Business
MAN Ties Local Raw Materials Development To Adequate Funding of RMRDC
The Manufacturers Association of Nigeria ( MAN) says that the Federal Government should adequately fund the Raw Materials and Research Development Council (RMRDC).
This is to enable it develop more local raw materials for industries.
The Association made the call through it’s Director-General, Segun Ajayi-Kadir.
He cites for instance, that the development and production of Active Pharmaceutical Ingredients (APIs) has continuously eluded due to limited funding of the RMRDC by the government.
” The absence of local production of APIs has been having dire consequences on the pharmaceutical production, particularly in the current situation of acute shortage of forex,” he said.
Corroborating to this, Mr. Ken Onuegbu, the National Chairman of Industrial Pharmacists of Nigeria (NAIP), said that foreign exchange has placed over 20 percent hike on production of drugs locally and that is why achieving medical security is the core topic of NAIP’s conference coming up next week in Enugu.
Coal City 2023
He said that the conference, tagged ‘Coal City 2023’, has the theme ‘Role of Pharmaceutical Industry Towards Achieving Medicines Security in Nigeria.’
Onuegbu highlighted negative impact of importing over 80 per cent of medicines into Nigeria.
He attributed acute inadequacy of local manufacturers to an unsuitable working environment.
He lamented that while the country continues to worry over shortage of local investors and high cost of imported drugs, few surviving manufacturers are being shut down.
He said that the NAIP is not against government policies intended to sanitise the sector and called for mutual engagement and understanding between the association and authorities.
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SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
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CHINESE YUAN Buy ₦180 Sell ₦200
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CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
Official CBN Exchange Rates
US DOLLAR (USD) ₦1,380.08
GREAT BRITISH POUND (GBP) ₦1,815. 63
EURO (EUR) ₦1,566.63
SWISS FRANC (CHF) ₦1,696.05
JAPANESE YEN (JPN) ₦8.53
CHINESE YUAN (CNY) ₦202.62
WEST AFRICAN CFA (XOF) ₦2.38
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,858. 54
SAUDI RIYAL (SAR) ₦367.58
SOUTH AFRICAN RAND (ZAR) ₦82. 91
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 390 Sell ₦1, 395
GREAT BRITISH POUND (GBP) Buy ₦1,845 Sell: ₦1,865
EURO (EUR) Buy ₦1, 580 Sell ₦1,600
CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370
CHINESE YUAN Buy ₦180 Sell ₦200
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460
CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
Dangote Petroleum Refinery has strongly rejected allegations that its refined petroleum products are exported to Lomé, Togo, and later re-imported into Nigeria.
In a statement issued on Tuesday, the refinery described the claims as “a web of falsehoods,” “baseless,” and “unsubstantiated,” arguing they lack commercial logic and contradict its core business objectives of boosting local production and achieving energy self-sufficiency.
The refinery emphasized that its sales contracts and tender terms explicitly prohibit buyers from reselling or re-importing the products back into Nigeria. It further noted that available trade data and the high costs of round-trip shipping (estimated at US$68–90 per ton) make such a scheme economically unviable.
The allegations surfaced amid reports suggesting that a significant portion of Nigeria’s seaborne fuel imports between March and May 2026 originated from Dangote products rerouted through the offshore ship-to-ship trading hub in Lomé.
Some marketers claimed pricing differences made it cheaper to buy from foreign traders via Togo.
Dangote Refinery dismissed these assertions, insisting there is no evidence to support them and reaffirming its commitment to supplying high-quality fuels directly to the Nigerian market at competitive prices.
The development highlights ongoing tensions as the refinery continues to reduce Nigeria’s reliance on fuel imports.
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