A new report by the African Development Bank (AfDB), the African Union (AU) and the United Nations Industrial Development Organization (UNIDO) has revealed that Nigeria, commonly rated as the ‘Giant of Africa’, did not rank among the fast-growing industrial countries in Africa. The just published Africa Industrialization Index (AII) report indicated that 37 out of […]
The Manufacturers Association of Nigeria (MAN) has called on the Federal Government to ensure effective monitoring of the implementation of Executive Order 005, in order to enhance the nation’s manufacturing sector’s competitiveness capacity and self-reliance. The President of the association, Engr. Mansur Ahmed, gave the charge at the opening ceremony of the association’s 3-day Made-in-Nigeria […]
The Federal Government has disclosed that it is working on a bill, the Nigeria Startup Bill (NSB), that will fast-track the ongoing efforts to digitalize the nation’s economy. The government hinted that the Bill, now being worked on, will provide for a set of rules and incentives that would help create an enabling environment for […]
The French Government has hinted of its plan to invest $70 million into Nigeria’s renewable energy projects. A member of the Project and Structured Finance, Sub Sahara Africa, Access Bank, Mr Chukwudumije Igwe, made this disclosure at the Sustainable Use of Natural Resources and Energy Finance (SUNREF) Nigeria programme investor conference in Lagos. has agreed […]
The Federal Government on Sunday projected that it expected Nigeria’s Gross Domestic Product (GDP) per capita to rise to $2,300 by the end of this year. The Minister of Industry, Trade and Investments, Otunba Niyi Adebayo, who gave the projection at the United States-Nigeria Investment Summit held in New York, noted that Nigeria’s GDP, which […]
The Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, on Monday inaugurated a technical committee to review the just enacted Petroleum Industry Act (PIA) 2021 and its implications for the statutory responsibilities of the ministry. Before the latest action, the ministry earlier indicated a move to push for the amendment of the newly passed […]
The Bank of Industry (BoI), under the auspices of Federal Ministry of Industry, Trade and Investment in conjunction with international partners, has concluded a $1 billion syndicated term loan deal to support Small and Medium Scale Enterprises (MSMEs) in the country. The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, gave this hint at […]
Nigeria’s total merchandise trade deficit last year worsened remarkably increasing to -N7. 37 trillion, as the COVID-19 pandemic negatively impacted across the broad spectrum of the economy, particularly the real sector. The latest ‘Foreign Trade in Goods Statistics (Q4 2020)’ report by the National Bureau of Statistics (NBS), indicated in the year under review, Nigeria’s […]
The Minister of State for Industry, Trade and Investment, Amb. Mariam Katagum, has said that the Steering and Programme Coordinating Committees of the Nigeria-United Nations Industrial Development Organisation (UNIDO) Country Programme (CP) 2018 – 2022, will move fast in ensuring timely and effective implementation of the programme. A statement issued by the ministry’s Assistant Director, […]
The Central Bank of Nigeria (CBN) has reported that the Manufacturing Purchasing Manager’s Index (PMI) contracted to 48.5 index points in August 2020, indicating the fourth consecutive month it declined. The latest PMI report published by the apex bank showed that out of the 14 subsectors surveyed, only six subsectors reported expansion with eight dropping […]