- Nigeria’s Manufacturing Expands in November
Business activities in the manufacturing sector expanded for eight consecutive months in November.
According to the Purchasing Managers’ Index report published by the Central Bank of Nigeria, the manufacturing sector expanded 55.9 in November. Up from the 55.3 recorded in October and above the 50 level that separates expansion from contraction.
Out of the 16 sub-sectors surveyed, a total of 12 sub-sectors reported growth in the following order: petroleum and coal products; printing and related support activities; computer and electronic products; textile, apparel, leather and footwear; plastics and rubber products; food, beverage and tobacco products; non-metallic mineral products; chemical and pharmaceutical products; furniture and related products; paper products; cement and primary metal.
Accordingly, production level of the sector expanded 59.3 in November, making it the eighth consecutive expansion and up from the 58.4 recorded in October. Suggesting that increase in new orders due to Christmas is aiding business activities in the sector.
Also, gauge of new orders, jumped from 52.8 in October to 54.3 in November, another indication of renewed business confidence in the economy following the recession and series of adjustment made by the central bank to enhance business activities and stimulate the economy.
“At 54.3 points, the new orders index grew for the eighth consecutive month. Nine sub-sectors reported growth, three remained unchanged while four contracted in the review month,” the report stated.
Again, improved business outlook and increased new orders bolstered employment level in the sector in November, pushing employment level index to 53.7 in the month. Up from 53.1 in October. This is the seventh consecutive expansion in new job creation in the manufacturing sector.
The sector inventories index surged to 57.1 from 56.5 in October.
The surged in Nigeria’s oil production output and relative calm in the oil rich Southern part of the country is supporting business confidence as it assures investors that the Central Bank of Nigeria will be able to sustain the ongoing foreign exchange intervention for better liquidity.
Meanwhile, the Senate on Thursday postponed the second reading of 2018 budget saying the outcome of OPEC meeting is important to 2018 budget.
According to the majority leader, Ahmad Lawan the: “OPEC is meeting today (Thursday) to decide the production quota for the various members. Therefore, I believe that we need to know what the production quota for Nigeria will be so that we will take a very informed and enlightened position for the daily production for our crude.”
Inflation and Forex Mismanagement Drive Petrol Truck Prices from N7M to N25M
Nigeria’s Presidential CNG Initiative Allocates N100bn for CNG Buses and EV Adoption
The Presidential Compressed Natural Gas (CNG) Initiative has allocated N100 billion to expedite the deployment of CNG buses nationwide, according to a statement released on Wednesday.
The initiative, designed to catalyze an Auto-gas and Electric Vehicle (EV) revolution in mass transit and transportation, aims to enhance sustainability and cost-effectiveness.
The statement revealed that the fund would be instrumental in supporting the adoption of auto-gas and electric vehicles, signaling a commitment to a more sustainable and economical future in the transportation sector.
The Presidential CNG Initiative plans to leverage over 11,500 CNG and electric-fueled vehicles, along with the deployment of 55,000 conversion kits.
This strategic approach is intended to reduce transportation costs for Nigerians and mitigate the challenges posed by the rising cost of living.
Under the Renewed Hope Agenda, the Presidential CNG Initiative is dedicated to realizing the President’s vision, guided by its steering committee led by FIRS Chairman Zacch Adedeji.
The statement highlighted recent achievements, including strategic technical partnerships and the ongoing commissioning of CNG Conversion centers in key states such as Lagos, Abuja, Kaduna, Ogun, and Rivers.
Several more centers are slated for commissioning in the coming weeks, reflecting the initiative’s momentum and commitment to achieving its objectives.
Nigeria’s Power Transformation: 53 Projects Worth N122bn on Track for May 2024 Completion
The Central Bank of Nigeria (CBN), in collaboration with the Transmission Company of Nigeria (TCN) and power distribution companies, is set to complete 53 power projects by May next year.
Valued at N122 billion, these projects aim to add over 1,000 megawatts to TCN’s wheeling capacity.
During a recent tour of three ongoing projects in Lagos, TCN’s Programme Coordinator, Mathew Ajibade, assured that the projects were not abandoned, refuting speculations.
He confirmed that work is progressing smoothly and is expected to be completed by May 2024, as initially planned.
Assistant Director/Head of Infrastructure Finance Office at the CBN, Tumba Tijani, highlighted the CBN’s support for the power sector, revealing that the bank released a loan at a 9% interest rate in August last year for the projects.
The funding, part of the Nigeria Electricity Market Stabilisation Facility-3, amounts to N122,289,344 and aims to address transmission/distribution bottlenecks, enhance supply to end-users, and unlock unutilized generation capacity.
Tijani disclosed that N85.43 billion has been disbursed into the Advance Payment Guarantee account of the 53 contractors responsible for executing the projects.
The comprehensive project list includes the delivery of power transformers, re-conductoring existing transmission lines, upgrading existing substations, and constructing 33KV line bays.
The initiative reflects a concerted effort to enhance Nigeria’s power infrastructure and meet growing energy demands.
Business3 weeks ago
Nigeria’s Logistics Sector Holds Untapped N3tn Potential, Says Courier and Logistics Management Institute
Black Market Rate4 weeks ago
Black Market Exchange Rate Today 14th November 2023
News4 weeks ago
Millionaire Powerplay Limited Unveils Unprecedented Odds in American Lotto’s Instant Cashless Payout
Black Market Rate4 weeks ago
Black Market Exchange Rate Today 9th November 2023
Forex3 weeks ago
Black Market Exchange Rate Today 16th November 2023
Forex4 weeks ago
Black Market Exchange Rate Today 10th November 2023
Black Market Rate3 weeks ago
Black Market Exchange Rate Today 21st November 2023
Telecommunications3 weeks ago
Airtel Africa Announces Interim Dividend Amidst Robust Half-Year Performance