Business
Manufacturers Raw Materials Spending Soars To N27bn in Three Months
FIVE firms in the manufacturing industry spent a combined N27.220 billion to procure raw materials in three months.
The companies cut across foam industry, breweries, pharmaceuticals and paints.
Data obtained from these companies shows that Vitafoam Nigeria Plc, topped the pack with N16.853 billion in quarter 1 of 2023, higher than the N16.501 billion spent in the corresponding quarter 2022.
In the breweries sector, Guinness Nigeria Plc’s raw materials spending wen up N8.758 billion from N8.562 during the period under review.
Furthermore, still in the same sector, Champion Breweries Plc also purchased raw materials valued at N798.225 billion compared to N1, 1 95 billion spent in the first half of 2022.
In the pharmaceuticals industry, Neimeth International Pharmaceutical Plc , expended N781 .154 million above the N734.778 million spent in the corresponding quarter 1 2022.
Next, Berger Paints Plc’s Raw materials sourcing also climbed to M69.25 million compared to N25.749 million procured in the first quarter of 2022.
What Needs To Be Done
In a position document, the apex body of the Manufacturers in Nigeria – Manufacturers Association of Nigeria ( MAN) said that the Federal Government shoukd adequately fund the Raw Materials and Research Development Council (RMRDC) so that it can develop more local raw materials for industries.
Segun Ajayi-Kadir, MAN Director-General, noted 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.
Also, 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.
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
Africa’s Top Five Strongest Currencies
Tunisia continues to lead as Africa’s strongest currency. The Tunisian Dinar’s strength is largely supported by strict exchange control measures and inflation management, even amid ongoing political and economic challenges
According to the Forbes currency calculator, the following are the five strongest African currencies as of October 2026 against the US Dollar.
5. Botswana – Botswana Pula (BWP) Exchange Rate: 13.76 BWP per USD
The Botswana Pula stands out as one of Sub-Saharan Africa’s strongest currencies. Sound governance, effective fiscal policies, and a balanced reliance on diamond exports have helped maintain its strength.
4. Ghana – Ghanaian Cedi (GHS) Exchange Rate: 11.58 GHS per USD While the Ghanaian Cedi has been volatile, recent economic reforms and IMF support have introduced some stability. Government initiatives to rein in inflation and manage public debt are beginning to yield positive outcomes.
3. Morocco – Moroccan Dirham (MAD) Exchange Rate: 9.81 MAD per USD
The Moroccan Dirham benefits from the country’s stable macroeconomic policies, economic diversification, and prudent monetary governance. Morocco’s growing appeal to foreign investors, especially in renewable energy, also bolsters its currency.
2. Libya – Libyan Dinar (LYD)Exchange Rate: 6.39 LYD per USD
Despite years of political unrest, the Libyan Dinar remains notably strong. This resilience largely stems from Libya’s abundant oil reserves, which generate substantial foreign exchange revenue.
- 1. Tunisia – Tunisian Dinar (TND)Exchange Rate: 2.98 TND per USD
- Tunisia continues to lead as Africa’s strongest currency. The Tunisian Dinar’s strength is largely supported by strict exchange control measures and inflation management, even amid ongoing political and economic challenges
PARALLEL MARKET RATES
₦1382 DOLLAR (USD)
₦1815POUND (GBP)
₦1515EURO (EUR)
₦970DOLLAR (CAD)
₦65RAND (ZAR)
₦350DIRHAM (AED)
₦190YUAN (CNY)
₦100G.CEDI (GHS)
₦2300CFA F.(XOF)
₦2200CFA F.(XAF)
₦850AUSSIE (AUD)
OFFICIAL CBN EXCHANGE RATES
DOLLAR (USD)₦1346.26
POUND (GBP)₦1803.58
EURO (EUR)₦1503.23
SWISS FRANC (CHF)₦1634.20
JAPANESE YEN (JPN)₦8.56
CFA FRANC (XOF)₦2.28
WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1821.09
CHINESE YUAN (CNY)₦202.35
SAUDI RIYAL (SAR)₦358.71
SOUTH AFRICAN RAND (ZAR)₦80.67
Business
African Energy Bank Headquarters Operation in Nigeria
The $5bn financial institution is designed to fund oil, gas and other energy projects across Africa as traditional international lenders reduce financing for fossil fuel investments.
Pic:L-R: Sen. Heineken Lokpobiri, Hon. Minister for State Petroleum Resources (Oil), Federal Government of Nigeria, Dr. George Elombi, President and Chairman of the Board of Directors at Afreximbank and Hon Mamadou Sangafowa-Coulibaly, Minister of Mines, Petroleum and Energy of Côte d’Ivoire during the first General Meeting of the Africa Energy Bank in Abuja, Nigeria.
African Export-Import Bank and the African Petroleum Producers’ Organisation have formally announced the establishment of the Africa Energy Bank (AEB).
The $5bn financial institution is designed to fund oil, gas and other energy projects across Africa as traditional international lenders reduce financing for fossil fuel investments.
The announcement was made during the AEB’s inaugural general meeting held in Abuja, Nigeria, on 31 October 2026.
The bank will provide financing for petroleum exploration, production, transportation, refining and distribution, while supporting Africa’s efforts to reduce dependence on imported petroleum products.
Afreximbank and APPO estimated the continent’s energy investment requirements at `$200bn, indicating a substantial funding gap that the new institution is expected to help address.
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