• Manufacturers urge CBN to reduce interest rate in the interest of the sector

    Manufacturers urge CBN to reduce interest rate in the interest of the sector

    The Manufacturers Association of Nigeria (MAN), yesterday pleaded for a rate cut to revive the sector, stressing that the Monetary Policy Rate (MPR) at 14 per cent by the apex bank would retard the sector’s growth.

    President Frank Jacobs, president of MAN, told the News Agency of Nigeria (NAN) in Lagos that the 14 per cent MPR would not boost domestic production.

    He said maintaining the present rate would prevent manufacturing from coping with the current recession.

    Central Bank Governor Godwin Emefiele had […]

  • CBN approves special forex window for airline operators, manufacturers

    CBN approves special forex window for airline operators, manufacturers

    It was gathered that the Central Bank of Nigeria (CBN), Friday approved a Special Secondary Market Intervention Retail Sales (SMIS) forex window for domestic airline operators and manufacturers to stimulate ease of doing business in the sectors.

    The Minister of State for Aviation, Mr. Hadi Sirika, said the important one-off-stop-shop would fast track easy clearance of the backlog of matured Foreign Exchange (FX) obligations.

    The disclosure made public in a statement signed by Mr. James Odaudu, the Deputy Director, Public Affairs in […]

  • CBN orders banks to sell 60% forex to manufacturers

    CBN orders banks to sell 60% forex to manufacturers

    The Central Bank of Nigeria (CBN) has ordered banks to sell not less than 60 per cent of foreign exchange (forex)  to manufacturers for importation of their raw materials, plants and machinery.

    This is contained in a circular by W D Gotring, the acting Director, Trade and Exchange Department, to all authorised dealers and the general public.

    The apex bank, in a circular entitled,  “Foreign exchange sales to end users”, lamented that “it has been noticed that negligible proportion of the foreign […]

  • We must support local meter manufacturers – FG

    We must support local meter manufacturers – FG

    As the Electricity Meters Manufacturers Association of Nigeria (EMMAN) lament over off patronage of locally produced meters, which has resulted in the sack of over 600 their workers, the Federal Government has promised to support them through favourable policies.

    The Minister of Power, Housing and Works, Mr. Babatunde Fashola, who disclosed that dynamics of the economy would play a key role in the patronage of locally produced meters in the power sector, said: “I think that commercial things should be done […]

  • Tomato Paste Manufacturers in Nigeria Reveal Very Shocking Information…See Details

    Tomato Paste Manufacturers in Nigeria Reveal Very Shocking Information…See Details

    Manufacturers of the tomato paste in Nigeria have revealed a shocking information that puts the health of consumers at risk.

    Tomato pastes manufacturers in the country yesterday told the House of Representatives Joint Committees on Healthcare Services and Drugs and Narcotics that over 91.1 percent of tomato pastes in the country were fake and substandard.

    Some of the tomato pastes manufacturing companies that attended the public hearing were Dangote Farms, Erisco Foods Limited and Savanna Farms.

    In his submission, the legal adviser of […]