wahab explained that Lagos, a coastal city situated below sea level with the smallest land mass in the country—just 3,575 square kilometers—houses about 10 percent of Nigeria’s population.

“That alone is a recipe for environmental crisis. We did not just wake up whimsically and choose to ban styrofoam food packs in 2024.

We had always stated that within the next 12 months, all single-use plastics would follow.

Now, nearly 18 months later, we believe ample time has been given for all to transition. Enforcement starts July 1, and heavens will not fall.

Banned Items and Reasons

Styrofoam Packs: Banned due to their non-biodegradable nature and harmful environmental impact.

Plastic Straws: Prohibited to reduce plastic waste and promote eco-friendly alternatives.

Disposable Plastic Cups and Cutleries: Banned to curb single-use plastic pollution.

Lightweight Nylon Bags: Outlawed because they are not reusable or biodegradable, contributing significantly to environmental degradation.

Wahab called on the public, particularly business owners, food vendors, and market traders, to cooperate with the government to ensure a cleaner, safer, and more sustainable Lagos.

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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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