Echotitbits – Nigeria News

Tag: Nigeria business

  • Manufacturing Sector Accesses N68.7 Trillion in Bank Loans

    Manufacturing Sector Accesses N68.7 Trillion in Bank Loans

    New data from the Central Bank of Nigeria (CBN) reveals that manufacturers have accessed a staggering N68.7 trillion in credit facilities over the last nine months. According to The Guardian, this surge in lending is part of a broader effort to stimulate industrial growth and reduce the country’s dependence on imports. The loans are reportedly being utilized for facility upgrades, raw material acquisition, and expansion of production lines across various sub-sectors.

    In an update published by ThisDay, the CBN noted that while credit access has improved, the manufacturing sector still faces significant hurdles, including high interest rates and energy costs. The report highlights that the apex bank is working on further interventions to ensure that the credit results in tangible GDP growth. BusinessDay validated the report, quoting a manufacturer: “While the volume of credit is high, the cost of servicing these loans remains a heavy burden on our margins.”

    Reporting by Tribune indicates that the Manufacturers Association of Nigeria (MAN) has called for more specialized windows for long-term, low-interest funding. A MAN representative stated, “Access to credit is only one half of the equation; we need a stable power supply and better infrastructure to make this capital truly productive.” This highlights the ongoing tension between financial liquidity and the ease of doing business in Nigeria.

    Echotitbits take:

    The massive credit injection into manufacturing is a gamble on the sector’s ability to drive Nigeria’s economic recovery. However, with inflation still a concern, the “high borrowing costs” mentioned by MAN could lead to a cycle of debt if production doesn’t scale rapidly. Watch for the next GDP report to see if this N68.7 trillion translates into a manufacturing-led growth spike.

    Source: The Guardian – https://guardian.ng/news/manufacturers-access-n68-7tr-bank-loans-in-nine-months-says-cbn/, February 9, 2026

    Photo credit: The Guardian

  • Maritime Firm Announces Pan-African Fleet Expansion Drive

    Maritime Firm Announces Pan-African Fleet Expansion Drive

    Figures cited by BusinessDay show that Starzs Investment Company Ltd, a leading Nigerian maritime and logistics firm, is set to significantly expand its operations across the continent. The company’s CEO, Iroghama Ogbeifun, revealed plans to acquire new DP2 AHTS tugboats as part of a fleet renewal strategy to meet the rising demand in Africa’s oil and gas sectors.

    Beyond Nigerian waters, the firm is targeting emerging oil hotspots in Namibia, Mozambique, Guinea, and Congo. This expansion is fueled by strategic partnerships and a renewed investment momentum within the Nigerian offshore industry, where Starzs currently operates 11 vessels, including security patrol boats for major international oil companies.

    As one of the few privately licensed maritime security firms with a Memorandum of Understanding with the Nigerian Navy, the company’s growth is seen as a boost for indigenous participation in the high-stakes maritime sector. The move is expected to create jobs and enhance Nigeria’s footprint in the global maritime economy.

    The expansion was also reported by NANNamed and ThisDay, with ThisDay noting, “Starzs is positioning itself as a Pan-African champion in the maritime space.” The Guardian quoted Ogbeifun saying, “We are investing in response to aging assets and the growing offshore demand across the Gulf of Guinea.”

    Echotitbits take: Starzs’ move into Namibia and Mozambique shows that Nigerian indigenous firms are now mature enough to export services. This is a positive sign for the “Blue Economy” policy of the current administration.

    Source: DailyByTesng – https://dailybytesng.com/single_news/firm-plans-fleet-expansion-across-africa-as-oil-gas-projects-gain-momentum, February 8, 2026

    Photo credit: DailyByTesng

  • NESG Report Links Slow Business Growth to High Taxes and Fuel Costs

    NESG Report Links Slow Business Growth to High Taxes and Fuel Costs

    Reporting by Vanguard indicates that the Nigerian Economic Summit Group (NESG) has identified rising tax burdens and fuel price adjustments as the primary drivers behind a slowdown in business growth during January 2026. According to the latest Business Confidence Monitor (BCM) report, business optimism has hit a six-month low as enterprises struggle with the rising cost of operations.

    The report emphasizes that while the government’s reform agenda is necessary for long-term stability, the immediate impact on small and medium enterprises (SMEs) has been severe. The NESG warns that without targeted interventions to cushion the effects of these fiscal policies, the pace of industrial productivity may continue to decline in the first quarter of the year.

    Validation from Channels TV and The Nation underscores these concerns. Channels TV reports that “the manufacturing sector is feeling the pinch of energy costs,” with a spokesperson for the Manufacturers Association of Nigeria (MAN) stating, “We are operating at the edge of viability due to the triple threat of fuel, power, and taxes.” The Nation also cites the report, quoting an economist who notes, “The government must balance its revenue drive with the survival of the private sector to avoid a stagflation scenario.”

    Echotitbits take: The NESG report is a wake-up call for the fiscal authorities. While tax reforms are essential for reducing the budget deficit, the timing and execution are hitting the productive sector hard. Watch for a potential review of tax incentives or a push for more “pro-growth” adjustments in the coming mid-year budget review.

    Source: BusinessDay – https://businessday.ng/business-economy/article/cost-of-doing-business-rises-to-90-5-in-january-on-tax-reforms-fuel-price-adjustments/?utm_source=auto-read-also&utm_medium=web&amp, February 4, 2026

    Photo credit: BusinessDay

  • High Interest Rates Stifle Private Sector Lending to Five-Year Low

    High Interest Rates Stifle Private Sector Lending to Five-Year Low

    Figures cited by The Guardian show that the Central Bank of Nigeria’s aggressive monetary tightening has successfully reined in inflation but at a heavy cost to business expansion. Lending growth to the private sector has plummeted to its lowest level since 2020, as deposit money banks become increasingly wary of high-risk loans in a high-interest-rate environment. Small and medium-sized enterprises (SMEs) are bearing the brunt of the credit crunch.

    Data from the apex bank indicates that credit growth fell sharply to under 1% in the last quarter, a stark contrast to the double-digit growth seen in previous years. While the CBN maintains that high rates are necessary to stabilize the Naira, business groups warn that the lack of affordable credit is forcing many local manufacturers to scale down operations or halt expansion plans entirely.

    Vanguard and The Nation also reported on the credit slowdown. Vanguard highlighted that “banks are prioritizing government securities over private loans,” while The Nation quoted a Lagos Chamber of Commerce official who said, “At 30% plus interest, no legitimate business can survive a bank loan in this climate.”

    Echotitbits take: The CBN is in a “catch-22” situation—keep rates high to fight inflation and protect the Naira, or lower them to save the real sector. Expect the pressure on the Monetary Policy Committee (MPC) to mount as manufacturers begin to report shrinking margins in their Q1 results.

    Source: BusinessDay – https://businessday.ng/business-economy/article/high-interest-rates-push-lending-growth-to-five-year-low/, February 3, 2026

    Photo credit: BusinessDay

  • Max Healthcare Liquidates Nigerian Subsidiary

    Max Healthcare Liquidates Nigerian Subsidiary

    Max Healthcare Institute Limited has initiated voluntary liquidation of its wholly-owned Nigerian subsidiary, MHC Global Healthcare (Nigeria) Limited.

    Reports indicate the unit had zero revenue and a negative net worth as of March 2025, representing an immaterial portion of the group’s consolidated financials.

    Analysts describe the move as a cleanup of non-performing assets, while also highlighting persistent challenges for foreign healthcare operators in Nigeria.

    Echotitbits take: This reads like routine corporate housekeeping, but it’s also a signal: Nigeria’s market size doesn’t automatically translate to viable foreign operations. Regulatory friction, FX risk, and operating costs can neutralize demand—watch if more international firms quietly de-risk.

    Source: Investy Wise – https://www.investywise.com/max-healthcare-voluntary-liquidation-of-subsidiary/ 2026-01-29
    Photo Credit: Investy Wise

  • Cooking Gas Prices Hold Around ₦1,000/kg as Supply Improves

    Cooking Gas Prices Hold Around ₦1,000/kg as Supply Improves

    Details shared by The Punch indicate liquefied petroleum gas (LPG) prices have steadied at about ₦1,000 per kilogram in several major cities, after months of volatility.

    Industry sources linked the stability to improved supply conditions and more dependable local output, which has reduced pressure from imports.

    Marketers, however, warned that distribution costs—driven by logistics challenges and diesel prices—remain a risk factor.

    **Echotitbits take:** Stable LPG pricing is a meaningful relief for households and small businesses. The next test is infrastructure: without better distribution networks and cheaper logistics, price stability can quickly unravel.
    Source: The Punch — https://punchng.com/cooking-gas-stabilises-around-n1000-kg-as-supply-improves/ 2026-01-08

    Photo Credit: Punch Newspapers.

  • Revenue Service Pushes E-Invoicing as New System Integrators Get Accreditation

    Revenue Service Pushes E-Invoicing as New System Integrators Get Accreditation

    A report from The Punch indicates the National Revenue Service (NRS) has accredited new system integration partners to support automated e-invoicing, a move aimed at improving compliance and reducing leakages.

    The initiative is designed to let businesses connect accounting systems to national tax infrastructure, enabling real-time transaction data and more accurate VAT assessments.

    SMEs are being encouraged to adopt compliant solutions early to avoid penalties once enforcement tightens.

    **Echotitbits take:** E-invoicing can cut fraud and boost transparency, but adoption will be toughest for small businesses. Watch for a grace period, incentives, and clear onboarding support so compliance doesn’t become another cost shock.
    Source : The Punch — https://punchng.com/nrs-boosts-e-invoicing-compliance-with-pillarcraft-accreditation/ 2026-01-08

    Photo Credit: The Punch

  • Nigeria Posts ₦12 Trillion Trade Surplus as Non-Oil Exports Jump

    Nigeria Posts ₦12 Trillion Trade Surplus as Non-Oil Exports Jump

    Data released by Vanguard indicates Nigeria recorded a historic ₦12 trillion trade surplus in 2025, driven in part by a reported 21% rise in non-oil exports.

    Officials attributed the improvement to stronger performance in agriculture, processed solid minerals and select manufactured goods, positioning the outcome as a milestone for diversification.

    The stronger trade position is also expected to ease some FX pressure, though the broader macro outlook still depends on inflation and investment flows.

    **Echotitbits take:** The surplus is encouraging, but the public will measure success by jobs and cheaper goods. Watch for export incentives, port efficiency reforms and logistics upgrades that can keep non-oil growth durable.
    Source: Vanguard — https://www.google.com/amp/s/www.vanguardngr.com/2026/01/nigeria-records-n12trn-trade-surplus-21-non-oil-export-growth-in-h1-2025-trade-ministry/amp/ 2026-01-08

    Photo Credit: Vanguard

  • FG Targets Solid Minerals Boom as Dele Alake Pushes New Mining Roadmap

    FG Targets Solid Minerals Boom as Dele Alake Pushes New Mining Roadmap

    A review by Leadership highlights Federal Government plans to reposition solid minerals as a major revenue driver, with Minister Dele Alake outlining reforms aimed at modernising mining governance and attracting large-scale investment.

    The roadmap prioritises boosting the sector’s GDP contribution, tightening regulation, and clamping down on illegal mining through stronger enforcement mechanisms.

    Officials have also discussed value-chain capture to ensure Nigeria benefits beyond raw extraction.

    **Echotitbits take:** The opportunity is huge, but enforcement and community relations will determine success. Watch for credible licensing transparency, environmental safeguards, and whether the proposed enforcement units are properly funded and accountable.
    Source: fmino – https://fmino.gov.ng/fg-plots-new-roadmap-for-solid-minerals-development/ 2026-01-08

    Photo Credit: fmino

  • Non-Oil Sector Projected to Drive Nigerian Economic Growth in 2026

    Non-Oil Sector Projected to Drive Nigerian Economic Growth in 2026

    In an update published by The Guardian, the Director General of the Abuja Chamber of Commerce and Industry (ACCI), Agabaidu Jideani, has projected that Nigeria’s economic expansion this year will be predominantly fueled by non-oil contributions. Jideani noted that while security and political distractions remain significant risks, the momentum gained in sectors like agriculture, technology, and manufacturing late last year provides a solid foundation for ‘guarded optimism’ in the 2026 fiscal cycle.

    The ACCI chief highlighted that the stabilization of the Naira, which closed 2025 at approximately ₦1,445–₦1,465 per dollar, is a critical buffer against imported inflation. Furthermore, the 2026 budget’s heavy allocation toward intelligence and counter-terrorism—totaling over ₦5.4 trillion—is viewed as a necessary expenditure to protect the nation’s burgeoning non-oil trade routes from persistent banditry and disruption.

    Supporting analysis from Channels TV and Daily Post echoes this economic sentiment. Channels TV reported that ‘CBN’s Purchasing Managers’ Index (PMI) rising to 57.6 points signals strengthening economic activity,’ while Daily Post featured an economist’s view: ‘The shift away from oil dependency is no longer a choice but a survival strategy for the 2026 budget.’

    Echotitbits take: Guarded optimism is the keyword here. While the non-oil sector is growing, it is still vulnerable to the ‘political maneuvering’ Jideani warned about as 2027 election preparations begin. Business owners should watch for how the ₦5.4 trillion security spend translates into actual safety on the Lagos-Kano and Port Harcourt-Enugu trade corridors.
    Source: The Guardian – https://guardian.ng/business-services/2026-gdp-growth-projected-at-4-1-amid-non-oil-sector-expansion/ January 5, 2026

    Photo Credit: The Guardian