Manufacturers deepen local raw materials sourcing, up 11% in 3yrs
By Yinka Kolawole Nigeria’s manufacturing sector recorded a steady increase in the use of locally sourced raw materials between 2021 and 2024, with the share rising from 51.5 per cent in 2021 to 57.1 per cent in 2024, as foreign exchange pressures, naira depreciation and rising import costs pushed manufacturers towards domestic alternatives. Data from […]
Chinese firm to establish meter assembly plant in Calabar
ABUJA: A Chinese company, Skyrun Meter Solution, said it has completed plans to establish an electricity smart-meter in the Free Trade Zone, FTZ, in Calabar, the Cross River State capital. This development was one of the fruitful results of several Memoranda of Understanding, MoUs, signed between the Ministry of Power and some Chinese companies since the successful privatisation of the power sector by the outgoing administration.
Nigeria, Indonesia, Mexico to displace UK, France out of top 10 largest economies
Will the shift in global economic power continue?’’ This presents long-term projections of potential GDP growth up to 2050 for 32 of the largest economies in the world, covering 84 per cent of total global GDP. According to the report, the current global economic power shift away from the established advanced economies in North America, Western Europe and Japan will continue over the next 35 years, despite a projected slowdown in Chinese growth after around 2020.
Nigerians have not discovered the Senegalese market –Ambassador Jackden
So, it is for Nigerians to be very aggressive in marketing their products to this market. We are trying to see how we can work with the traders and industries to come and showcase their products to the Senegalese. That is part of the plans we are putting in place, to promote trade and investment forum; we are also going to organize road shows to make sure that Nigerian products come to the Senegal market. Senegal is import economy and there are lots of things Nigerians can bring into Senegal.
Metal component manufacturing is a unique area of manufacturing — Jude Okpala
“Manufacturing today, is mostly about assembly. You design a product, tear it apart, out-source the production of the components to different companies, then you gather those components and reassemble them. This takes place in every aspect of the production cycle. The trend in the western world is that when you do such designs, you out-source the components to South-East Asian companies.
How payment on delivery threatens e-commerce growth in Nigeria
Founder/CEO of Drinks.ng, Lanre Akinlagun has identified payment on delivery, prevalent among online retailers in Nigeria, as one of the greatest impediment to the growth of the sector. He disclosed this at a news conference to announce the acquisition of a 200Sqr ft warehouse in Lagos, in a strategic move to integrate offline platform into the online drinks seller to drive visibility while boosting distribution.
