Business

Manufacturing Sector’s Output Drops By N78bn – NBS

Published

7 years ago

June 3, 2019

The manufacturing sector recorded a decline of about N77.92bn in output in the first quarter of this year, figures obtained from the National Bureau of Statistics have revealed.
An analysis of the Gross Domestic Product report prepared by the NBS revealed that the sector recorded a total output of N1.69tn as of the end of the fourth quarter of 2017.
However, the level of productivity of the sector dropped by N77.92 billion from the fourth quarter figure of N1.68tn to N1.61tn.
The sector had been badly hit by the harsh operating environment which took its toll on the profit margins of many companies operating in that segment of the economy.
The report said there were 13 sub-sectors that made up the manufacturing sector.
Out of the 13 sub-sectors, only four recorded an increase in economic performance between December and March this year, while nine sub-sectors recorded a decrease in productivity.
The four sub-sectors that recorded increase in economic performance are cement from N145.97 billion in December to N152.41billion; wood and woods products from N51.59bn to N53.21bn; non-metallic products from N59.34bn to N60.43bn; and motor vehicle assembly from N7.14bn to N8.69bn.
The nine sectors that recorded decline in productivity were oil refining from N40.03 billion to N14.67bn; food, beverage and tobacco from N387.98bn to N359.51bn; paper products from N14.13bn to N13.35bn; chemical and pharmaceutical products from N40.34bn to N37.07bn.
The rest are plastic and rubber products from N58.86bn to N58.17bn; electrical and electronics from N1.3bn to N930m; iron and steel from N46.19bn to N40.71bn and other manufacturing from N78.06bn to N72.61bn.
The decline in productivity for the manufacturing sector is not in line with the objectives of government for the sector as contained in the Economic Recovery and Growth Plan.
The government in its ERGP said that it would pursue manufacturing promotion policies that would enable the sector to record an average annual growth rate of 8.48 per cent between 2018 and 2020.
This is expected to rise from -5.8 per cent in 2017 to 10.6 per cent by 2020.
The ERGP was expected to build on the Nigeria Industrial Revolution Plan, to address the key challenges in manufacturing.
Some of these challenges are limited access to credit and financial services, poor infrastructure and unreliable power supply that forces businesses to rely on generators, thus increasing their input costs and reducing their overall competitiveness and profitability.
Speaking on the development, the immediate past Director General, Abuja Chamber of Commerce and Industry, Dr Chijioke Ekechukwu, said that the government needed to step up its diversification agenda with credit policy for manufacturers.
He said while the government had been pursuing the economic diversification since the inception of the current administration, the results had not been too impressive based on recent GDP report released by the NBS.
Apart from agriculture, particularly crop production, he said oil was still the leader in terms of income to Nigeria.
To stimulate the economy, Ekechukwu said there was the need for more reforms to further reduce the cost of doing business and interest rate.
Ekechukwu said, “The country came out of recession as a result of improved production capacity and improved international oil prices.
“These two major reasons are actually out of the control of the government and so achieving that feat cannot be said to be a better plus because if that situation had not happened, it is possible that we won’t have been out of recession.
“In the area of growing the non-oil sector, we have yet to make any significant effort that could take the country to the path of sustainable growth.

Business

Boat Mishap Kills Pastor, Wife And Church Members In Brass Water

Published

2 days ago

May 18, 2026

The Tide

A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways

The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and members of his church were in a programme.

?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet to be recovered

as search party are still ongoing.

Although the real cause of the boat Mishap is not yet known as at the time of this report, our Correspondent gathered that the identities of the Pastor, wife and church members were not disclosed to the public.

The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit

The Bayelsa State government and the state police command are yet to issue official statement’s on the sad accident

By: CHINEDU WOSU

Business

Rivers Workers Seek Scrapping Of Contributory Pension Scheme

Published

2 days ago

May 18, 2026

The Tide

The Rivers State Council of Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.

Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt, recently.

Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.

He noted that the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.

According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.

He also informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.

“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.

Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.

The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.

He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.

Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.

The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.

He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.

Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.

By: King Onunwor

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

1 week ago

May 13, 2026

The Tide

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.

Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.

According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.

Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.

According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.

Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.

She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.