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Manufacturing Output Expands to N1.5Trillion in Q2

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  • Manufacturing Output Expands to N1.5Trillion in Q2

Nigerian manufacturing output rose to N1.5 trillion in the second quarter of the year, according to the National Bureau of Statistics report.

This was N60 billion lower than the total output recorded in the preceding quarter, despite the consistency claimed by the Central Bank of Nigeria.

The CBN, in its last manufacturing report, said the sector grew for the 16th consecutive month in July with Purchasing Managers’ Index standing at 56.8.

Further analysis of the report showed that out of 13 subsectors making up the manufacturing sector, four of the sector recorded growth during the quarter, while the remaining nine declined in productivity.

The four subsectors that grew during the quarter were oil refining that expanded from N29.12 billion to N37.2 billion, chemical and pharmaceutical products that grew from N36.47 billion to N38.7 billion, non-metallic products that increased from N58.29 billion to N59.25 billion and electrical and electronics that climbed from N924 million to N1.21 billion.

The nine subsectors that recorded decline in productivity are cement, from N148.2bn to N137.46bn; food, beverage and tobacco, from N723.9bn to N702.36bn; textile, apparel and footwear, from N355.9bn to N339.76bn; wood and wood products, from N52.4bn to N47.7bn; and pulps and paper products, from N13bn to N12.8bn.

Others are plastic and rubber products, from N55.7bn to N55.26bn; iron and steel, from N40.1bn to N39.7bn; other manufacturing, from N73.53n to N60.5bn; and motor vehicle assembly, from N7.67bn to N7.5bn.

However, the overall growth of the sector may not be unconnected to the credit facility received by manufacturers across the country in the last one year. According to the credit report of the National Bureau of Statistics, Deposit Money Banks granted the manufacturing sector a total of N2.01 trillion loans during the second quarter to further deepen growth and support job creation.

The sector is expected to grow from -5.8 percent in 2017 to about 10.6 percent by 2020.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Savvy Publishes Its First Impact Report Since Launch

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Savvy Has Released its First Impact Report 

The non-profit organization, Savvy, has today, published its first impact report since its launch. On February 24, 2021, it published a post on Facebook and other social media platforms that read: Feb. 4, made it 6 months since we launched the Savvy Fellowship program, and it seems like yesterday. How time flies.
On a mission to train at least 10,000 passionate individuals to build successful impact-driven businesses, the organization has decided to measure and publish its progress for the last 6 months, to see whether or not it’s making an impact or falling behind. From August 4, 2020, to February 4, 2021, Savvy received 39,958 applications from individuals interested in the Savvy program. It accepted 3,298 of them, which is an 8.25% acceptance rate. 1,121 being female, and 2,177 being male.
These 3,298 participants (often referred to as Savvy Fellows) come from 122 countries. 2,181 of the Fellows have completed the Savvy program—generating 1,278 business ideas and kickstarting 587 businesses during and after the program. In the nearest future, Savvy plans to get more mentors for the Savvy program, train 7,000 more individuals through the program, and provide Internet allowance for some of the Fellows who need it to participate in the program.
Due to the COVID-19 pandemic, many have lost their jobs and are now living in an uncertain world. I and 131 entrepreneurs from 36 countries came together to start Savvy, a global Fellowship program equipping these recently unemployed individuals with the necessary knowledge and skill that they need to start their own impact-driven business and succeed as entrepreneurs,” says Chidi Nwaogu, Head of Fellowship Program at Savvy.
For 12 weeks, no matter what stage their venture is, the Savvy program helps selected Fellows answer all the relevant questions that they need to kickstart their amazing impact venture, gain early traction, achieve product-market fit, scale into new markets, create jobs, and improve the economy of their nations.

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Bandits Kill Six, Abduct 15 in Niger LGs

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Bandits Kill Six, Abduct 15 in Niger LGs

Again, bandits have killed six persons and kidnapped 15 others in renewed attacks on communities in two local government areas of Niger State.

One of those killed was at Pandogari town in Rafi Local Government Area, where five people were abducted, while the remaining five were murdered in Gurmana in Shiroro Local Government Area of the state. Ten persons were kidnapped in this incident.

Both incidents took place Thursday night, according to an eyewitness who spoke to newsmen.

Apart from those killed or kidnapped, a large number of villagers were injured in the stampede that followed the activities of the gunmen and are presently receiving treatment at medical centres in the two local government areas.

“This thing has become a daily occurrence,” a disappointed top government official told the press on condition of anonymity.

“The attacks are creating daily IDPs and social problems for the state,” the official added.

Five persons were killed, while eight others were kidnapped in separate bandits’ attacks on Anwar Mahogi and Rsfingora communities of Rafi Local Government Area of the state also on Thursday.

Several cattle were said to have been rustled in the raid.

One of those killed in Angwar Mahogi was Dauda Daniel, a graduate of the Federal College of Education, Kontagora, who was said to be planning for his wedding slated for March 6, this year.

While the attack lasted, eyewitnesses said that a helicopter hovered in the skies apparently giving cover to the bandits.

There have been no response to calls made to the Police Public Relations Officer, ASP Wasiu Abiodun, for confirmation of the incidents.

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Lagos Gov to Shut Down Third Mainland Bridge this Friday

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Lagos Gov to Shut Down Third Mainland Bridge this Friday

The Lagos State Government will shut down the Third Mainland Bridge for 24 hours from midnight Friday, February 26th to midnight Saturday.

The Commissioner for Transportation, Dr. Frederic Oladeinde who made this known in a statement issued on Wednesday, said the total closure of the bridge is to enable the contractors move the equipment used during the rehabilitation process off the bridge and allow both the Oworonshoki and Adeniji bound lanes open fully to traffic.

Oladeinde therefore, advised motorists approaching the bridge from Ogudu, Alapere and Gbagada to use Ikorodu Road, Jibowu and Yaba, as alternative routes, while Iyana Oworoshoki-bound traffic from Lagos-Island, Iddo, Oyingbo, Adekunle and Yaba are to use Herbert Macaulay Way, Jibowu and Ikorodu Road as alternative routes.

The Commissioner assured that traffic management personnel would be deployed along the affected routes to minimize and address any traffic impediments during the closure.

Commending Lagosians for their cooperation during the prolonged repair works of the Bridge, the Commissioner assured that the bridge is now safe for use by all and sundry.

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