Business
Economic Reforms, Determinant To Manufacturing – MAN … AI Adoption As Game Changer
The Manufacturers Association of Nigeria (MAN) has said the outlook of the manufacturing sector in 2025 will largely depend on the outcome of the ongoing economic reforms of the Federal Government.
President of MAN, Francis Meshioye, who stated this at the 9th edition of the MAN Media Personality of the Year Award held in Lagos, also identified the efficient adoption of Artificial Intelligence (AI) as a potential game changer for the sector.
Meshioye said manufacturers are hoping for a more stable economy in 2025 depending mostly on the success of the economic reforms of the government, while expressing hope in the effective management of the Electronic Foreign Exchange Matching System (EFEMS) to stabilise the Naira.
“Looking ahead to 2025, Nigeria’s overall economic growth is projected to be around 4%, a modest recovery compared to previous years, though still lower than the average growth rate for sub-Saharan Africa.
“We should expect that interest rate will begin to ease, as its continued hike by the Central Bank of Nigeria (CBN) has failed to curb inflation and has instead stifled investment and business expansion.
“Only a favorable interest rate environment would help manufacturers access the necessary financing to reinvest in their operations and drive productivity.
“Nevertheless, the outlook for the manufacturing sector in 2025 largely depends on the success of ongoing economic reforms, which include: the implementation of the proposed tax reforms, stabilisation of critical macroeconomic indicators, and targeted investments in infrastructure and technology.
“Considering the series of ongoing fiscal and monetary reforms of the present administration, the contraction of the economy is expected to ease and experience some growth this year with stability in the exchange rate regime in 2025″, Meshioye said.
The MAN President emphasised the need for the efficient deployment of AI in the manufacturing sector in the new year and beyond.
Accordiing to him, “The efficient adoption of Artificial Intelligence (AI) will be a game changer for the manufacturing sector in 2025 and the nearest future.
“This is expected to help in engendering enhanced production and productivity, improved capacity utilisation, innovative product development, improved inventory system, efficient logistics operations etc.
“It is projected that technology adoption through research and development will fast-track the emergence of the much-awaited transformational growth of the real sector of the economy.
“And as manufacturers, we are gearing up and ready to embark on this interesting journey on the path of growth.
“For the sector to regain its momentum, efforts to improve productivity and enhance competitiveness must be sustained as this is crucial in helping Nigerian manufacturers navigate the challenges they face”.
Continue Reading
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
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
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.
-
Editorial4 days agoEnough Of Xenophobic Attacks On Nigerians
-
Education4 days agoUNIPort Senate Grants Two-Year Amnesty to U2010–U2018 Students
-
Nation4 days agoRSU, Otonti Nduka Foundation Holds Centenary Conference, Unveil Book on Values in Nigeria
-
Sports4 days agoOparaodu Urges Rivers United To Win Katsina United
-
Oil & Energy4 days agoRivers PETROAN Elects 12-Member Executive
-
Politics4 days ago
APC Group Protests Ex–Presidential Aspirant’s Disqualification From Rivers Senatorial Race
-
Sports4 days ago” Nigeria’s best domestic players are not in NPFL”
-
Politics4 days ago
Reps Speaker Secures APC Return Ticket For Fifth Term