Business

Manufacturers Raw Materials Spending Soars To N27bn in Three Months

Published

3 years ago

July 10, 2023

Charles Flames

524 Views

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.

Related Topics:Manufacturers Raw Materials

Up Next

Tony Elumelu Meets U.K. King Charles, U.S. President Biden, As World Leaders Convene for Climate Finance Forum

Don't Miss

CPPE: Suspension of Tax Increments, Good For Already Troubled Manufacturing Sector

Click to comment

Business

Meta set to charge WhatsApp Business messages from October 1

For example, a Nigerian fintech company sending 500,000 chargeable utility messages could incur about $5,050 in fees from Meta alone, excluding charges that may come from third-party providers or software platforms used to manage the messaging service.

Published

2 days ago

August 28, 2026

OCHEFA

21 Views

Businesses using Meta’s WhatsApp Business Platform will begin paying for certain messages sent to customers from October 1, 2026, under a new pricing structure announced by the company.

The change applies to organisations that use the WhatsApp Business Platform, formerly known as the WhatsApp Business API, to manage customer communication on a large scale.

Regular WhatsApp users and small businesses using the standard WhatsApp Business app are not the main targets of the new charges.

Under the revised system, the amount businesses pay will depend on the type of message being sent.

Utility messages, including payment alerts, order confirmations and other service-related updates, will cost about $0.0101 per message, while marketing messages will attract a higher fee of approximately $0.062 each.

Although the individual charges appear relatively small, companies that send large volumes of messages could see their communication expenses rise significantly.

Business

Dangote Refinery Suspends Petrol Sales To Lagos Depots

Dangote Refinery is prioritising markets where imported products are either unavailable or less dominant, rather than adding more supply to Lagos, which receives substantial volumes of imported petrol.

Published

2 days ago

August 28, 2026

OCHEFA

27 Views

Dangote Petroleum Refinery has suspended coastal sales of Premium Motor Spirit (PMS) to depot owners and importers in Lagos.

People familiar with the refinery’s operations said that the move is deliberate, aimed at redirecting locally refined petrol to areas where imported supply is scarce.

The suspension is ongoing. A source said: “The suspension of coastal sales to Lagos is still ongoing. It is aimed at redirecting products to locations where imported products are unavailable. Lagos has quite some imported petrol.”

The strategy is intended to ensure locally refined petrol reaches areas where it is most needed.

The decision comes amid concerns at the refinery over the volume of imported petrol entering Nigeria.

According to data available to the refinery, imported PMS accounted for about 43 per cent of total petrol supplied into Nigeria in July

Business

Naira Exchange Rates Friday, August 28

Today, the Naira Black Market exchange rate for 1 Great British Pound (GBP) is 1900 Naira. This means that you can get 1900 Naira for every 1 Pound that you exchange.

How much is 100 pounds in naira today?
At the current black market rate of 1900 per pound, 100 British Pounds = 190,000 Naira.