Business

MAN Forecasts Rough Starting, Better Ending For Manufacturing Sector in 2024

Published

1 year ago

January 5, 2024

4 Views

” In broad terms, the year 2024 may start on a tough note for manufacturing but may end with some measured improvements because the envisaged policy reforms, improved commitment to domestic production and general positive outlook seams favourable for the sector. “

Segun Ajayi-Kadir, the Director-General of Manufacturers Association of Nigeria(MAN), gives this insight in a document-
‘Manufacturing Sector Outlook For 2024.’

He notes that although, the manufacturers expects the following developments and trends to shape the sector this year, yet , things may brighten up in the third quarter of the year.

“The period will be challenging, with a subtle possibility of recovery from the third quarter. The envisaged recovery is highly dependent on the deployment of policy stimulus supported with a synthesis of domestic growth driven, export focused and offensive trade strategies.

This will promote resilience, steady growth and ensure that the sector gains meaningful traction in the later part of the year,” he said.

He said that drawing from likely economic dynamics and in the light of the aforementioned, our projections for the manufacturing sector in 2024 are as follows:

▪︎3.2% Sectoral Growth
In 2024, sectoral real growth is expected to hit about 3.2 percent; contribution to the economy will most likely exceed 10 percent and the Manufacturers’ CEOs Confidence Index is predicted to rise above 55 points thresholds by the end of Q4 2023.

▪︎Average capacity utilization will still hover around the 50 percent threshold as the forex-related challenges and high inflation rate limiting manufacturing performance may linger until mid-year.

▪︎Forex, Inflation and Interest Rate Challenges
The sector may experience a meagre improvement in manufacturing output as forex and interest rates-related challenges are expected to subside from the third quarter.

▪︎Cement Sector To Enhance Manufacturing Outputs
Higher manufacturing output is envisaged from the beginning of the third quarter of the year as the government disburses capital provisions of the budget to abandoned, ongoing and new capital projects with expected special preference for locally made products.

▪︎The ongoing concessions of seaports, airports and roads may also provide opportunities for the cement sub-sector and contribute to infrastructure upgrade needed to enhance manufacturing productivity.

▪︎Reasonable stability in the monetary policy ambience as the apex bank reverts to playing its conventional roles and deliberately improves forex supply to the productive sector for import of inputs not available locally.

▪︎Stability in the forex market
The results of the emerging upward surge in global oil prices, domestic oil and gas production, local refining of petroleum products and projected gains of exchange rate unification will promote stability in the forex market and impact manufacturing positively from the second half of the year.

This will lead to reduction in the pressure on demand for forex and improve the inflow of export proceeds from oil and gas.

▪︎Tax Reforms and Banks Recapitalisation
The ongoing tax reforms and the envisaged bank recapitalization will frontally address the challenges of multiple taxation and poor access to credit that have continued to limit manufacturing sector performance, if successfully implemented.

▪︎Electricity Act 2023
Expect dynamic implementation of the Electricity Act 2023, which will increase private investment in renewable energy, enhance energy efficiency and improve electricity supply to the manufacturing sector.

▪︎The improved electricity supply will ameliorate the issue of inadequacy, reduce the disruptions occasioned by frequent outages and in turn improve energy security.

Business

MTN , Airtel , Glo Begin USSD Direct Charges from Today

The new billing model would allow mobile network operators to charge customers directly for USSD sessions, with charges deducted from airtime balance at N6.98 per 120 seconds.

Published

3 days ago

June 18, 2025

OCHEFA

34 Views

Telecom subscribers in Nigeria will now be charged directly by their mobile network operators for Unstructured Supplementary Service Data (USSD) services, starting Wednesday, June 18, 2025.

This was disclosed by Mr Gbenga Adebayo, the Chairman, Association of Licensed Telecommunications Operators of Nigeria (ALTON), and the Publicity Secretary, Mr Damian Udeh.

Adebayo said that the change is in line with the Nigerian Communications Commission’s (NCC) determination of USSD pricing and services, developed in collaboration with the Central Bank of Nigeria (CBN) and other stakeholders.

” The new billing model would allow mobile network operators to charge customers directly for USSD sessions, with charges deducted from airtime balance at N6.98 per 120 seconds,” he said.

Business

CAC unveils new service fees starting August 1

For companies, notable revisions showed that the voluntary striking-off fee has been raised from N25,000 (for small companies) to N50,000, and N100,000 for public entities.

Published

3 days ago

June 17, 2025

OCHEFA

55 Views

The Corporate Affairs Commission (CAc) on Tuesday, announces an increments for its service fees review certain service fees effective the 1st day of August 2025.

In a statement , the Commission said that the new fees are a reflection of the current economic conditions and rising operational expenses.

The CAC added that the new development is expected to have implications for business owners, legal practitioners, compliance officers, and stakeholders engaging with the corporate registry for post-incorporation filings and regulatory services..

Said CAC: ” the reviewed fee structure affects services offered to companies, limited partnerships, business names, and incorporated trustees.

For companies, notable revisions showed that the voluntary striking-off fee has been raised from N25,000 (for small companies) to N50,000, and N100,000 for public entities.

Relisting of a Company now costs N50,000 for LTD/GTE and N100,000 for public companies.

Due Diligence Search (Self-Service) has been fixed at N50,000 across all categories.

The commission said the request for an extension of time to hold the annual general meeting will now cost N100,000 for public companies, and N50,000 for others.

Historical Search Reports: Depending on the type, public users will now pay N20,000 to N30,000 per request.Other charges include N25,000 for restriction of the director’s residential address and N5,000 per certified true copy of documents or extracts.Under Limited Partnerships, the updated fees are as follows voluntary Striking Off and Relisting: N25,000, letter of good standing: N10,000, Registration and CTC of Documents: N30,000, Change of Name: N10,000.

For Business Names, the structure reflects modest increments of N10, 000 for voluntary striking off, relisting: N25,000, application for cessation N10,000, CTC of Documents/Extract: N5,000 each, restriction of Proprietor’s Address: N25,000.

The commission stated that name reservations across the board remain at N1,000 while name reservations for restricted words cost N5,000.”

Business

June Tax Returns: FIRS Extends Office Hours to Weekends

“As you are aware, the month of June marks the peak of the annual Companies Income Tax (CIT) filling season, with many taxpayers whose financial year ends 31st December expected to file their tax returns by June 30.“

Published

5 days ago

June 16, 2025

OCHEFA

38 Views

THE Chairman of the Federal Inland Revenue Service (FIRS), Zaacheus Adedeji, has directed the extension of tax office operations to weekends for the month of June.

In a statement on Monday, Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, explained that the directive is part of Adedeji’s commitment to matching the agency’s customer-centric policy with tangible action.

The statement reads: “The weekends service, which started on June 14, will end on Sunday, June 29, “and it is aimed at helping companies who are mandated by law to file their tax returns by the end of the month meet up with the deadline.”

“With the directive, tax offices are expected to open for business from 10:00 a.m. to 4:00 p.m. on Saturday and 12:00 p.m. to 4:00 p.m. on Sunday throughout the month of June.”

Consequent upon Adedeji’s approval, the Coordinating Directors of Large Taxpayers Group (LTG), Government and Medium Taxpayers Group (GMTG) as well as Emerging Taxpayers Group (ETG), Ms Amina Ado, Dr Dick Irri and Mr Kabir Abba respectively have conveyed the decision of the management to all staff in the tax offices in the three groups.

To ease the process for taxpayers, enhance service delivery, and maximize tax collection during this critical period, management has approved extension of tax office operations to weekends for the month of June 2025,” a directive jointly signed by the three Coordinating Directors said.

The FIRS chairman, on assumption of office, reorganized tax operations for ease of tax payment, leading the transformation of the agency from merely being a tax-collecting entity to a service-providing body.