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Abdul Samad Rabiu of BUA Group hosted Tony Elumelu, Chairman of UBA, at BUA's Lagos headquarters to deepen their strategic alliance aimed at driving Nigeria's industrial growth. The meeting focused on expanding financing for large-scale manufacturing and supporting domestic production.
French Ambassador to Nigeria, Marc Fonbaustier, has revealed that French automobile manufacturers, notably Peugeot and Renault, are strategizing their return to the Nigerian market via collaborations with local companies. This involves establishing vehicle assembly plants and targeting significant annual production volumes.
Industry experts have pinpointed inadequate standardisation, ineffective logistics, and inconsistent policies as significant challenges to intra-African trade, urging governments to enhance value addition and facilitate the smooth transit of goods. This was highlighted during the West Africa Industrialisation, Manufacturing & Trade Summit & Exhibition in Lagos.
The advancement of laser welding technology offers manufacturers substantial savings by decreasing post-processing costs significantly. By replacing traditional welding methods, these innovations not only improve efficiency but promise operations savings of up to 70%.
Segun Ajayi-Kadir, the Director-General of the Manufacturers Association of Nigeria (MAN), believes the Federal Government's new National Industrial Policy can significantly enhance manufacturing's share of Nigeria's GDP over the next ten years.
A recent report highlights a significant liquidity challenge in Nigeria where despite banks being flush with funds, small businesses and manufacturers struggle to access credit. Experts indicate that a structural issue is at play, with a growing preference for government securities over lending to the real economy.
The Centre for the Promotion of Private Enterprise (CPPE) has expressed concerns that new proposals for a sugar tax on sugary drinks could negatively impact Nigeria's manufacturing industry, pose threats to jobs, and hinder the nation's delicate economic recovery.
