Business
Manufacturers and Exporters Warn of Existential Threats to Industry
The Manufacturers Association of Nigeria Export Group (MANEG) has raised urgent concerns about a deteriorating business environment that is pushing the manufacturing sector to the brink of collapse. In light of rising production costs, MANEG is calling for immediate government action to support the industry, which it describes as being on “ventilators.”
During the group’s annual general meeting, Chairwoman Odiri Erewa-Meggison highlighted the severe challenges faced by exporters in 2023, including foreign exchange scarcity, high production costs driven by multiple taxation, soaring interest rates, smuggling, insecurity, and persistent power supply issues. She emphasized that these factors have made the operating environment increasingly hostile.
Erewa-Meggison criticized the current administration’s policy reforms, noting that the removal of fuel subsidies and increased energy tariffs have exacerbated the situation, causing exporters to struggle for survival amidst hyperinflation and infrastructural deficiencies. She stressed the importance of the Export Expansion Grants (EEG) to enhance the sector’s global competitiveness and urged the government to reconsider the exclusion of 34 deserving exporters from a promissory notes program previously halted by the 9th Assembly.
Additionally, Erewa-Meggison pointed to other challenges impacting manufacturing exports, such as the sit-at-home order in southeastern Nigeria, insecurity in the north, and fluctuating diesel prices. While acknowledging the government’s efforts to reform tax policies and improve customs processes, she called for a digitized platform to streamline operations among relevant agencies and ensure effective communication with exporters.
Erewa-Meggison concluded by advocating for ongoing dialogue between the government and exporters to address critical pain points in the industry, emphasizing the need for swift action to ensure the survival and competitiveness of Nigerian manufacturers in the global market.
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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