Business
Nigeria Manufacturing and Equipment Expo is back for its 7th Edition

The Manufacturers Association of Nigeria (MAN) is pleased to announce that the 7th edition of the Nigeria Manufacturing and Equipment (NME) Expo 2023 will hold from 21st to 23rd of November 2023, at the Federal Palace Hotel in Lagos.
In a statement, Ambrose Oruche
Chairman, NME/NIRAM Organizing Committee , said that this year’s edition of the Expo with the theme: ‘Future of Manufacturing’, will be held in partnership with the Nigeria Raw Materials Exhibition (NIRAM Expo).
“These events are the only regional event that brings the entire manufacturing and raw materials value chain together on one platform.
It is West Africa’s only trade show focusing on the entire manufacturing value chain for the African continent,” he said.
As the official Manufacturing event for the Manufacturers Association of Nigeria (MAN) and the Federal Ministry of Industry, Trade and Investment, the manufacturing platform will provide unprecedented opportunities and access to accelerate the industrialization of the African continent thereby achieving one of the objectives of AfCFTA.
Segun Ajayi-Kadir, the Director -General of the Manufacturers Association of Nigeria (MAN), added “there is no nation on earth that is considered wealthy or developed or prosperous that does not have a vibrant manufacturing sector”.
He noted that the manufacturing sector has the greatest capability to create jobs, the best position to revive the economy and set the path to development, adding that for this reason, governments all over the world incentivize manufacturing.
What To Expects
▪︎ The NME EXPO and conference will gather local and international companies to showcase and demonstrate new technologies, machinery, and equipment to enable African industries to invest and increase manufacturing output in Africa.
▪︎The NME 2023 will connect its stakeholders with decision makers who are desirous of investing or building new manufacturing plants, procuring the latest innovations in machinery, equipment, and technology, and finding turnkey solutions to improve their existing production output.
▪︎Exhibitors for this edition are expected to join 200+ other top manufacturing, industrial equipment, and raw materials sector organizations by reserving a space on West Africa’s premier marketplace for local buyers and sellers.
▪︎The collaborative effort of MAN and the Raw Materials Research and Development Council (RMRDC), at this year’s edition is specifically designed to boost the viability of the productive sector as well as guarantee the sustenance of the Nigerian economy.
Business
Algiers-Abuja direct flights begin April 6

The Ministry of Foreign Affairs on Wednesday, announced the launch of Air Algérie’s inaugural direct flight service from Algiers to Abuja, set to begin on April 6, 2025.
This is said to strengthen the diplomatic and economic ties between Nigeria and Algeria.
According to a statement signed by the Acting Spokesperson for the Ministry, Kimiebi Ebienfa, the new route, which is the result of the Bilateral Air Services Agreement between the two countries, will be operated by the national carrier, Air Algérie, using a Boeing 737 aircraft.
This new service is expected to boost connectivity, encourage tourism, and facilitate trade and investment between Nigeria and Algeria.
“The Ministry of Foreign Affairs is pleased to announce the commencement of Air Algerie’s inaugural direct flight service from Algiers to Abuja, scheduled for 6th April 2025.
“This historic development marks a significant milestone in the growing diplomatic and economic relations between Nigeria and Algeria.
“It is pertinent to state that it is the implementation of the Bilateral Air Services Agreement between both countries, which culminated in this successful venture,” the statement read in part.
The inaugural flight is expected to carry the Charge d’Affaires of the Nigerian Embassy in Algiers, Nigerian community leaders, and representatives from the Algerian government.
The Federal Government has extended congratulations to Air Algérie and offered its full support to ensure the success of the new service.
With affordable fares and Algeria’s proximity to Europe, the flight also offers Nigerians a convenient gateway to Europe, enhancing Nigeria’s position as a regional hub for business, tourism, and transit.
The statement added, “The Federal Government of Nigeria, through the Ministry of Foreign Affairs and relevant aviation authorities, extends its warm congratulations to Air Algerie and assures all necessary support to ensure the success and sustainability of this new service.
“We believe this initiative will further strengthen the longstanding friendship between Nigeria and Algeria, while opening new opportunities for mutual growth.
“The affordable fare structure and the proximity of Algeria to Europe would also provide Nigerians with a convenient gateway to Europe, thereby enhancing Nigeria’s position as a regional hub for business, tourism, and transit.”
The ministry encouraged citizens and businesses to take advantage of this new connectivity to explore opportunities for trade, tourism and cultural exchanges between the two nations.
Business
FG borrows N13.21trn from World Bank in 20 months
The country’s debt profile has hit N142 trillion, according to data published by the Debt Management Office (DMO).

The World Bank has approved over N13.21 trillion ($8billion) as loans for different developmental projects for President Bola Ahmed Tinubu-led federal government in the last 20 months,
Daily Trust analyses of the various loans indicated that they were targeted at several interventions in various sectors of the economy with three fresh loans amounting to $1.1 billion approved between Friday and yesterday.
The country’s debt profile has hit N142 trillion, according to data published by the Debt Management Office (DMO).
The 2025 budget of N54.99tn has a debt service component of N14.32tn and N13.64tn for recurrent expenditure.
Business
Women make up 15% of 288 new billionaires in 2025
One of the most striking trends among the newcomers is the high percentage of self-made billionaires.

The newcomers come from 33 countries and territories, marking a significant rise from the 265 additions made in 2024.
Forbes’ 2025 World’s Billionaires list has welcomed a record 288 new billionaires, pushing the total number of billionaires to 3,028 globally.
This group, which includes entrepreneurs, investors, and heirs, is collectively valued at nearly $680 billion, averaging $2.4 billion per person.
The newcomers come from 33 countries and territories, marking a significant rise from the 265 additions made in 2024.
The United States remains the dominant force, contributing the most new billionaires with 103 additions this year.
Among the top names is Marilyn Simons, widow of quantitative hedge fund founder Jim Simons, whose net worth is estimated at $31 billion.
She stands alongside Lyndal Stephens Greth, the daughter of oil magnate Autry Stephens, who holds $25.8 billion following her father’s passing in 2024.Germany ranks second in terms of new entries, with 37 individuals joining the list, including Johannes von Baumbach. At 19 years old, he becomes the youngest new billionaire globally, with a fortune of $5.4 billion.
Along with von Baumbach, 14 other heirs to the Boehringer Ingelheim pharmaceutical empire also made their debut on the list.China and Hong Kong together contributed 32 new billionaires, with jeweller Xu Gaoming being one of the notable additions, valued at $8.2 billion. India saw 17 new billionaires, while Russia accounted for 15.
One of the most striking trends among the newcomers is the high percentage of self-made billionaires.
Of the 288 newcomers, 196 (approximately 70%) built their wealth from the ground up, rather than inheriting it.
The wealthiest self-made newcomer is Saudi Arabian entrepreneur Sulaiman Al Habib, whose fortune stands at $10.9 billion. Al Habib’s success is a notable achievement as Saudi Arabia has seen a resurgence of billionaires on the list for the first time since 2017.
Alexandr Wang, the 28-year-old co-founder and CEO of Scale AI, is the youngest self-made billionaire this year, valued at $2 billion.
(BusinessDay)
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