Business
MAN Seeks Speedy Passage of Six Essential Bills for the Manufacturing Sector
He contends that proactive government action can restore macroeconomic stability, foster significant economic growth, improve the business environment, and enhance the overall well-being of citizens.
The Manufacturers Association of Nigeria (MAN) calls on the National Assembly to hasten the passage and implementation of six Bills that are critical for the manufacturing sector’s well-being.
The legislative proposals include:
1. The Raw Materials Processing and Local Production Protection Bill: This bill seeks to establish a threshold of 30 percent value addition on raw material exports.
2. A Bill Ensuring Allocation of Financial Resources: This proposal mandates that 60 percent of Ways and Means be allocated to support local industries, to enhancemitigaten capacity and mitigating inflationary pressures.
3. Four Tax Reform Bills: These bills are designed to restructure, streamline, and unify tax processes within the sector.
Segun Ajayi-Kadir, the Director-General of the Manufacturers’ Association of Nigeria, has urged the swift implementation of these bills.
He contends that proactive government action can restore macroeconomic stability, foster significant economic growth, improve the business environment, and enhance the overall well-being of citizens.
Ajayi-Kadir expressed grave concerns about the current state of the Nigerian manufacturing sector, stating, “The future of our country is at a critical juncture, and the challenges faced by manufacturers must be addressed through appropriate interventions.”
He highlighted that the outlook for manufacturers in 2025 presents both opportunities and challenges.
Recognizing 2025 as a pivotal year, he noted that its outcomes will be crucial for the sector’s future.
Despite anticipated fluctuations in business activity at the start of 2025, there remains a measured optimism among operators, driven by expectations for a more stable exchange rate, cessation of interest rate increases, a slight easing of energy costs, and the timely enactment of favorable Tax Reform Bills by the first quarter of 2025.
Business
Nigerian Lawmakers Demand Arrest of World Bank Official Calling for Reinstatement of Petroleum Import Licences
Declaring the unnamed World Bank official persona non grata, the Committee gave the Bank 30 days to issue a public retraction and written apology.
The House of Representatives Committee on Petroleum Resources (Downstream) has call for the dismissal and arrest of the World Bank official responsible for the April 7, 2026 Nigeria Development Update, which recommended the reinstatement of petroleum import licences.
The Committee described the recommendation as a reckless move capable of undermining Nigeria’s indigenous refining capacity.
In a formal resolution, the Committee condemned the World Bank report, which claimed that imported petroleum products are 12 percent cheaper than those from the Dangote Refinery.
It rejected the position as contrary to Nigeria’s national economic interest and an unacceptable interference in the country’s sovereign petroleum policy.
Declaring the unnamed World Bank official persona non grata, the Committee gave the Bank 30 days to issue a public retraction and written apology.
It further demanded that the staff member responsible for the report be relieved of their duties and subjected to investigation.
Business
Senate approves Tinubu’s $516.3m loan
The syndicated financing facility is being sought from Deutsche Bank, according to a letter of request Tinubu sent to the Senate last Thursday.
The Senate has approved the $516.3 million loan requested by President Bola Ahmed Tinubu.
The money will be used for the construction of the Sokoto-Badagry Superhighway (Section One, Phase 1A and B).
The approval was given on Wednesday after the Senate considered the report of its Committee on Local and Foreign Debts.
The committee, chaired by Senator Magatagarda Wamakko, recommended the approval of the loan.
The syndicated financing facility is being sought from Deutsche Bank, according to a letter of request Tinubu sent to the Senate last Thursday.
Business
Ibukun Awosika resigns from Cadbury board
The resignation takes effect from May 1, 2026, according to a statement signed by the company secretary, Afolasade Olowe.
Ibukun Awosika has resigned from the board of Cadbury Nigeria Plc, after more than 16 years of service.
The resignation takes effect from May 1, 2026, according to a statement signed by the company secretary, Afolasade Olowe.
The board expressed appreciation for her contributions since joining as a Non-Executive Director in October 2009 and noted that a replacement would be announced in due course.
Nigerian Lawmakers Demand Arrest of World Bank Official Calling for Reinstatement of Petroleum Import Licences
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