Business

Manufacturers Lament $2.4bn Outstanding Forex Claims

Published

1 year ago

August 12, 2024

The Manufacturers Association of Nigeria (MAN) has stated that the failure of the Central Bank of Nigeria (CBN) to clear $2.4 billion worth of foreign exchange (forex) forward contracts has caused serious problems for manufacturers leading to a hike in the prices of products and closure of businesses.
Director General of MAN, Segun Ajayi-Kadir, who diclosed this in a statement, said the continued delay was eroding trust of investors in the bank to fulfill contracts signed with manufacturers in purchasing goods pegged in foreign currency.
The Tide’s source reports that since the assumption of office of the Olayemi Cardoso-led management, the CBN has cleared over $4bn out of the inherited $7billion, while about $2.5billion is yet to be cleared, thus, raising concerns from manufacturers.
Recall that the CBN invited the Economic and Finanacial Crimes Commission (EFCC) to probe the claim.
The MAN DG, however, noted that while the bank cited an ongoing investigation by EFCC for the delay, businesses that borrowed money from banks to get the letter of credit had made huge losses with the increase in the rate of dollar to naira between 2023 and 2024.
According to him, “This $2.4billion worth of forward contracts from the backlog of $7billion has triggered a severe crisis for the manufacturing sector and Nigerian economy.
“Worse still, the commercial banks have continued to charge dollar accounts along with other Naira bank charges such as 35 per cent interest rate on the facilities that these companies have with their banks.
“All these have significantly eroded the working capital of the companies who barely make margins of 5 per cent on the sales of the products.
“This rather worrisome breach of contract has further exacerbated currency risk for businesses, leading to substantial financial losses and operational disruptions”.
Ajayi-Kadir continued that businesses with substantial foreign exchange liabilities faced acute ontracts.

credit and liquidity risks due to their inability to settle forward contracts.
“This strains cash flow, jeopardises overall financial stability. While many small and medium-sized enterprises have been forced to close or temporarily suspend operations, larger corporations have incurred massive foreign exchange losses exceeding over N300billion in the second half of 2023.
“This situation has been exacerbated by the continuous depreciation of the naira, which has depreciated by more than 72 per cent, from N450 to N1,600 per dollar over the past year”, he said.
He also noted that manufacturing concerns had been worse hit within the last six months, with companies incurring over N1.5trillion in forex-related transaction losses.
The DG stated that to prevent further damage, there should be collaboration between the CBN, the Federal Ministry of Finance and the private sector to develop a sustainable framework for resolving outstanding forward contracts and improving foreign exchange inflows.
Meanwhile, the CBN on Wednesday auctioned $876million to clear part of the retail forex request.
It did this through the Retail Dutch Auction System (RDAS) which is designed to facilitate forex sales to end users directly, promoting a more transparent market, reducing information asymmetry and aiding in price discovery.
The CBN said in a statement that “In the latest testament to the Central Bank of Nigeria’s (CBN’s) ongoing commitment to support the proper functioning of the foreign exchange market by enhancing liquidity when necessary, the apex bank offered $876million to fulfill bids submitted by customers at an auction concluded on Wednesday, August 7, 2024.

Business

KALCCIMA PROMISES KALABARI ECONOMIC GROWTH, INAUGURATES NEW EXECUTIVES

Published

3 days ago

January 2, 2026

The Tide

The Kalabari Chamber of Commerce, Industry, Mines and Agriculture (KALCCIMA) has formally inaugurated its new executive council at a ceremony marked by optimism, strong institutional backing, and renewed commitment to economic development in Kalabari land.

The inauguration was performed by the National Deputy President of the National Association of Chambers of Commerce,Industry, Mines and Agriculture (NACCIMA), Dr. Emi Membere-Otaji, who charged the new leadership to position KALCCIMA as a catalyst for inclusive growth, enterprise development, and strategic engagement with government and the private sector.

The newly inaugurated officers of KALCCIMA are:

Elder Monima Daminabo (President); Amb. Clement Akanibo (First Deputy President); Boma Kaladokubo (Second Deputy President); Harry Awolayeofori Macmorrison (Executive Secretary/Director-General); Faaye Franklin (Treasurer); Engr. Robinson Success (Financial Secretary); Ibiba Don-Pedro (Public Relations Officer); Princess Nancy Boma Princewill (Organising Secretary); Barr. Idaoyibo Fortune Igbikikuno (Legal Adviser); Abiye George (Welfare Officer).

In his keynote address, Dr. Membere-Otaji congratulated the Exco and emphasized the strategic importance of a vibrant local chamber to regional and national economic growth.

He urged the leadership to align KALCCIMA’s programmes with NACCIMA’s national vision, stressing professionalism, transparency, and innovation in advancing commerce, mining, agriculture, and small and medium-scale enterprises in Kalabari.

“The Chamber must become a rallying point for entrepreneurs, investors, and policymakers. Kalabari has immense economic potential, and KALCCIMA must provide the structure and leadership to unlock it,” he said.

Also speaking, the Chairman of the Board of Trustees, Prince Billy Harry, charged the Exco to lead with integrity, unity, and purpose.

He encouraged them to move beyond ceremonial roles and focus on tangible outcomes that would uplift Kalabari communities, empower youth and women, and attract sustainable investments.

In his acceptance remarks, Elder Daminabo expressed gratitude to NACCIMA, the Board of Trustees, and stakeholders for their confidence in the new leadership.

He assured members that the Exco would prioritize stakeholder engagement, capacity building, and partnerships aimed at stimulating trade, supporting local industries, and promoting agricultural and maritime opportunities unique to the Kalabari axis.

Goodwill messages poured in from notable professionals and stakeholders, including Arc. Eniye Braide, Arc. Danny Sokari George and Ebianga Bestmann, all of whom commended the inauguration and expressed confidence in the capacity of the new Exco to reposition KALCCIMA as a strong voice for economic advocacy and development.

They urged the Chamber to leverage Kalabari’s strategic location, cultural heritage, and human capital to foster entrepreneurship, attract investments, and contribute meaningfully to the economic prosperity of Rivers State and Nigeria at large.

The inauguration ceremony ended on a note of collective resolve, with stakeholders expressing hope that the new leadership would usher in a new era of relevance, impact, and sustainable development for KALCCIMA and the entire Kalabari nation.

By: Opaka Dokubo

Business

NCDMB Begins Nigerian Content Research, Innovation and Technology Challenge

Published

3 days ago

January 2, 2026

The Tide

The Nigerian Content Development and Monitoring Board (NCDMB), in December 2025 commenced the Nigerian Content Research, Innovation and Technology Challenge 2025/2026 edition.

The Board called on interested individuals, research institutions, academia, oil and gas industry suppliers, and members of the public with research innovations, to submit proposals for evaluation and admission into the NCDMB Technology Innovation and Incubation Centre (TIIC), Yenagoa, Bayelsa State.

The Tide learnt that the competition, which seeks to identify and develop new technologies to address specific challenges in the oil and gas industry and its linkage sectors, requires that proposals be in line with approved thematic areas and priority industry challenge, namely, Geological and Geophysical Studies, Local Materials Substitution Studies, Technology Development Studies, Health, Safety and Environmental Studies, Engineering Studies, and Renewable Energy.

For Geological and Geophysical Studies, proposals have to focus on developing solutions related to exploration, big data, and real time logging data processing, while those for Local Materials Substitution Studies have to concentrate on sustainable materials for environmental remediation, materials for development of cryogenic technology for liquefied natural gas (LNG), refinery, and other applications, as well as local materials for ultra-high temperature pressure cementing.

For Technology Development Studies, the NCDMB requires innovation on denationalization technology, application of Internet of Things to exploration and production, and condensate refining technology, while proposals for HSE Studies are expected to deal with carbon capture utilisation and storage technology to reduce greenhouse emission, depollution and produced water management system, and hydrogen production techniques to enhance carbon dioxide capture.

In respect of Engineering Studies, proposals are expected for developing technology solutions for enhanced oil recovery, refinery units technology to improve efficiency, laboratory analytical equipment for experiment and materials testing, and drilling technology, instrumentation, and control systems.

For Renewable Energy, the Board said proposals are expected from solar energy technologies, wind energy solutions, and energy storage systems, such as battery technologies, hydrogen storage, thermal storage, and molten salts.

The NCDMB noted that the proposals, which should not be more than 1,500 words were to be submitted via email address (info@tiic.com.ng) not later than a month from the date of publication were also required to be in the following format: Company/institution name, Thematic area, Title of innovation, Description of innovation, and Objective, vision and mission.

Others are, Team structure, Funding model and budget estimate, Marketing plan, and Risk analysis.

In a statement from the Directorate of Corporate Communications of the NCDMB quoted the management of the Board as saying that at the first stage of the competition, the top 30 proposals will be selected and the teams assigned mentors to guide them towards developing a compelling demo and presentation, while proposals will be reduced to 10 at the second stage, and further reduced to five on the final day of the competition where the winners will be determined.

“The innovators will present their business pitches/demos to corporate venture capitalists to invest, drive innovation, and expand market reach, while helping emerging businesses to grow.

“Prizes will be awarded to the top five winners of the competition in the form of cash, mentorship opportunities, and media coverage, while the top 10 participants will be onboarded into the TIIC at the Nigerian Content Tower for guidance and further development of their innovation to commercialisation”, the NCDMB said.

By Ariwera Ibibo-Howells, Yenagoa

Business

Ikuru Town Issues Start-Up Grants, Packs To Skill Acquisition Graduands

Published

3 days ago

January 2, 2026

The Tide

As parts of efforts to enhance the livelihood of the people in the season of celebration, the Ikuru Town Host Community Development Trust (HCDT), has distributed christmas packages worth about N50m to the people of the trust.

The condiments, including 10kg of rice, vegetable oil, tin tomato, and maggi cubes were distributed to over 2,500 households in Ikuru Town community.

The HCDT also issued start-up grants of N200,000 alongside starter-packs to each of the 13 graduands of its Skill Acquisition Programme.

Speaking to journalists at the Ikuru Town HCDT Community Town Hall meeting and Sharing of Livelihood Support Items programme, in Ikuru Town, Andoni, Rivers State, Monday, the Chairman, Ikuru Town HCDT, Prof. Lysias D Gilbert, said the gesture was the birth of the 3% derivative of the Petroleum Industry Act (PIA) of Its settlors, the Green Energy International Limited and Lekoil (GEIL/LEKOIL JV).

Gilbert who noted with dismay the high rate of poverty in the country opined that some households may be unable to afford the condiments of the season, insisting that the gesture was to fill the gap for such households and individuals.

According to him, the Ikuru Town HCDT is aimed at developing the community and boosting the livelihood of its people.

“Remember, the rate of poverty in Nigeria is high. A lot of people cannot even afford a cup of rice in December like this. We have come to share these condiments to well about 2,500 households. To those who are living on their own in the community including single mothers and widows. This is to put smiles on their faces, giving them hope that the community has not forgotten them”.

Gilbert said that the HCDT, as part of its empowerment programme for the youths of the community, trained 13 youths comprising of males and females in different skills of pipefitting, hairstyling, photography/video editing, fashion designing, mobile phone repair, welding and fabrication and hair cutting.

In his words “we empowered 13 persons. We picked 15 of our youths, took them to PortHarcourt for a period of 12 months.

We rented an apartment for them, one for the boys and another for the ladies, paid them stipends to enable them feed and transport themselves, and trained them in these different skills”.

Out of the 15, 13 of them successfully graduated and some of them have secured jobs with reputable companies based on their acquired skills. We took them from the community, so, today, we have brought them back to the community, to present them as parts of our achievements in 2025″.

While noting that the HCDT had been consistent in the gestures for the past three years, Gilbert urged the beneficiaries to maximise the opportunity for their individual growth and community development.

He further outlined the HCDT’s achievements to include the community legacy water project which he said would be commissioned before the end of the first quarter, renovation and refurbishment of the community’s secondary school and public toilets, employment of six auxiliary teachers to support the teaching staff in the primary and secondary schools, award of bursary to 801 beneficiaries across all educational levels amongst others.

Beneficiaries of the livelihood support and skill acquisition programme lauded the Ikuru Town HCDT for the gestures and called for continuity.

A graduand in fashion designing, Julia Raymond, said “on behalf of the trainees, I say a very big thank you to the Ikuru Town HCDT. They were there for us at every level of our training. We have acquired a lifetime skill that can sustain us with our parents and siblings and it has been beneficial to us especially in this festive period. I can assure the HCDT that we will make good use of the opportunity “.

Earlier, the Okan-Ama of Ikuru Town, HRM King Miller Aaron Ikuru, expressed gratitude for the peace that has prevailed in the community insisting that it has paved the way for the event of the day.

Represented by the Deputy Okan-Ama, Ikuru Town, Sir Chief Micheal Williams Omayi, King Ikuru said “for today, to God be the glory because peace has finally returned to Ikuru Town. I call on everyone for cooperation and understanding so that we can forge ahead to achieve the developmental process in Ikuru Town.

“The HCDT has done very well to boost the skills of the youths. I encourage the graduands to take the skills seriously for their betterment “.

More Vibrant Businesses In 2016- MD

Chidi Enyie

A Por Harcourt based businessman, Chinonye Okoha Esq has said that businesses in Nigeria are likely to prosper in 2026 following the Federal Government’s policy reforms.

Mr. Okoha who stated that while speaking with journalist in Port Harcourt on New Year day, remarked that despite initial hiccups at the beginning of the present administration, the economy had gradually bounced back.

He said he was optimistic that the Renewed Hope Agenda would fix the economy in a short time.

He said that the spiral inflation had ebbed drastically giving way for a economic growth.

Mr. Okoha noted the prices of commodities that soared as a result of fuel subsidy had become more stable in recent times.

He encouraged Nigerians to support the present administration so it could deliver the necessary dividends of democracy.

According to him, it is likely that if President Ahmed Bola Tinunu’s administration is encouraged to achieve its vision for the country, the Nigerian economy will bounce back and the country will be a desired business destination.

He condemned the restiveness in the North and noted that such things were setting the country back.

He pointed out that Nigeria would be a better business destination if the activities of the bandits were halted.

He lauded the present administration for its plan to fix the Nigerian economy.

By: Lady Godknows Ogbulu