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.

Business
CBN: 60 newly recruits staff laments three years of waiting without engagement
The concerned staff appealed to the CBN Governor, President Bola Tinubu, and other stakeholders to look into their plights, as economic hardship has taken a toll on them after about three years of leaving their jobs.
• CBN Governor, Olayemi Cardoso
A group of newly recruited staff of the Central Bank of Nigeria (CBN) have cried out over delayed posting and onboarding into various positions since August 28, 2023.
The Guardian reported that according to the employees, the Apex Bank issued the offer, which was followed by an acceptance copy and instructions to resign from their previous places of work, where applicable, as part of documentation.
“We all tendered resignation letters to our former employers at that time to enable us to proceed with the CBN process,” one of the affected employees, Emmanuel Linus Dabo, who spoke on behalf of others,, told newsmen on Monday.
According to him, the application process started in April 2023, where their resumé were submitted to the Headquarters of CBN, and after some time, they received emails from the Human Resources Department for interview and aptitude tests.
“We did a medical examination at the bank’s medical clinic, where a code was given to individual applicants before we could access the hospital.
After the interview and medical and aptitude tests, the successful applicants were contacted by the HR manager to come to CBN Headquarters in Abuja to pick up their offer letter. We filled the acceptance letter without delay,” he said.
He further stated that there was a series of e-mails from the Human Resources office requesting that they forward their credentials for the online documentation, including their acknowledged resignation letters from their previous employers…
The concerned staff appealed to the CBN Governor, President Bola Tinubu, and other stakeholders to look into their plights, as economic hardship has taken a toll on them after about three years of leaving their jobs.
Business
KPMG, NRS settle rifts over new tax laws
In its newsletter on January 9, KPMG said there are “errors, inconsistencies, gaps, omissions, and lacunae” in the new tax laws that require urgent reconsideration to ensure the achievement of their stated objectives.
KPMG executives and Zaach Adedeji, chairman of the Nigeria Revenue Service (NRS), held a meeting on Monday following the disagreement over the new tax laws.
In its newsletter on January 9, KPMG said there are “errors, inconsistencies, gaps, omissions, and lacunae” in the new tax laws that require urgent reconsideration to ensure the achievement of their stated objectives
However, on January 10, the presidential fiscal policy and tax reforms committee pushed back against KPMG’s critique, noting that KPMG does not understand the laws.
The committee said a significant proportion of the issues described as “errors,” “gaps,” or “omissions” by KPMG are either the firm’s own errors and invalid conclusions, or matters not properly understood by the firm.
In a statement on Monday, the NRS said that Adedeji hosted a courtesy visit from the delegation of the tax advisory firm.
” During the visit, the KPMG team clarified that their earlier opinion on the new tax laws “had been misconstrued and expressed regret over the misunderstanding.
“They sought further clarity on the provisions of the laws and highlighted areas where recommendations could be made.”
The source said that the meeting ended with the delegation commended the NRS chairman for efficiently and promptly implementing the reforms.
Business
IMF to release January 2026 World Economic Outlook update on Monday
The January WEO Update is expected to provide revised global growth forecasts and insights into inflation trends, monetary policy direction, and key risks facing the global economy in 2026.
The International Monetary Fund (IMF) will release its January 2026 World Economic Outlook (WEO) Update on Monday, January 19, 2026.
The report will be presented during a press conference hosted at the National Bank of Belgium in Brussels.
The press conference is scheduled for 10:30 a.m. The Brussels time and will be streamed live via the IMF website and Press Centre, allowing journalists to participate both in person and virtually.
The IMF’s economic assessment will be presented by Pierre-Olivier Gourinchas, Economic Counselor and director of the Research Department; Petya Koeva Brooks, deputy director of the Research Department; and Deniz Igan, Division Chief, Research Department.
The January WEO Update is expected to provide revised global growth forecasts and insights into inflation trends, monetary policy direction, and key risks facing the global economy in 2026.
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