Business
Manufacturing Sector Capital Import Rises By 88%

Nigeria’s manufacturing sector’s total capital importation rose by 88.17 percent in the first half of the year ended June 30, 2023.
Data released from the National Bureau of Statistics (NBS) showed that inflow into the sector jumped to $861.17 million in the first half of 2023, from $457.66 million in the first half of 2022.
The data also showed that the share of inflow to the manufacturing sector to the total capital inflow for the six month period rose to 39.81 percent in first half’23 from 14.73 percent in first half’22, representing a 25.08 percentage point increase. Total capital importation in H1’23 stood at $2.163 billion.
Also, inflow through the sector increased Quarter-on-Quarter basis by 136.2 percent to $605.04 million in Quarter2 of 2023, as against $256.12 million in Quarter1. This also represented 58.73 percent of total capital imported in Q2 2023.
The sectoral breakdown shows that the manufacturing sector recorded the highest inflow during the period, followed by the banking sector, which attracted $499.14 million.
The information and technology services, financing, and shares sectors ranked among the top five sectors of interest.
An economic and investment strategist, Smith Akinbode, had expressed surprise at the surge in inflow into the manufacturing sector, saying it was more of an outlier.
“I don’t think there’s a broad economic explanation for what happened. It is likely a situation whereby a major piece of equipment was imported into the sector.
“You will recall that sometime in 2018, Aliko Dangote imported one equipment for his refinery and that sort of boosted imported capital and foreign trade as at that time. That may be what also happened in this case”, he said.
He however, noted that the fact that the surge seen during the period was an outlier would make it difficult to sustain the trend going forward.
“The economic fundamentals that should aid improvement in capital importation through production and manufacturing are not there. Foreign Exchange (forex) remains a problem; the business operating environment also remains quite difficult.
“Higher dollar interest rates, the liberalisation of the Naira and the FX supply challenges are likely to put a strain on the ability of Nigerian businesses to service dollar obligations.
“Companies that have foreign operations or FX earnings are better positioned to service dollar obligations.
“Therefore, Nigerian producers/manufacturers need to produce not just for local consumption, but also to export, in order to improve dollar supply and bolster the economy”, he noted.
By: Corlins Walter
Business
TTP Trains Customs Agents, Freight Forwarders On Eto App
In a concerted effort to tackle racketeering and reduce inflated transportation costs in the Nigeria’s seaports, Trucks Transit Parks Ltd. (TTP) has trained Licensed Customs Agents and Freight Forwarders on the use of its Ètò electronic call-up system.
The training was held recently at Customs Processing Centre (CPC) Auditorium, Apapa, Lagos, in collaboration with the Nigeria Customs Service (NCS) and supported by the leadership of the Joint Association of Licensed Customs Agents and Freight Forwarders (JALCAFF), Apapa Command.
Speaking at the event, Comptroller Babatunde Olomu expressed appreciation to TTP for facilitating the training and emphasized the need for customs agents to take personal ownership of the Ètò booking process.
“I want to thank TTP for this impactful training. I encourage all customs agents to begin doing their own bookings directly. By doing so, they can take back power from the unscrupulous elements exploiting their lack of knowledge, selling tickets at highly inflated prices,” Olomu declared.
He noted that empowering agents with hands-on training was key to dismantling racketeering networks that have plagued access to the ports and frustrated efficient logistics processes.
Also speaking, the Chairman, Apapa Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA), Chief Emeka Chukwumalu, said the engagement was critical to the ongoing push to reduce cargo transportation costs and ease business operations at the Apapa Port.
According to a freight forwarder, “The training is basically for us to have awareness of the operations of the Ètò call-up system through TTP. We also want to brainstorm on ways to reduce the high cost of cargo transportation in Apapa Port.
“This training opened our eyes to how simple it is to book tickets ourselves. We now know the right steps to follow and how to avoid falling victim to fraudsters.”
Earlier, Head of Operations at TTP, Mr. Irabor Akonoman, talked on common misconceptions about ticket pricing, reaffirming that the cost of Ètò bookings had remained consistent since its inception.
“The official price remains the same since inception. What people are paying higher amounts for is the manipulation by racketeers”.
Business
NECA Holds MSME Fair To Drive Growth
Towards strengthening small businesses and promoting a more supportive regulatory environment, the Nigeria Employers’ Consultative Association (NECA) says it will hold the 2025 edition of its flagship MSMEs Fair on Tuesday (May 6, 2025).
The event, themed, “Galvanising MSMEs for Economic Growth and Stability”, will take place at NECA House in Lagos.
According to NECA’s Director-General, Mr Adewale Smatt Oyerinde, the fair seeks to provide micro, small, and medium enterprises with essential tools, resources, and strategic networks to thrive in Nigeria’s challenging business climate.
He emphasised the vital role MSMEs play in national development, describing them as the “lifeblood of Nigeria’s economy.”
Oyerinde noted that the fair is designed to offer entrepreneurs practical solutions to navigate economic uncertainties, regulatory hurdles, and business scalability issues.
A major attraction of this year’s event is the keynote address by the CEO of FATE Foundation, Mrs. Adenike Adeyemi, a prominent advocate for MSME development.
She is expected to share transformative insights on innovative strategies for sustaining and growing small businesses in Nigeria.
A unique feature of the fair will be interactive sessions with key regulatory bodies. Entrepreneurs will engage directly with agencies responsible for licensing, compliance, taxation, and business registration.
NECA said these sessions aim to demystify bureaucratic processes and foster a more enabling business environment.
It also said the fair will provide a platform for entrepreneurs to exhibit their products and services, connect with potential investors, and explore new markets.
It added that participants would gain critical knowledge on digital transformation, access to finance, and strategies for sustainable business growth.
·
· NECA stressed that the fair aligns with its broader mission of promoting enterprise development and economic resilience.
·
· “By empowering MSMEs with the right support and information, the organisation aims to stimulate job creation, innovation, and long-term economic stability”, NECA said.
·
· The 2025 MSMEs Fair is expected to attract a wide range of stakeholders, including financiers, tech experts, regulators, and industry leaders, all united in advancing the growth of Nigeria’s MSME sector.
Business
Over 2m Passengers Board Blue Rail Train – Commissioner
The Lagos State Commissioner for Transport, Mr Oluwaseun Osiyemi, says over two million passengers have been transported on the Blue Line Rail since its launch, while state-run buses move an average of 42,000 commuters daily.
Osiyemi, who disclosed this during the Year 2025 Ministerial press briefing held at the Bagauda Kaltho Press Centre, Alausa, on Tuesday, noted that the Lagos State Transport Policy, launched in May 2024, was now in its implementation phase, focusing on inclusivity, safety, affordability, and sustainability.
“On rail development, Phase One of the Blue Line (Marina to Mile 2) has served over two million passengers, with Phase Two (Mile 2 to Okokomaiko) in progress.
“Phase One of the Red Line (Agbado to Oyingbo) is now operational with eight stations and additional rolling stocks procured, while Phase two (Oyingbo to link Blue Line at National Theatre) is underway”, he said.
The Commissioner said in the state-owned bus operations, over 60 million commuters have been served since 2019, with daily ridership exceeding 40,000.
He also said plans were on to deploy new buses with Quality Bus Corridors under construction, adding that the Abule=Egba Bus Terminal had also been commissioned.
“For water transport, 15 locally-built Omibus Ferries have been launched and are in operation, with the Ijegun Egba Terminal now open.
“The OMI EKO project, in partnership with the French Development Agency (AFD), will deliver 25 terminals and 78 electric ferries.
“Over 280,000 passengers have used ferry services in the past year, and 12 boats have been upgraded to meet safety standards”, he said.
On road infrastructure and traffic management, the Commissioner said 49 junction improvement projects had been completed, including ongoing ones at Ikorodu, Iju, as well as Allen-Opebi-Toyin axis.
He added that solar-powered Traffic Signal Lights, road markings covering 67.9km, new medians, laybys, and 3,941 parking lots had also been provided.
Additionally, Osiyemi announced that the deployed Automatic Number Plate Recognition cameras had detected over 470,000 traffic violations and that the Vehicle Inspection Service issued over one million roadworthiness certificates.
He also said that the Lagos State Drivers’ Institute trained more than 32,000 drivers in the past 13 months.
The event marked the second anniversary of Governor Babajide Sanwo-Olu’s second term, showcasing major strides in the transport sector under the THEMES+ agenda.
Nkpemenyie Mcdominic, Lagos
-
News5 days ago
2025 UTME: JAMB Disowns Site Requesting Payment From Candidates
-
News5 days ago
May Day: Labour Seeks Inclusiveness In Policy-making
-
Niger Delta5 days ago
Rivers Begins, Supplemental Polio Vaccination, Morrow
-
Featured5 days ago
RSG Commits To Workers’ Welfare …. Calls For Sustained Govt, Labour Partnership
-
Rivers5 days ago
Book Title “Managing Projects Successfully” Launch In Port Harcourt
-
Nation5 days ago
HYPREP Inducts 100 Ogoni Youths For Creative Arts Training
-
Rivers5 days ago
Citizenship Participation Key to Achieving True Democratic Government
-
Rivers5 days ago
Obi Donates 80 Desks To Schools In Etche