Business
LCCI’s Outlook for the manufacturing sector in 2025
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.
Business
Enugu Air Begins London Gatwick flights From December 10, 2026
The Enugu State-owned airline will use an Airbus A330-200 leased from Portugal-based EuroAtlantic under an Aircraft, Crew, Maintenance and Insurance (ACMI) arrangement.
Enugu Air will begin direct flights to London Gatwick on December 10, 2026, with four services weekly.
Tickets are already available for booking.
The Enugu State-owned airline will use an Airbus A330-200 leased from Portugal-based EuroAtlantic under an Aircraft, Crew, Maintenance and Insurance (ACMI) arrangement.
The service is being delivered through a strategic partnership with Omni-Blu Aviation (OBA).
The airline said the service will improve international travel connectivity for passengers departing from Lagos, Enugu and other parts of Nigeria.
Passengers from Enugu will be able to begin their international journey to London from their home airport, Akanu Ibiam International Airport.
The four weekly flights are expected to give travellers greater flexibility between Nigeria and the United Kingdom.
Enugu Air Chief Executive Officer Captain Tolu Ita said: “The commencement of our London Gatwick service reflects our commitment to expanding international connectivity and the vision of His Excellency, Governor Peter Mbah, to connect Enugu to more opportunities across the world.”
He added: “Of particular importance is ensuring that passengers from Enugu can begin their international journey to London from their home airport, Akanu Ibiam International Airport. We are proud to make the journey from Enugu to London Gatwick a reality for our passengers.”
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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.
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