Business

Manufacturers Earn N1.67trn From Exports In Nine Months

Published

7 years ago

January 6, 2020

Between January and September 2019, manufacturers earned a total of N1.67trn through exports of manufactured products, report from the National Bureau of Statistics (NBS) has indicated.
A breakdown of the amount showed that manufacturers earned about N462.33 billion in the first quarter of last year.
The amount, according to the report, represents 10.2 per cent of the total export for the nine-month period.
Out of the N462.33 billion, the sum of N312.8 billion was earned in January while February and March fetched N98.41billion and N51.12 billion respectively.
A further analysis of the report showed that manufactured goods such as vessels and other floating structures valued at N202.6 billion were exported to Angola in the first quarter.
In addition, refrigerated vessels worth N69.6 billion were exported to Ghana, while other light vessels valued at N12.6 billion were also exported to the United States during the period under review.
For the second quarter of last year, manufacturers’ earnings dropped by N355.43 billion from the first quarter figure of N462.33 billion to N106.9 billion.
A breakdown of the N106.9 billion showed that goods valued at N32.65 billion were exported by manufacturers in May, N62.36 billion in June while July had N11.08 billion.
During the second quarter, vessels and other floating structures valued at N27 billion, N12.6 billion and N3.3 billion were exported to Cameroon, Argentina, and Namibia respectively.
Other floating structures worth N7.7 billion were exported to the United Arab Emirates, according to the NBS data.
In addition, other cigars, cheroots, cigarillos and cigarettes with other tobacco products worth N2 billion were exported to the Niger Republic.
For the third quarter of 2019, the amount earned by manufacturers from exports rose from the second quarter figure of N106.9 billion to N996.78 billion.
A further analysis of the report showed that goods worth N162.93 were exported in July, while August and September recorded N66.98bn and N766.87 billion respectively.
It said this was driven by exports of cable sheaths of iron and steel valued at N750.3 billion exported to Ghana.
The report added that floating and submersible drilling platforms were exported to Ghana and valued at N117.4 billion.
It put vessels and other floating structures for breaking up exported to Cameroon at N41.7 billion.
The Manufacturers Association of Nigeria said the infrastructural deficit had continued to impede industrial growth and denied the country the much-needed foreign direct investment.
It also said that multiple levies and taxes and other anti-investment policies of the agencies of the government must be addressed in the new year.
The Director-General, MAN, Mr Segun Ajai-Kadir, noted that there appeared to be challenging times ahead, given the current policies of the current regime and its objectives.

Business

FG Approves 4 New Channel Management Firms For Seaports

Published

8 hours ago

October 26, 2026

The Tide

The Federal Executive Council (FEC) has approved four new channel management companies for seaports across the country in a move aimed at improving vessel navigation and port operations.

Speaking at the recently concluded Annual General Meeting of the Nigerian Association of Master Mariners (NAMM), former General Manager, Marine and Operations, Capt. Ebubeogu Ihenacho, disclosed that there would be changes in the ownership of the Lagos Channel Management Company Limited and the Bonny Channel Management Company.

According to Ihenacho, the four channels serving Nigeria’s major port clusters will have different channel management companies as approved by the FEC.

He said a new company had been approved to manage the Lagos port channel, with a change of name, while the Calabar Channel would be managed by the Calabar Channel Management Company.

He added that Bonny Channel Management Company had also undergone a change of ownership.

On the Warri Channel, Ihenacho said the Federal Government had approved China Harbour Engineering Company (CHEC) and two other companies to form a consortium to manage the Escravos Channel.

He said: “For Warri, it was approved for China Harbour Engineering Company, CHEC, and two other companies, who would now form a consortium.

That consortium will now form a Special Purpose Vehicle (SPV) with the Nigerian Ports Authority to manage the Escravos Channel.”

Recall that the management of the NPA had declined to renew the concessions of the Lagos Channel Management Company Limited and the Bonny Channel Management Company, opting instead for six-month extensions of the existing arrangements.

By; Enoch Epelle

Business

RIRS Warns Against Unauthorised Tax Collection

Published

8 hours ago

October 26, 2026

The Tide

The Rivers State Internal Revenue Service (RIRS) has warned motorists, transport operators and business owners against paying taxes, levies or charges to Unauthorised persons and organisations, insisting that only the Service and its duly appointed agents are legally empowered to collect taxes on behalf of the state government.

The Service gave the warning in a public notice dated October 21, 2026, signed by its Executive Chairman, Sir Israel O. Egbunefu, FCTI, in which it clarified that the Rivers State Ministry of Transport was not authorised by the state government to collect road tax or any other tax, levy or charge from motorists and transport operators.

RIRS also specifically disowned Explore Strategic Alliance Ltd, located at No. 7 Rumuodaolu Market Road, Port Harcourt, declaring the company had not been appointed or authorised by either the state government or the Service to collect Motor Vehicle Transport (MOT) tickets or any other tax on its behalf.

The revenue agency consequently cautioned members of the public against making payments to the company or any of its staff, stressing that anyone who ignored the warning would do so at their own risk.

It reaffirmed that only the legally authorised agency responsible for tax collection in Rivers State and the appointed agents that would carry out such duties in accordance with the law.

The Service urged taxpayers to demand official identification from anyone claiming to be its tax agent and verify the person’s credentials directly with RIRS before making payments.

It further warned that individuals or groups found impersonating tax consultants, agents or their representatives to collect Unauthorised taxes would be arrested and prosecuted in accordance with the law.

RIRS also called on members of the public to report suspicious persons and activities relating to Unauthorised tax collection to the Service for appropriate action.

The agency advised taxpayers seeking clarification or assistance to visit any of its offices or contact it through its official email address, info@riversbirs.gov.ng.

The Service reiterated its commitment to protecting taxpayers, promoting voluntary compliance and safeguarding the integrity of tax administration in Rivers State.

By: King Onunwor

Business

Bayelsa consumers Groan Over Inflation As Traders Remain Helpless Over Low Patronage

Published

8 hours ago

October 26, 2026

The Tide

Consumers and traders at the Swali ultramodern market in Yenagoa, capital of Bayelsa State have continued to groan over high prices of commodities and poor Patronage due to cost-push inflation.

The Tide reports that in the past weeks prices of goods and services in Yenagoa metropolis has experienced increase.

Notable services like transportation have also increased lately due to increase in the pump price of fuel that has recently further exacerbated inflation in the prices of staple foods like rice, beans, garri and others.

Speaking with The Tide on a market survey, a trader, Mrs Tovie Barakabo said a bag of bean which sold between N120,000-N130, 000 now goes for N140,000-N145,000.

Mrs Barakabo also hinted that the only commodities whose price has not gone up was price of millet which sells N60,000, while big bag of garri now sells for N30,000.

The Tide further gathered from other inside Source that 25 litres of Kings cooking oil currently sells N75,000 as against the former price of N57,000.

Other commodities such as delicious vegetable oil now goes for N68,000, Pure vegetable oil currently goes for N66, 000, while spaghetti is now N18,800 per bag.

The market survey also discovered that Sonnia tomato mix sells N75,609, while a big and small basket of fresh tomatoes are sold for N30,000 and N6,500 respectively.

A disappointed custom, Mrs Juliet Domo who fielded questions from The Tide expressed her worries over the inflation, calling on government to take decisive stands against inflation.

By: Ariwera Ibibo-Howells, Yenagoa