- Manufacturing Activities Declined Marginally in January
The Nigerian manufacturing activities dipped slightly in January, according to the data released by the Central Bank of Nigeria on Wednesday.
Manufacturing Purchasing Managers’ Index declined from a record high of 59.3 in December to 57.3 in January. While this was slower than the preceding month, it represents the tenth consecutive month of expansion. A reading above 50 levels indicates expansion.
According to the report, 13 of the 16 subsectors surveyed recorded growth in the following order: computer and electronic products, nonmetallic mineral products, cement, textile, apparel, leather and footwear, printing and related support activities, appliances and components, primary metal, petroleum and coal products, food, beverage and tobacco products, furniture and related products, paper products, fabricated metal products, plastics and rubber products.
While electrical equipment, chemical and pharmaceutical products, and transportation equipment contracted in the month.
However, manufacturing production index stood at 59.6, with 11 of the 16 subsectors recording expansion, while 3 remained unchanged in the month and 2 declined. Despite declining from 63.2 in December, manufacturing production has now expanded for eleventh consecutive months.
Employment gauge showed hiring drop slightly from 53.9 points recorded in December to 53.3 in January.
“Improved economic activities are yet to reflect on the labour market, another indication of over-concentration on money market by both domestic and foreign investors. Therefore, while business confidence is growing among established manufacturers, new investment in the sector is low, hence, lack of new job creation,” said Samed Olukoya, a foreign exchange research analyst at Investors King Ltd.
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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.
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