Business

MAN Ties Local Raw Materials Development To Adequate Funding of RMRDC

Published

3 years ago

June 30, 2023

Charles Flames

Segun Ajayi-Kadir, Director-General of MAN

532 Views

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.

Related Topics:Industrial Pharmaceutical Ingredients Raw material research and development

Up Next

PoS Agents in Lagos to Start charging N500 for N10,000 cash withdrawal

Don't Miss

Bloomberg rates Aliko Dangote richest man in Africa with $15.6bn

Click to comment

Business

Naira Today Rates To Foreign currencies Monday, 22 June 2026

Black Market:
US DOLLAR (USD) ₦1, 400

Published

3 minutes ago

June 22, 2026

OCHEFA

0 Views

Official CBN Exchange Rates

US DOLLAR (USD) ₦1,370.46

GREAT BRITISH POUND (GBP) ₦1,814. 76

EURO (EUR) ₦1,571.50

SWISS FRANC (CHF) ₦1,699.68

JAPANESE YEN (JPN) ₦8.50

CHINESE YUAN (CNY) ₦202.43

WEST AFRICAN CFA (XOF) ₦2.40

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,852.57

SAUDI RIYAL (SAR) ₦365.10

SOUTH AFRICAN RAND (ZAR) ₦83.11

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 400 Sell ₦1,405

GREAT BRITISH POUND (GBP) Buy ₦1,860 Sell: ₦1,880

EURO (EUR) Buy ₦1, 585 Sell ₦1, 605

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

Business

UPDATE : Polaris Bank Debunks Reports of 34 Deaths in Lagos Branch Fire

Published

3 days ago

June 19, 2026

Charles Flames

55 Views

Polaris Bank has strongly dismissed as false and misleading social media reports claiming that over 34 people died in a fire incident at its Broad Street branch on Lagos Island.

In an official statement, the bank confirmed that there were no casualties or fatalities recorded during the Thursday fire outbreak.

“The reports claiming that over 34 persons were feared dead are false and misleading. We confirm that there were no casualties or fatalities,” the bank stated.

The fire, which reportedly started from a vehicle in the building’s parking area, was swiftly contained by the Lagos State Fire Service with minimal damage to the facility. Operations at the branch are expected to resume normally soon.

The bank urged the public to rely on verified official information and disregard unconfirmed rumours circulating on social media.

This incident follows heightened public sensitivity to fire outbreaks in Lagos following previous tragic events in the area. Authorities have not yet disclosed the exact cause of the fire, but investigations are ongoing.