Business

MAN Calls For Jaw- Jaw On Inflation Control

Published

2 years ago

August 17, 2023

The Manufacturers Association of Nigeria (MAN) says that it has become necessary for stakeholders comprising the government, central bank, private sector, and civil society to address how best to bring the rising inflation in the economy under control.

As reported by the National Bureau of Statistics (NBS), in July 2023, Nigeria experienced a surge in inflation, with the rate reaching a new 18-year high of 24.08 percent.

This marks an increase of 1.29 percent from the previous month’s rate of 22.79 percent.

Segun Ajayi-Kadir,
Director – General of MAN, said that it’s important to note that addressing inflation is a complex and long-term endeavor that requires a coordinated effort from various stakeholders, including the government, central bank, private sector, and civil society.

He believes that the combination of recommendations from the stakeholders, can help mitigate inflationary pressures and promote sustained economic growth.

Commenting on the inflationary impacts on the manufacturing sector, he said that it has leads to decreased demand for products which adversely affects manufacturers’ sales.

” As you would expect, the current inflationary condition in Nigeria is adversely affecting the operation of the manufacturing sector, just like most other sectors of the economy.

Some of the impacts of the rise in inflation on manufacturing include:

▪︎Increase in the cost of Production: Rising inflation often leads to higher costs of raw materials, labour, and other production inputs.

▪︎Reduced Profit Margin: As costs increase due to inflation, manufacturers might struggle to pass on these cost increases to consumers in the form of higher prices.

This results in reduced profit margins, especially as it is becoming more difficult to pass the burden to the consumers as a result of income squeeze leading to price resistance.

▪︎Supply Chain Disruptions: Inflation is disrupting supply chains, making it difficult for manufacturers to obtain necessary materials and components.

This will lead to delays in production and potentially halt operations as key supplies become scarce or unavailable.

▪︎Uncertainty in Planning: Inflation introduces a level of uncertainty in economic conditions. Manufacturers will continue to find it challenging to make long-term business plans due to unpredictable cost fluctuations, demand shifts, and overall economic instability.

▪︎Reduction of Consumer Spending: High inflation often reduces consumers’ purchasing power. As prices rise, consumers are cutting back on discretionary spending, including manufactured goods. “

Business

Bolt seeks dialogue with drivers ahead of May 1 strike

The strike, announced on Tuesday by the Lagos State chapter of the Amalgamated Union of App-Based Transporters of Nigeria, targets major operators including Bolt, Uber, In Drive, and others.

Published

5 hours ago

April 24, 2025

OhiBaba

Bolt, Nigeria’s largest e-hailing startup by market share, says it is seeking dialogue with driver representatives following a planned 24-hour strike by app-based drivers in Lagos, scheduled for May 1, over poor earnings and working conditions.

In an emailed response to PUNCH Online on Thursday, the Estonian ride-hailing operator acknowledged some of the concerns raised by the drivers and confirmed its openness to discussions aimed at addressing its drivers’grievances.

The strike, announced on Tuesday by the Lagos State chapter of the Amalgamated Union of App-Based Transporters of Nigeria, targets major operators including Bolt, Uber, In Drive, and others.

The union accused the companies of ignoring repeated calls for fair compensation, safer working conditions, and recognition of workers’ rights.

Business

Nigeria to host maiden AfCFTA hackathon

The initiative, led by Cherith-Code Concept Ltd, an International Trade Consortium, is supported by a coalition of partners, including Ascend Studios Foundation, Amazon Web Services, GFA Technologies, the National Information Technology Development Agency (NITDA), and Real Sources Africa, a Kenya-based company.

Published

6 hours ago

April 24, 2025

OhiBaba

The Nigeria AfCFTA Coordination Office has concluded arrangements for hosting the first-ever AfCFTA Hackathon in the country with a N20 million grand prize.

Held as a flagship event at the Science of Trade (SOT) Conference 2025, hosted by Ascend Studios Foundation, the maiden AfCFTA Hackathon is set to take place from May 1 to 3, 2025, in Lagos.

AfCFTA Coordination Office and Director of the Hackathon Project, Mr Olusegun Olutayo, disclosed this in a press release.

He emphasized thatthe hackathon is an innovative, tech-driven challenge specifically designed with Nigeria’s enterprising youth in mind.

This annual, high-impact project will focus on unpacking the opportunities presented by the newly adopted AfCFTA Digital Trade Protocol (DTP).

The platform will serve as a hub for developing competitive, practical and innovative solutions to power digital trade across Africa.

The convener of the SOT conference, Dr Inya Lawal, expressed enthusiasm about the hackathon’s transformative potential and the partnership with the Nigeria AfCFTA Coordination Office.

Business

Excitements As Wema Bank Clocks 80 In 8 Days

As Wema Bank counts down to its 80th anniversary on May 2nd, 2025, the world eagerly anticipates the future of possibilities that lies ahead for this phenomenal bank.

Published

7 hours ago

April 24, 2025

OCHEFA

All roads lead to Lagos on May 2nd 2025, when Wema Bank, Nigeria’s oldest indigenous bank, leading innovative bank and pioneer of Africa’s first fully digital bank, ALAT, will be marking its 80th anniversary in grand style, in Lagos, the city where it all started.

Founded on May 2nd 1945 as Agbonmagbe Bank Limited, Wema Bank was established by the Late Chief Matthew Adekoya Okupe and two others—his wife, Regina Adekoya Okupe and a family friend, Reverend Alade.

In an era where the banking industry was designed to cater only to the colonial government and expatriates, Wema Bank came to life as a vanguard of indigenous banking, bridging the gap in access to financial services by providing quality financial services tailored to the needs of indigenous Nigerians and businesses.

The story of Wema Bank is one that symbolises remarkable resilience, capturing the journey of an indigenous Nigerian bank that dared to rise at the heights of the colonial era, weathering the storms of the difficult terrain, navigating challenges and constantly reinventing to continue serving Nigerians against all odds, for 8 solid decades and counting.

Founded on May 2nd, 1945, as Agbonmagbe Bank Limited, Wema Bank was established by the Late Chief Matthew Adekoya Okupe and two others—his wife, Regina Adekoya Okupe, and a family friend, Reverend Alade.

This great bank, which began as the mere vision of an illustrious philanthropist in a hollow room at Agbonmagbe Lodge, Yaba, Lagos, has now grown to not only become Nigeria’s longest standing indigenous and most resilient bank but also, Nigeria’s most innovative bank.

In truth, Wema Bank’s formidable legacy is proof that Nigerian businesses have the capacity to last, transcend time, adapt and innovate to remain valuable to customers, stakeholders, shareholders, industries, and the nation at large.

From empowering Nigerians with the finest quality of financial services to providing tailored opportunities for underserved categories of the population, spearheading the future of banking and being a backbone for Nigeria’s FinTech industry by not only pioneering the continent’s first fully digital bank, ALAT, but also allowing FinTechs to operate using the Bank’s secure and advanced network; Wema Bank has built a legacy of impact since 1945.

As Wema Bank counts down to its 80th anniversary on May 2nd, 2025, the world eagerly anticipates the future of possibilities that lies ahead for this phenomenal bank.

While details of the grand Wema at 80 event are yet to be disclosed, the event is reported to be the most star-studded and exclusive corporate celebration of the year.

It is convening generations of Nigerians in Lagos in a night of momentous reflection, merriment, and grandeur with the dress code and timeless elegance.