A survey conducted by the Manufacturers Association of Nigeria (MAN) has revealed worsening impacts of the macroeconomic environment on the manufacturing sector in the fourth quarter (Q4), 2024.

The survey’s report, tittled ‘Manufacturers’ CEO Confidence Index (MCCI)’, covered the impact of macroeconomic environment on key manufacturing indicators such as production and distribution costs, capacity utilisation, volume of production, investment, employment, sales volume and cost of shipment in the fourth quarter of 2024.

The report revealed that production and distribution costs surged further by 18.2 per cent in the quarter under review from the 20.1 per cent increase witnessed in the preceding quarter.

Capacity utilisation contracted further by 0.8 per cent in Q4 2024 from -1.3 per cent drop witnessed in the preceding quarter; volume of production dropped by 0.3 per cent in Q4 2024 from a contraction of 3.2 per cent recorded in the Q3 2024; while manufacturing investment dipped by 1.2 per cent in Q4 2024 from 3.5 per cent contraction recorded in Q3 2024 quarter.

Also, manufacturing employment declined by 0.7 per cent in Q4 2024 compared to 3.5 per cent contraction recorded in the preceding quarter; while cost of shipment rose by 11.6 per cent in Q4 2024 from the 17 per cent increase recorded in Q3 2024.

However, sales volume recorded a favourable change during the period of review, rising slightly by 1.1 per cent in Q4 2024 compared to the 0.4 per cent decline witnessed in the preceding quarter.

However, the analysis generally reveals that the adverse effects of the prevailing macroeconomic reforms are diminishing as Production & Distribution Costs, Capacity Utilisation, Volume of Production, Investment, Employment and Cost of Shipment recorded lower adverse changes compared to the previous quarter.

Speaking, the director-general of Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir said that “despite the prevailing macroeconomic and operational challenges embattling manufacturing companies in Nigeria, the CEOs remain resilient as revealed by the tepid rise of 0.5 point in the MCCI from 50.2 points in Q3 2024 to 50.7 points in Q4 2024. The moderate improvement in the Aggregate MCCI is the first since Q1 2024.”

According to him, the breakdown of the diffusion indices revealed that all current indices recorded improvement due to seasonal demand and relative stability in the exchange rate during the period.

On outlook, Ajayi-Kadir stated that the year 2025 is a critical period where the government must lead by example by intentionally ramping up domestic industrial production and patronising Made-in-Nigeria to further reduce the Forex demand pressure.

“To boost Nigeria’s trust in locally made products, the government MDAs must demonstrate by leading the charge and making Nigerian products their first choice. Depending on a more stable exchange rate, reliable energy supply, relaxation of monetary policy stance, complete disbursement of intervention funds, further improvement in the combat against insecurity and the effective implementation of the Tax Reform Bills as well as the National Single Window Project, the restoration of macroeconomic stability can become a reality,” he noted.

He added that going forward, it is expedient that the apex bank deviates from continuous interest rate hikes to a more rooted approach that aligns with the peculiarities of our economy.

The Special Adviser to the President on Policy Communication, Daniel Bwala has stated that Nasir el-Rufai, the former governor of Kaduna, lacks the influence to “unsettle” President Bola Tinubu.

Bwala made the remarks during an interview with TVC News on Thursday, stating that former Kaduna State governor does not have the capacity to win even a senate seat.

He emphasized that President Tinubu is not troubled by el-Rufai’s ongoing criticisms of his administration.

Bwala also noted that el-Rufai only gains political prominence when aligning with a strong, revolutionary leader, adding that; “Let me tell you something about my elder brother, el-Rufai, and whether we should be concerned.

“There’s a dynamic around him. El-Rufai needs a solid revolutionary figure to thrive. On his own, El-Rufa’i might not even secure a Senate seat.”

The president of the Chartered Institute of Professional Printers of Nigeria (CIPPON), Koko T. Clement, has lauded the leadership of the Nigerian Senate over the appointment of Benue North-West senator Dr Titus Tartenger Zam as Senate Committee chairman, North Central Development Commission, stressing that the legislator has the capacity to vigorously pursue and actualise the commission’s mandate.

In a statement personally signed and made available to newsmen in Kaduna on Tuesday, Koko Clement, who congratulated Senator Titus Zam, pointed out that the North Central Region will no doubt witness robust transformation under President Bola Ahmed Tinubu’s leadership given the calibre of visionary leaders around him.

Senator Zam was announced during the plenary on Tuesday, February 4th, 2025, to chair the Senate Committee on North Central Development Commission.

Meanwhile, the legislator who accepted the appointment said he would use his position to oversee the region’s rapid development and solicited the support of all the states in the region.

 

While thanking President Bola Ahmed Tinubu for signing into law the bill on the North Central Development Commission and Sen. Godswill Obot Akpabio for finding him worthy of the Senate committee chairmanship, Senator Titus Zam maintained that he will serve the region and Nigeria optimally and appreciated his constituents for always believing in him.

 

The federal government has increased its Compressed Natural Gas (CNG) refuelling capacity by 180 per cent, as part of its ongoing initiative to expand CNG infrastructure within the country.

Chief executive officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, disclosed this, saying the country’s refuelling capacity has increased from 20 stations to 56.

Speaking during the Petroleum Industry Stakeholders’ Forum in Abuja on Thursday, Ahmed stated that the country’s Compressed Natural Gas (CNG) conversion capacity witnessed a remarkable 2,500% growth in 2024.

According to him, the increase stemmed from the establishment of 186 new CNG conversion centres, which have significantly boosted Nigeria’s capacity to convert vehicles from petrol to CNG.

The NMDPRA boss also said that the Nigerian Gas Vehicle (NGV) population now stands at between 30,000 and 50,000 vehicles, with the number growing daily.

He added that to support this growth, over $400 million has been invested in the construction of 86 new “daughter” stations and 65 “mother” stations, increasing the country’s refuelling capacity from 20 stations to 56.

As part of the authority’s strategy for 2025, Ahmed disclosed plans to further expand CNG infrastructure in major cities like Lagos and Abuja.

He noted that the aim is to achieve up to 100,000 vehicle conversions while collaborating with state governments to develop natural gas vehicle programmes across the country.

“The collaborative efforts of PCNGI, NMDPRA, and SON led to the development of standards and the Nigeria Gas Vehicle Monitoring System to ensure safety, which is already in pilot phase, expected to be launched in 2025,” he added.

To address the observed deficit in critical energy project financing, the CEO said NMDPRA is supporting the establishment of the Africa Energy Bank, which is expected to be a game changer in enabling investment in critical infrastructure across the continent.

“Indeed, Nigeria is poised to be the energy centre for Africa, with competitive financing and a favourable regulatory environment.

“We wish to reiterate the commitment of the NMDPRA to facilitate business growth in the industry, ensure consumer protection, promote gas development, and evolve a competitive market environment.

“We will also continue to engage in constructive stakeholder engagements and support the initiatives of the Ministry of Petroleum Resources towards the realisation of the aspirations of Mr. President for the industry,” he declared.