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Industry

Nigeria’s pioneer Pencil factory completed, awaits commissioning in Akwa Ibom

Udom Emmanuel

In a show of what can be described as backward integration in production of essential educational materials, all is set by the Akwa Ibom State government to commission first pencil factory in the country. Business hilights gathered that the remodeled factory had been producing tooth pick and it is a wholly-owned entity of Akwa Ibom State government floated in 2015 ...

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LCCI, Egypt industrialists to hold business summit to grow manufacturing today

Muda Yusuf, LCCI boss

Today, 2nd March, 2017, at the Board Room of the LCCI at No 1, Idowu Taylor Street, Victoria Island by 11am, the Lagos Chamber of Commerce and Industry (LCCI) in collaboration with the Commercial Office of the Egypt Embassy in Nigeria will hold a business meeting with the Arab Organization for Industrialization (AOI). The AOI is an Egyptian organization based ...

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Local debts frustrating key sectors of economy, NASS cries out to DMO, others

Nigerian Senate

Relying on feelers from major sectors of the economy, the Senate Tuesday advised the Minister of Finance and Debt management Office (DMO) to join forces with the rising naira to clear local debts so as to save the ailing but recuperating economy. Much of the debts are owed local contractors, power sector and supplies of various items to both the ...

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Analysts explain why GDP squeezed by -1.30% in Q4 2016

NBS

Latest economic data released by the National Bureau of Statistics (NBS), in the fourth quarter of 2016, has shown that the nation’s Gross Domestic Product (GDP) contracted by -1.30 per cent (year-on-year) in real terms, from N18,533.75 billion in Q4 2015 to N18,292.95 billion in Q4 2016. Otherwise, the GDP of the Nigerian economy has continued to dwindle due to ...

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$20b gas industrial park underway in Niger Delta – Osinbajo

GRIP Delta State

Apart from chances of increased royalties to oil rich Niger Delta host communities, emerging peace in the region stemming from the peace efforts of the federal government is about to grow positive multiplier effect as the apex government has approved the development of a $20bn gas industrial park in Delta State by consortium of international investors. Insights to the new ...

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Dangote explains high spoilage of agro products, calls for free movement of haulage trucks

Dangote group

Industrialist and Vice President of Dangote Group, Alhaji Sani Dangote has revealed the reason behind the rising damage of agro products, saying time has come for unhindered movement of trucks carrying foodstuff across the country. Addressing participants at the Nigeria Agricultural Export Zero Reject Forum (NAEZRF) in Lagos, he noted that as part of renewed efforts to diversify the economy ...

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FG fast tracks move on rice export from next year, procures 100 rice mills for states

Audu Ogbeh

At a time Nigerians are apparently puncturing the recent claims of the Minister of Agriculture and rural Development, Chief Audu Ogbeh that Nigeria will soon begin exportation of rice, the ministry has purchased 100 rice mills for distribution to rice-producing states in the country. Whereas Nigeria is spending 5 million dollars daily on rice importation from Thailand, India and Vietnam, ...

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Finally, Bakassi returnees to get homes as Ayade begins 5,000 housing units

Prof Ayade

After years of agony, displacement and failed promises mainly by the apex government, the Cross River State Governor, Prof. Ben Ayade has flagged off the construction of 5,000 housing units for the displaced people of Bakassi. The Chief Press Secretary and Senior Special Assistant on Media, Mr. Christian Ita, told Business Hilights that the governor performed the groundbreaking for the ...

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Presidency recalibrates settings to grow ease of doing business at ports, others

VP, Osinbajo

Barring any change in plans, the federal government has put in place strategies that will among other things effect positive changes in nation’s ports, business visas, and other national interest sectors of the economy. A statement issued weekend by the Senior Special Assistant on Media & Publicity to the President, Laolu Akande which was made available to Business Hilights, said ...

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Chemstar Paints mulls backward integration to reduce base on imported raw materials

Chemstar Paints

Leading paint manufacturing group, Chemstar Paints Industries Nigeria Limited has started thinking homeward as it has started backward integration plan designed to source all relevant raw materials needed in the production of paints. Apart from trying to run away from forex challenges, the company said the idea is to create more jobs as the patronization of local suppliers will deepen ...

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