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
TIME Names Moniepoint CTO Felix Ike Among 50 Global Executives of the Year
In its citation, TIME said Ike “has helped to establish the business as one of Africa’s leading financial platforms.
TIME magazine has named Felix Ike, co-founder and Chief Technology Officer of Nigerian fintech Moniepoint, to its inaugural Executives of the Year: Tech and Data list.
Ike is the only executive representing an African company among the 50 leaders selected for the 2026 list.
The list, unveiled on Tuesday, September 22, recognises chief information officers, chief technology officers, chief data officers and chief product officers whose decisions are shaping how major organisations deploy technology and use data.
Moniepoint is also the only African company represented on the inaugural list.
Ike was named alongside executives from Netflix, CrowdStrike, Dell, Duolingo, AT&T, OpenAI, Anthropic, Shopify and Reddit, among others.
In its citation, TIME said Ike “has helped to establish the business as one of Africa’s leading financial platforms.
“The recognition follows Moniepoint’s inclusion in TIME’s 2025 list of the 100 Most Influential Companies, giving the Lagos-founded fintech another global distinction.
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Business
Djibouti, Ethiopia and Dangote to build $660 million petroleum pipeline
In Kenya, Dangote and the government are due to break ground on a new 700,000-barrel-per-day crude oil refinery in Lamu next week.
Ethiopia, Djibouti and Nigerian billionaire Aliko Dangote plan to build a $660 million refined petroleum pipeline that will connect Ethiopia and Djibouti, a spokesperson in Ethiopian Prime Minister Abiy Ahmed’s office said on Thursday.
The project will include a 120-km (75-mile) pipeline, as well as approximately 375,000 cubic metres of storage capacity at Damerjog in Djibouti and 800,000 cubic metres at Dewele in Ethiopia, the spokesperson told Reuters, adding it should become operational within 18 months.
Abiy said on his X account the project will be developed through a partnership between Ethiopian Investment Holdings and the Dangote Group, which separately is already building a $4 billion fertiliser pipeline and power plant, and a polypropylene packaging facility, in Ethiopia.
The project aims to reduce logistics costs and delays along the Ethiopia-Djibouti transport corridor, Abiy said.
Developers say the infrastructure will strengthen energy security and improve supply chain resilience for the two countries, he said.
Abiy is on a visit to Djibouti and made the announcement alongside its president, Ismail Omar Guelleh, and Dangote.
In Kenya, Dangote and the government are due to break ground on a new 700,000-barrel-per-day crude oil refinery in Lamu next week.
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