Economy
US-Iran conflict: MAN outlines measures to mitigate effect on Nigerian manufacturers
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The Manufacturers Association of Nigeria (MAN) has warned that the unfolding geopolitical tensions in the Middle East poses immediate, severe and multifaceted risks to Nigeria’s manufacturing sector, while outlining urgent pathways to safeguard industry operators.
Director General of MAN, Segun Ajayi-Kadir, in a statement, said the sector is already grappling with the ripple effects of the global energy shock triggered by the conflict, warning that the sector’s projected 3.1 per cent real growth target for 2026 is now under serious threat.
According to him, manufacturers’ heavy reliance on gas and Automotive Gas Oil (diesel) for production has exposed them to spiraling energy costs, as rising global crude oil prices continue to push domestic pump and depot prices upward, eroding operating margins.
“Energy cost escalation is biting hard. Many manufacturers are seeing their margins wiped out almost overnight,” Ajayi-Kadir stated.
He further noted that imported inflation and escalating freight costs are compounding the crisis. Extended transit times and higher shipping expenses and logistics expenses, he explained, have made the importation of critical raw materials increasingly prohibitive.
“The implication is clear – production costs are rising sharply, while consumer purchasing power is weakening. This has created a dangerous situation where manufacturers are battling both high costs and unsold inventories.
“Manufacturers are now confronted with the dual threat of skyrocketing production costs and unsold inventories, a development that could derail the sector’s projected 3.1 per cent growth in 2026,” he said.
To mitigate the looming crisis, MAN called on the Federal Government to urgently implement targeted interventions. These include fast-tracking the Presidential Compressed Natural Gas (CNG) initiative for industrial clusters to reduce dependence on diesel, and establishing a dedicated foreign exchange window through the Central Bank of Nigeria for the importation of critical inputs.
The association also advocated for the domestication of petroleum supply chains by ensuring that local refineries prioritise supply to domestic manufacturers at competitive rates, alongside a temporary suspension of logistics levies and multiple taxation on haulage.
“The current crisis is a stark reminder of Nigeria’s vulnerability to external shocks due to our dependence on imported inputs,” Ajayi-Kadir said. “While we cannot control global geopolitics, we can control our domestic response.”
He stressed that the situation presents a critical opportunity for Nigeria to pivot towards genuine manufacturing self-sufficiency, warning that failure to act decisively could result in widespread factory closures and job losses across the country.
To cushion logistics pressures, MAN recommended an immediate six-month suspension of multiple haulage levies, highway taxes and transit tolls imposed on manufacturers.
“We cannot control global geopolitics, but we can control our domestic response,” Ajayi-Kadir stated. “This crisis must serve as a catalyst for building a more resilient and self-sufficient manufacturing sector, rather than repeating the mistakes of the past.”
He warned that failure to act decisively could lead to widespread factory closures, job losses and a significant setback to Nigeria’s industrialisation drive.
…eyes big pie in telecom sector
Swift Telephone Network Limited, STN, has announced the award of a Unified Access Service Licence, UASL, by the Nigerian Communications Commission, NCC, as it joins Nigeria’s fast growing telecoms industry.
The milestone marks STN’s formal evolution from its early beginnings as a telephone call service operating under an umbrella structure, into an independent Nigerian telecommunications company positioned to build the next generation of digital infrastructure in Nigeria.
Chief Executive Officer of STN, Oluwole Adetuyi said: “This UASL is not just a licence. It is a new chapter. It represents where we started, what we have endured, how we have evolved, and where we are going. We are building in Nigeria, for Nigeria.”
STN’s journey mirrors the story of Nigerian enterprise. From humble beginnings providing basic telephony, the company has endured changing economic conditions, evolving regulations, and market challenges.
Through perseverance and adaptation, STN has transformed into a full-service operator ready to compete and create value at scale.
The UASL grants STN the ability to provide a full range of telecommunications services such as voice, data, and access across Nigeria.
Reflecting on the resilience of STN, Adetuyi said this milestone reinforces a larger truth about Nigerian businesses to stand the test of time.
“They can evolve, compete globally, and build institutions of lasting value from Nigeria. At a time when the digital economy is central to national growth, STN is proof that local ambition, backed by resilience, can deliver world-class infrastructure”, said Adetuyi.
As STN enters this new phase, the company is committing to building a truly Nigerian telecommunications ecosystem.
Some of the key pillars of the telecom firm include, “Investment in skills development and training for Nigerian engineers, technicians and digital professionals; Prioritising partnerships with Nigerian service providers, contractors and vendors across the value chain as well as collaborations with global technology partners to deepen indigenous technical capabilities.
Other key areas, according to the company, include infrastructure development, as it intends to roll-out telecommunications infrastructure to expand access and bridge the digital divide and creation of direct employment and opportunities for Nigerian entrepreneurs in distribution, retail and support services, including increasing Nigerian ownership and leadership in the telecoms value chain.
“Our ambition is simple: to help build Nigeria’s digital economy from the ground up,” Adetuyi said.
He added: “This licence gives us the platform. Nigerian talent, Nigerian partners, and Nigerian innovation will give us the momentum.”
Director,Legal and Regulatory Services,Mrs Yetunde Okafor,explained further that “STN will in the coming weeks announce strategic partnerships, infrastructure rollout plans, and programmes to engage investors and stakeholders as it begins commercial operations under the UASL.”
Swift Telephone Network Limited is an independent Nigerian telecommunications company.
Okafor said “from its origins as a telephone call service, STN has evolved into a UASL-licensed operator committed to building resilient, inclusive, and innovative digital infrastructure for Nigeria.”
Recall that the UASL issued by the NCC authorises the holder to provide a comprehensive range of telecommunications services including fixed, mobile, voice and data services across Nigeria.
Dangote Refinery-backed MRS filling stations have reduced their petrol pump price.
A market survey by DAILY POST on Monday showed that MRS filling stations in Abuja had adjusted their petrol pump price to N1,370 per litre from N1,395 per litre.
This represents a reduction of N25 per litre.
The new price has been implemented at MRS filling stations in Katampe and along the Lugbe Expressway in Abuja.
The development comes a week after Dangote Refinery reduced its gantry petrol price to N1,325 per litre from N1,350.
With the latest downward adjustment, petrol now sells for between N1,370 and N1,450 per litre in Abuja and its environs.
The price reduction by MRS filling stations could signal a possible downward adjustment by other filling stations, including the Nigerian National Petroleum Company Limited, NNPCL, which rely on petrol from Dangote Refinery.
The Black Market Dollar-to-Naira Exchange Rate for 28th September 2026 Can Be Accessed Below.
IMPORTANT NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
READ ALSO: Goodluck Jonathan, Olu of Warri, Others To Headline Megastar Awards 2026
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
The exchange rate fluctuates hourly based on the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 28th September 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1385 and buy at ₦1375 on Monday, 28th September, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1385
Buying Rate ₦1375
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1329
Lowest Rate ₦1328
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