Business

LCCI’s Outlook for the manufacturing sector in 2025

Published

2 years ago

January 6, 2025

442 Views

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.

Related Topics:LCCI's Outlook Manufacturing Sector

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Business

TCN improves Power Supply to Apapa corridors by additional 208MW

The upgrade replaces an outdoor transformer that had served as a stopgap after the original facility, commissioned in 1985, was decommissioned.

Published

7 hours ago

August 18, 2026

OCHEFA

15 Views

The Managing Director/Chief Executive Officer of the Transmission Company of Nigeria (TCN), Mr. Sule Ahmed Abdulaziz , says from now Apapa Causeway, Ijora, Amukoko, Ajegunle, Apapa Wharf, Tin Can Island and other major commercial areas, will be having improved power supply.

Abdulaziz made the declaration on Monday during the commission of Ijora and Apapa Road transmission substations in Lagos by additional 208MW .

The project is aimed at improving the volume and reliability of electricity available to distribution companies for onward supply to homes, businesses and industries.

Abdulaziz said that the projects, sponsored by the Japan International Cooperation Agency (JICA) and the World Bank respectively, in partnership with TCN, underscored the Federal Government’s commitment to modernising the transmission network and improving grid stability.

He commended the Ministry of Power, JICA, the Government of Japan, Lagos State Government and other stakeholders for supporting the projects, while appealing for additional grant assistance to upgrade other critical sections of the transmission network.

Speaking at the commissioning, Minister of Power, Mr. Joseph Tegbe, said that the projects were part of the Federal Government’s efforts to address longstanding transmission constraints and infrastructure decay that have limited the country’s ability to fully utilise available generation.

The upgrades increased the Ijora substation’s capacity by 112MW, from 90MVA to 230MVA, following the installation of two new 100MVA transformers.

At Apapa Road, a new Gas Insulated Substation (GIS) added another 96MW, raising the facility’s capacity from 60MVA to 180MVA.

The upgrade replaces an outdoor transformer that had served as a stopgap after the original facility, commissioned in 1985, was decommissioned.

Business

CBN’s Sidi-Ali wins 2026 overall Spokesperson of the Year Award, courtesy of NSA

Published

9 hours ago

August 18, 2026

OCHEFA

20 Views

•Mrs Hakama Sidi Ali.

The Ag. Director of Corporate Communications of the Central Bank of Nigeria (CBN), Mrs. Hakama Sidi-Ali, has won the 2026 edition of the National Spokespersons Award (NSA).

The recognition was announced during the 6th National Spokespersons Awards and the 4th Economic Confidential Annual Lecture, organised by Image Merchants Promotion Limited (IMPR), publishers of PRNigeria, Economic Confidential and Spokespersons Digest, held in Abuja, recently.

The organisers stated: “With the latest honour, Sidi-Ali completed an unprecedented hat-trick at the National Spokespersons Awards, becoming the first communications professional to progress from winning a sector-specific award twice consecutively to claiming the overall Spokesperson of the Year title.