Business
MAN Opposes Proposed 15% Increase in Port Charges by Nigerian Ports Authority
The Manufacturers Association of Nigeria (MAN) has expressed deep concern over the proposed 15% increase in port-related charges by the Nigerian Ports Authority (NPA).
Amid rising operational costs, high foreign exchange rates, and economic uncertainties, this increase would further burden manufacturers and exacerbate the challenges faced by the real sector.
Port Operations and Their Impact on ManufacturingPorts are vital for international trade and business efficiency.
According to the United Nations Conference on Trade and Development (UNCTAD), 80% of Nigeria’s traded goods are transported by sea, with 70% of imports and exports in West and Central Africa destined for Nigeria.
Increased port charges would significantly raise production costs, inflation, and reduce the competitiveness of locally manufactured goods.
For manufacturers, port-related charges constitute significant indirect costs, as most raw materials and industrial machinery are imported through these ports.
Any increase in charges will have a ripple effect, leading to higher production costs, increased inflationary pressures, and reduced competitiveness of locally manufactured goods.
Many manufacturers who operate as tenants in NPA facilities will also face escalated costs, which could significantly disrupt the slight moderation in the mounting challenges that has bedeviled the manufacturing sector in recent times.
The Economic Realities and Global Competitiveness:
Nigeria’s current economic climate is characterized by rising inflation, foreign exchange challenges, and declining industrial capacity utilization.
Many businesses are experiencing worrying downturn due to unsustainable operating costs.
Increasing port tariffs is therefore ill-timed and could signal a departure from government’s avowed efforts and commitment to the ease of doing business.
It is inevitable that this additional strain on industrial activities will ultimately lead to reduce capacity utilization and possibly job losses.
Furthermore, Nigeria must remain competitive in regional trade.
Neighboring countries with more efficient and cost-effective ports will become far more attractive alternatives, leading to increased cargo diversion.
This will not only reduce revenue for the Nigerian government but will encourage smuggling and other untoward trade practices that weaken our economy.
Alternative Approaches to Revenue Generation:
While we acknowledge the need for revenue generation, increasing port tariffs could be counterproductive in the long run.
The real issues affecting port revenue include:
Port congestion and inefficiency:
Reducing turnaround time for vessels and improving cargo clearing processes can significantly boost revenue.
High demurrage charges: Addressing bureaucratic bottlenecks that delay cargo clearance will ensure faster throughput and more efficient revenue collection.
Infrastructure investment: Improving port infrastructure will enhance operational efficiency and attract more business, leading to natural revenue growth.
Competitive pricing strategies: Instead of raising tariffs, aligning Nigerian port charges with global best practices will encourage more trade volume and increase overall earnings.
Our Appeal to the Nigerian Ports Authority
The Manufacturers Association of Nigeria’s implores the NPA to shelve the proposed 15% tariff increase and instead, collaborate with stakeholders to explore sustainable alternatives for revenue generation.
Increasing tariffs in the current economic climate will have dire consequences, including:
1. Increased cost of production, leading to higher prices of goods and fanning inflation.
2. Reduced competitiveness of Nigerian manufacturers in local and international markets.
3. Increased smuggling due to high costs at Nigerian ports compared to neighboring countries.
4. Decline in government revenue due to lower cargo turn out and manufacturing downturn.
Rather than imposing additional financial burdens on businesses, we propose a stakeholder dialogue to explore strategies for enhancing port efficiency, reducing operational bottlenecks, and creating a more business-friendly environment that will ultimately lead to increased revenue without undermining industrial growth and competitiveness.
We earnestly advocate for caution and deep reflection on the part of the NPA, as a key stakeholder in Nigeria’s economic development.
NPA’s consultation with key economic actors after it has decided on the increase is tantamount to putting the cart before the horse and does not demonstrate goodwill.
We call on NPA to rescind the planned increase in order to avert a monumental downturn in the fortunes of businesses in Nigeria.
The manufacturing sector can ill-afford such an increase at this time; it runs against the present administration’s efforts at making Nigeria a trading hub in the West African sub-region, and would definitely constitute a drag in the efforts of government to stabilize the economy in the year 2025.
Business
NNPCL wants to sell 10% equity via IPO on NGX, LSE
NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.
The Nigerian National Petroleum Company Limited (NNPC Ltd.) is considering selling between 5% and 10% of its equity through a potential initial public offering (IPO), with the proposed listing expected to focus primarily on Nigeria’s domestic capital market.
The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, November 3, 2026, adding that the company could also pursue a secondary listing in London or New York.
The disclosure comes shortly after the Dangote Petroleum Refinery’s IPO closed on October 27, following a two-week extension of its subscription period from the initial October 13 deadline.
NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.
Ojulari indicated that raising additional capital would be a secondary consideration rather than the main reason for going public.
The company is also considering listing some of its subsidiaries separately, following a model adopted by Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ state-owned oil company.
Beyond the potential IPO, Ojulari disclosed that Chinese companies have expressed interest in acquiring equity stakes in some of NNPC’s smaller refineries, particularly the Port Harcourt and Warri facilities, which require substantial rehabilitation.
Business
Naira Exchange Rates Wednesday, 4 Nov 2026
BLACK/PARALLEL MARKET RATES
1390DOLLAR (US
₦1835POUND (GBP)
₦1510EURO (EUR
₦970 CANADIAN DOLLAR (CAD)
₦65 SOUTH AFRICAN RAND (ZAR)
₦350 UAE DIRHAM (AED)
₦190 CHINESE YUAN (CNY)
₦100 GHANAIAN CEDI (GHS)
₦2300 West African CFA F.(XOF)
₦2200 Central African CFA F.(XAF)
₦850 Australian Dollar AUSSIE (AUD)
OFFICIAL CBN EXCHANGE RATES
DOLLAR (USD)₦1346.93
POUND (GBP)₦1807.72
EURO (EUR)₦1512.26
SWISS FRANC (CHF)₦1644.21
JAPANESE YEN (JPN)₦8.52
West African CFA FRANC (XOF)₦2.30
WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1825.03
CHINESE YUAN (CNY)₦201.92
SAUDI RIYAL (SAR)₦359.15
SOUTH AFRICAN RAND (ZAR)₦81.37
Business
Australia hikes rates to 18-year high to fight inflation
The hike is the fifth this year, adding to cost-of-living pressures felt by households by increasing home mortgage payments, a politically potent topic in Australia.
•Michele Bullock, governor of the Reserve Bank of Australia (RBA), during a news conference at the central bank’s head office in Sydney, Australia, on Tuesday, May 5, 2026. Photographer: Brendon Thorne/Bloomberg via Getty Image.
Australia’s central bank Tuesday raised its key interest rate to a 18-year high , citing the prolonged war in the Middle East and persistent inflationary pressures.
In a statement, the Reserve Bank of Australia said it would lift its cash rate by 25 basis points to 4.85 percent.
“Inflation remains elevated,” it said. “This partly reflects higher fuel and other commodity prices affected by the conflict in the Middle East.”
“AI-related investment is driving rapid growth in prices for technology-related goods, and inflation in many goods and services remains high.”
The hike is the fifth this year, adding to cost-of-living pressures felt by households by increasing home mortgage payments, a politically potent topic in Australia.
It brings rates to their level seen since late 2008, at the height of the global financial crisis.
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