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 […]
Stocks slide as oil soars past $100 on Mideast war
Stock markets slumped as energy prices soared on Monday on supply disruptions from the Middle East war drove volatility and fanned inflation fears.
Manufacturing VAT surges 54.7% to N875bn in 9 months
…Surpasses 2023 full-year figure By Yinka Kolawole The contribution of Nigeria’s manufacturing sector to Value Added Tax (VAT) in 2025 significantly increased with payments rising to N875.420 billion in the first nine months of the year (9M’25), surpassing both the N566.011 billion recorded in the corresponding period of 2024 (9M’24) and the N578.394 billion generated in […]
FG set to roll out N100bn solar programme for public institutions
By Obas Esiedesa The Federal Government has approved N100 billion under the National Public Sector Solarization Initiative (NPSSI) to provide reliable electricity to public institutions across the country. Managing Director of the Rural Electrification Agency (REA), Engr. Abba Aliyu, disclosed this yesterday, during a visit by the Administrator of NJI, Justice Babatunde Adejumo, to the […]
Dangote Refinery commits to energy stability amid global refineries shutdown
By Udeme Akpan Dangote Petroleum Refinery & Petrochemicals has indicated its commitment to stabilising energy supply to Nigeria amid recent shocks in the international oil market. The ongoing conflict in the Middle East has led to the shutdown of some refineries and cuts in refinery production across the world, resulting in a global scarcity of petroleum […]
Capital projects ongoing, not abandoned —Finance Ministry
The Federal Ministry of Finance has clarified that capital projects across Nigeria remain active despite concerns over low cash releases to ministries, departments, and agencies (MDAs). While budget execution rates for some MDAs may appear low, capital project implementation has not been abandoned, the ministry said. The clarification, detailed in a document titled “Deepening Public Understanding of […]
