Business
MAN Is Wooing Tinubu On Anti- Manufacturing Policies
The Manufacturers Association of Nigeria has requested President Bola Ahmed Tinubu, to look into the fiscal and monetary policies of the government that are hindering industrial growth.
The Association also applauded President Tinubu for the swift stoppage of the fuel subsidy, and said ,” It is an unmistakable indication of a far-sighted strategic choice.”
MAN, in its reaction to PresidentTinubu’s inauguration speech, said, ” Change in administration is usually greeted with expectations and as an advocacy group, we surely look forward to a number of policy changes and decisions.”
Segun Ajayi- Kadir, the Director- General of the Association, noted that the manufacturers are eager to see President Tinubu matches his words with actions regarding.
Tinubu had in his inuauguration speech promises ” industrial policies that will utilize the full range of fiscal measures to promote domestic manufacturing and lessen import dependency.”
Segun Ajayi- Kadir, listed some of the policies of the previous goverments needing overhauls, to include the followings :
* A marching order, so to say, is needed to move the Central Bank towards a unified exchange rate.
* A reversal of the unwarranted violation of the government’s three-year excise escalation roadmap on alcoholic beverages and tobacco.
- Direct the NERC to admit all qualified applicant companies into the Eligible Customer Scheme in order to allow them access to power as stipulated in the Electric Power Sector Reform Act 2005.
- Direct all relevant agencies of government to ensure that the electronic call-up system at ports aimed at redressing the congestion works without fail.
- Revisit the Finance Bill 2022 to ensure it includes the critical inputs of the organized private sector. In particular, the jettisoning of the highly objectionable removal of the 10% investment allowance on the acquisition of plants & machinery (in the Company Income Tax Act, section 32). Additionally, to ensure that the imposition of the 0.5% levy on eligible imports from third countries is limited to goods that we have the capacity to produce locally and quite importantly, exclude raw materials that are not locally available.
- The input of the Organised Private Sector on the CEMA bill should also be taken on board before the amendment bill is signed into law.
*Announce a special policy initiative to address the revival of closed and distressed industries, particularly in the northeast where 60% of our member companies have closed.
*Craft and announce a special policy initiative to leverage diaspora expertise and investment to address evident gaps and help to boost the performance of the economy.
- Direct all ministries, departments, and agencies of government to unfailingly comply with Executive Order 003 on the patronage of made-in-Nigeria products.
In this regard, there should be strict application of the margin of preference, effective monitoring and periodic evaluation of compliance, and appropriate sanctions meted out to MDAs acting in breach of the executive order. - Announce a special policy initiative to derisk manufacturing and release adequate funding for the sector through effective funding of special lending windows.
Business
MTN Suspends Xtratime , data credit
Xtratime allows subscribers to borrow airtime or data and repay on their next recharge, a service widely used by millions of Nigerians, particularly during periods of financial constraints.
MTN Nigeria has announced the temporary suspension of its airtime and data credit service, Xtratime, in compliance with new regulatory requirements governing digital lending in the country.
The company disclosed this in a corporate notice filed with the Nigerian Exchange Group, NGX, on Thursday.
Xtratime allows subscribers to borrow airtime or data and repay on their next recharge, a service widely used by millions of Nigerians, particularly during periods of financial constraints.
In the notice signed by the Company Secretary, Uto Ukpanah, MTN said the suspension is necessary to align with the Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations, 2025.
Despite the suspension, MTN assured subscribers that alternative channels for purchasing airtime and data remain available, including banking applications and USSD platforms.
Business
NDIC Seeks Court Approval For Liquidation of 89 Defunct MFBs, PMBs Nationwide
The affected institutions are largely microfinance banks operating across multiple states, including Lagos, Anambra, Ogun, Osun, Ondo, Akwa Ibom, Oyo, FCT, Kaduna, Delta, Edo and Kano.
The Nigeria Deposit Insurance Corporation (NDIC) has commenced the process of concluding the liquidation of 89 microfinance banks (MFBs) and primary mortgage banks (PMBs) whose licences were revoked.
The affected institutions are largely microfinance banks operating across multiple states, including Lagos, Anambra, Ogun, Osun, Ondo, Akwa Ibom, Oyo, FCT, Kaduna, Delta, Edo and Kano, reflecting the spread of small-scale lenders within the financial system.
The development follows the revocation of licences of 179 MFBs and four PMBs by the Central Bank of Nigeria (CBN) in May 2023, after which selected institutions acquired the assets and liabilities of 89 of the defunct banks under a purchase and assumption arrangement.
Under the arrangement, new operators were issued licences to take over the operations of the affected institutions, which have since resumed business under different names across several states.
The NDIC said it would, in its capacity as liquidator, approach the Federal High Court to obtain orders for the dissolution of the defunct banks and its discharge as liquidator, in line with its enabling law and other relevant provisions.
The move signals the conclusion of a resolution process initiated after the regulatory action taken in 2023, with the transfer of assets and liabilities already completed and successor institutions in operation.
Business
Dangote exported 434m litres petrol in March – NMDPRA
A breakdown of the figures showed that the refinery produced an average of 48.2 million litres of petrol per day, translating to 1.49 billion litres for the 31-day period. Of this volume, 34.2 million litres per day, totalling 1.06 billion litres, was supplied locally.
• Dangote Petroleum Refinery / Credit: Instagram
The Dangote Petroleum Refinery exported about 434 million litres of Premium Motor Spirit (petrol) in March 2026.
Data obtained from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA)’s March 2026 fact sheet on the state of the downstream sector on Wednesday revealed that the refinery produced a total of 1.49 billion litres of petrol during the month, while only 1.06 billion litres were supplied to the domestic market, leaving a substantial export surplus.
A breakdown of the figures showed that the refinery produced an average of 48.2 million litres of petrol per day, translating to 1.49 billion litres for the 31-day period. Of this volume, 34.2 million litres per day, totalling 1.06 billion litres, was supplied locally.
This implies that about 434 million litres of petrol were exported within the period.
The export of excess petrol reflects a major shift in Nigeria’s downstream sector, which has historically depended on imports to meet local demand. This development was further confirmed in a statement issued by the refinery earlier this week.It stated that, “Nigeria recorded a historic shift in its downstream petroleum trade in March, emerging as a net exporter of gasoline for the first time, driven largely by rising output from the Dangote Petroleum Refinery & Petrochemicals.
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