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 […]
Fake NAFDAC registration used to smuggle drugs into Nigeria — Customs
Hands over N53bn worth of seized drugs, expired pharmaceuticals to NDLEA, NAFDAC By Efe Onodjae The Nigeria Customs Service (NCS) has uncovered an attempt to smuggle unregistered pharmaceutical products into Nigeria using a fake registration number of the National Agency for Food and Drug Administration and Control (NAFDAC). The Comptroller-General of Customs, Bashir Adeniyi, disclosed this […]
FG omitted N8.8trn spending worth 2% of GDP from recent budgets — IMF
By Yinka Kolawole, with agency report The International Monetary Fund (IMF) has disclosed that the Federal Government (FG) failed to capture public expenditure equivalent to about two per cent of Nigeria’s Gross Domestic Product (GDP) in recent national budgets, creating a mismatch between the country’s reported fiscal deficit and its actual financing needs. IMF’s Resident Representative […]
NPA backs Abuja MoU on regional maritime cooperation
By Godwin Oritse Managing Director of the Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has expressed support for the Abuja Memorandum of Understanding (Abuja MoU) Capacity Building Programme as a major step towards strengthening maritime governance and enhancing Port State Control across West and Central Africa. Speaking at the programme’s launch in Abuja, Dantsoho reaffirmed […]
Stock market: Investors lose N13.3trn in June amid profit-taking
•FTSE Russell delays Nigeria’s Frontier Market status over T+1 concerns By Peter Egwuatu The Nigerian stock market ended June on a bearish note, with investors losing a whopping N13.3 trillion in the value of their investments listed on the Nigerian Exchange Limited (NGX) on a month-on-month (MoM) basis, the highest monthly loss recorded in the first […]
Violence against women declines from 9% to 5% in six years— UN Women
By Favour Ulebor Abuja-The United Nations Entity for Gender Equality and the Empowerment of Women, UN Women, has said the prevalence of sexual violence against women in Nigeria declined from 9 per cent in 2018 to 5 per cent in 2024. UN Women Representative to Nigeria and ECOWAS, Ms. Beatrice Eyong, disclosed this during the close […]
