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
Cement: Manufacturers Post N5.8tn Nine Months Revenue
The surge in the revenue is being driven by the increasing prices of cement selling N12,000 to N15,000 between July and September 2026 in Lagos and Ogun States, compared with around N10,000 sold in September 2025.
The three largest cement manufacturers in Nigeria Dangote Cement Plc, Lafarge Africa Plc, and BUA Cement Plc have reported a combined N5.8 trillion revenue for the nine months ended September 30, 2026.
The surge in the revenue is being driven by the increasing prices of cement selling N12,000 to N15,000 between July and September 2026 in Lagos and Ogun States, compared with around N10,000 sold in September 2025.
THISDAY reported that their unaudited result and accounts, the N5.8 trillion revenue is about 21 per cent increase over the N4.8 trillion revenue reported in nine months of 2025.
A breakdown revealed that Dangote Cement reported N3.8 trillion revenue during the period under review, about 19.6 per cent increase when compared to N3.15 trillion in 2025.
Dangote Cement’s production capacity increased by 9 per cent to 22.1million metric tonnes from 20.2 million tonnes in the corresponding period of 2025. It sold 14.1Mt, up by 6.4 per cent in the period under review. Its average selling price also rose by 9.4 per cent to N170,493 per tonne.
Exports of cement and clinker from Nigeria increased by 41.8 per cent to 1.5Mt, including 26 clinker shipments to Ghana, Cameroon and Ivory Coast. The company’s operations in other African countries sold 9.1Mt, up by 14 per cent. Senegal grew by 30%, Ethiopia by 19 per cent and Tanzania by nine per cent, and a new grinding plant in Ivory Coast sold 0.53Mt. Sales in Ghana and Cameroon were lower.
The first phase of the company’s 6Mt/yr plant at Itori in Ogun state is on track to be commissioned in 2027, part of a plan to increase capacity to 80Mt/yr from 55Mt/yr across Africa.
On its part, BUA Cement posted N1.09 trillion revenue, a growth of 26.5 per cent from N858.72 billion in 2025, while HBM Nigeria declared N928.25 billion revenue, representing an increase of nearly 19 per cent from N780.5 billion in 2025.
Business
Dangote Says Refinery’s IPO Misses 10 Million Investors Target
According to him, the company is yet to establish the official number of investors who participated in the offer, as the necessary reports are still being compiled.
Chairman of Dangote Industries Limited (DIL), Aliko Dangote, has disclosed that the initial public offering (IPO) of the Dangote Petroleum Refinery failed to meet its target of attracting 10 million investors.
Dangote disclosed this during the 25th annual conference of the Women in Management, Business and Public Service (WIMBIZ) in Lagos.
Dangote, however, said the public offer recorded significant participation, attracting millions of investors despite not reaching the projected figure.
According to him, the company is yet to establish the official number of investors who participated in the offer, as the necessary reports are still being compiled.
“We cannot tell the figure right away because we have not reported to this, but we’ve gotten an amazing demand from various people,” Dangote said.
The Jigawa State Government investment tracker has confirmed that the Dangote Rice Mill in Hadin is operational with a processing capacity of 32 tonnes per hour, equivalent to roughly 280,000 tonnes annually.
The commencement of the rice mill is trending on a video shared on X.
The footage comes 12 years after Aliko Dangote committed $1 billion to commercial rice farming and processing across Nigeria
The facility is linked to commercial cultivation schemes around Hadejia and Kafin Hausa.
Dangote Group signed a memorandum of understanding with the Federal Government in August 2014 to invest $1 billion in integrated rice farming and milling across Jigawa, Kebbi, Niger, Kwara and Edo states. Two years later, the company launched an 8,000-hectare rice outgrower scheme in Hadejia, Jigawa State. Participating farmers received improved seeds, fertilisers and technical support, and the company committed to buying their harvested paddy for processing.By February 2017, the outgrower scheme had expanded to 25,000 hectares across 14 states. Dangote set a target of 225,000 metric tonnes of milled rice by the end of that year, with an ambition of reaching one million tonnes annually. Construction announcements followed over several years without matching production results.
Dangote laid the foundation for a processing plant in Hadin, Kaugama Local Government Area of Jigawa State, in March 2018.
The facility was initially designed to handle 16 tonnes of paddy per hour.In July 2025, Dangote said Niger State had joined Jigawa, Sokoto, Kebbi, Kano and Nasarawa as locations with rice mills under construction.
By November 2025, the group outlined plans for mills across five states with a combined annual processing capacity of 1.5 million tonnes.
To secure raw materials, Dangote Rice Limited signed a N1.8 trillion paddy rice supply agreement with Niger Foods Security Systems and Logistics Company in July 2025.
The 10-year deal requires Niger State to develop 25,000 hectares of commercial rice farms and support 50,000 local farmers.
In May 2026, Dangote confirmed the company had committed to purchasing one million metric tonnes of paddy rice from Niger Foods over the life of that agreement.
Cement: Manufacturers Post N5.8tn Nine Months Revenue
Dangote Says Refinery’s IPO Misses 10 Million Investors Target
Dangote Rice Mill in Jigawa Begins Processing
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