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MAN laments 66% rise in manufactured goods exports, insists it’s poor
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By Kayode Sanni-Arewa
The Manufacturers Association of Nigeria has said the 65.84 per cent increase in the value of manufactured goods exported in 2024 from 2023, stating it is below expectations.
The PUNCH found that the gross value of manufactured goods exported in 2024 was N2.28tn, an increase from N778.44bn in 2023.
While manufactured goods exports in 2023 were worse than the previous year, export value slumped in the fourth quarter of 2024.
The National Bureau of Statistics’ Foreign Trade in Goods data showed the sector’s export value sustained growth in the first quarter of 2024 with N268.70bn, N480.82bn, and N1.04tn in the second and third quarters, respectively.
However, the export value of manufactured goods dropped by 52.48 per cent in Q4 2024 as the NBS reported a lesser value of 494.22bn.
Secretary of the Manufacturers Association of Nigeria Export Promotion Group, Dr Benedict Obhiosa told The PUNCH in a phone interview that the decline in the manufacturing sector’s Q4 2024 export performance stemmed from a hostile operating environment.
“The operating environment has been very hostile for the manufacturing sector over the past two years, especially in terms of infrastructure,” Obhiosa stated. “The high cost of energy, high cost of borrowing, erratic fluctuations in the exchange rate, among others has culminated in the low performance of the manufacturing sector.”
MAN has called attention to the manufacturing sector’s debilitating state. Earlier in its Q4 2024 Manufacturers Chief Executive Officers Confidence Index, MAN’s Director-General, Segun Ajayi-Kadir noted, “Findings show 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.”
Meanwhile, MANEG’s Secretary, Obhiosa disagreed that the improvement in export value from 2023 was not enough to celebrate.
Obhiosa argued that while the NBS data revealed a slight increase, it does not transcend to growth in the sector. He explained that the manufacturing companies were still performing “far below their installed capacity.”
He declared that a more concrete path out of the challenge was an increased government commitment to issuing manufacturers export grants.
“To maximise the potential of the manufacturing export sector, the Federal Government needs to be more deliberate and action-minded about fully implementing the Export Expand Grant aimed at boosting the non-oil export sector in Nigeria,” Obhiosa stressed. “Historically, EEG has been found to have spurred non-oil export growth in Nigeria.”
Obhiosa alleged that the Federal Government was complicit as it had not paid the EEG leading to years of payment backlog.
He explained: “If the Federal Government can be consistent with the payment of EEG, you can rest assured of higher foreign exchange earnings and inflow to Nigeria as export proceeds payments. As a result, many informal sector operators will even be attracted to the formal export channel.”
According to the NBS, the value of manufactured goods traded in Q4 2024 stood at N8.96tn, representing 24.50 per cent of total trade.
The main export commodities were unwrought aluminium alloys exported to Japan and China, dredgers exported to Ivory Coast, and cathodes exported to Japan and China.
The NBS added that manufactured goods were mainly exported to Africa at N215.85bn, followed by exports to Asia valued at N165.97bn and Europe at N62.13bn.
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Just in: Dangote Refinery slashes petrol, diesel prices
Dangote Petroleum Refinery and Petrochemicals has announced fresh reductions in the prices of Premium Motor Spirit (PMS), also known as petrol, and Automotive Gas Oil (AGO), commonly referred to as diesel.
Information made available to an online medium on Saturday by a source familiar with the development showed that the refinery has lowered the gantry price of petrol by N25 per litre, bringing it down from N1,275 to N1,250 per litre.
The source also disclosed that the price of Automotive Gas Oil (diesel) has been reduced by N100 per litre.
The product will now sell at N1,700 per litre at the gantry, down from the previous N1,800 per litre.
The latest price reduction comes about three weeks after reports emerged that Dangote Refinery had increased the ex-gantry price of petrol.
At the time, a credible inside source disclosed that petrol continued to sell at N1,275 per litre at the refinery, hours after reports claimed that the company had raised its petrol price by N75 amid fluctuations in global crude oil prices.
Source: gistcore
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KWARA 2027: A FOOD FOR THOUGHT AND A POINT OF DECISION
My dear people of Kwara State,
Today, I speak not merely as the governorship candidate of the African Democratic Congress (ADC), but as a concerned son of Kwara State who believes that our future can and must be better than our present. This is not an acceptance speech; it is a food for thought and a point of decision for every Kwaran who desires genuine progress, security, and prosperity.
I begin by expressing my profound gratitude to the leadership of our great party, the ADC, and to our members and supporters across the sixteen local government areas for the confidence they have reposed in me. I am humbled by this trust and fully aware of the enormous responsibility it carries.
But beyond politics lies a fundamental question: What kind of Kwara do we want to leave behind for our children and generations yet unborn?
Kwara State is uniquely blessed. By geography and history, we are the gateway between Northern and Southern Nigeria. This strategic location places us at the crossroads of commerce, agriculture, transportation, and investment. Yet, despite these natural advantages, our state has not fully harnessed its immense economic potential.
Under purposeful leadership, Kwara can become the logistics and commercial hub connecting the North and South. We can attract industries, agro-processing facilities, warehousing hubs, transport terminals, and investments that create jobs and wealth for our people. Our fertile lands can support large-scale agriculture and agro-industrial development, while our strategic location can position Kwara as one of Nigeria’s leading destinations for business and investment.
However, no economy can thrive where insecurity persists. Investors do not invest where there is fear. Farmers cannot cultivate their lands where they feel unsafe. Communities cannot prosper when criminal elements threaten lives and property.
Security, therefore, is not merely a government responsibility; it is the foundation upon which development rests.
As a scholar and practitioner in Defence and Security Studies, I possess a deep understanding of contemporary security challenges and the strategies required to address them. My academic background, combined with practical experience in public service, has equipped me with the knowledge necessary to formulate effective security policies for our state.
If entrusted with the mandate to serve, my administration will work closely with conventional security agencies, traditional institutions, community leaders, vigilante groups, hunters’ associations, and other community-based security outfits to establish a comprehensive security architecture that protects every corner of Kwara State.
We shall strengthen intelligence gathering at the grassroots, improve coordination among security stakeholders, support lawful community policing initiatives, deploy technology where necessary, and ensure rapid response mechanisms to emerging threats. Our goal will be clear: to restore Kwara’s reputation as one of the safest and most peaceful states in Nigeria.
Kwara was once widely known for its tranquillity, harmony, and peaceful coexistence. We must not allow criminality, banditry, kidnapping, or external threats to define our future. Together with our security agencies and local communities, we shall reclaim every space threatened by insecurity and restore confidence among our people.
The ADC remains distinct because it is built on the principles of accountability, transparency, inclusion, and people-oriented governance. We believe leadership should be measured by results and service, not by propaganda and political patronage.
My candidacy represents competence, experience, independence, and a genuine commitment to the welfare of our people. I come without the burden of political Baggage, My commitment is to the people of Kwara State and to the vision of building a state where every citizen has an opportunity to succeed.
The election before us is therefore not merely a political contest. It is a defining choice between complacency and progress, between managing challenges and solving them, between unrealized potential and shared prosperity.
I firmly believe that Kwara can become a model state in Nigeria a state where security guarantees prosperity, where agriculture drives economic growth, where industries create employment, where education empowers our youth, and where government remains accountable to the people.
This vision is achievable, but it requires courage, unity, and a collective decision to embrace a new direction.
I therefore call on all Kwarans regardless of ethnicity, religion, political affiliation, or social status to reflect deeply on the future of our state. Let us rise above division and focus on competence, character, and capacity.
Let us choose leadership that understands our challenges and possesses the vision to transform them into opportunities.
Let us choose a future where Kwara’s strategic location becomes a source of wealth, where our communities are secure, where our youths are gainfully employed, and where prosperity is shared by all.
The time has come to move Kwara from potential to performance, from uncertainty to confidence, from insecurity to peace, and from promises to prosperity.
The choice is ours.
The future is ours.
The moment is now.
Hon. Zakari Mohammed
ADC Governorship Candidate, Kwara State.
News
Rema finally reveals why he ended his relationship with girlfriend
Nigerian singer Divine Ikubor, popularly known as Rema, has revealed why he ended his affairs with his ex-girlfriend, claiming that she was “quite manipulative”.
In an interview with YouTuber Korty EO, Rema said the relationship was “beautiful” but not always peaceful.
The singer lamented that sometimes when he returns home hoping to rest from the pressure of the outside world, his then girlfriend often greeted him with chaos.
He said he eventually walked away when he could no longer tolerate her excesses.
“My romantic relationship was beautiful but a little quite manipulative. So much pressure. Knowing the world puts so much pressure on me but coming back home is where you want to feel relieved but when you come back home and you are getting more pressure, it’s a different story. For now, I’m done,” he said.
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