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.
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Business
WEF could appoint Lagarde as its next chair, sources say
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
•European Central Bank President Christine Lagarde
The World Economic Forum could appoint Christine Lagarde as its next chair as soon as next month, four people close to the organisation told Reuters, meaning she would step down early as European Central Bank chief and trigger a wider reshuffle at the top of the ECB.Lagarde’s ECB term is scheduled to end in October 2027.
Leaving early would give European Union leaders a chance to pick a new ECB President before France’s spring presidential election, which opinion polls suggest the far-right could win, and could pave the way for a deal involving two other senior ECB roles.
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
No final decision has been taken yet, they said.
A spokesperson for the WEF said the forum could not confirm when the next full Board of Trustees meeting would take place, but that the aim was to hold one before the end of the year.
Business
Germany plans tax on sugary drinks
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
The German cabinet has approved draft legislation to tax sugary drinks in Europe’s biggest economy.
If passed by the German Bundestag, the tax will take effect on 1 July 2027.
The coalition aims to raise revenue for the federal budget while encouraging manufacturers to reduce sugar content and offer healthier products.
The levy is intended to ease pressure on the healthcare system, which faces costs of more than €2 billion every year linked to the high consumption of sugary drinks, which contributes to obesity, diabetes and tooth decay.
According to the federal government, Berlin is using the tax to implement “what associations from the fields of health, science, child protection, and consumer protection have long been demanding.”
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
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