24 Aug

Daily Watch – Nigerian manufacturing rises 4%, Herdsmen cause problems in Abia

  • Cement, metals and food contributed 87 percent to the value of Nigerian manufacturing, which rose 4 percent from N836 billion to N870 billion in 2014. The contribution of cement however declined by 2 percent on account of the cement grades war and insecurity in the northeast, which affected Ashaka Cement. The contribution of the basic metal, iron and steel group rose 90 percent from N111 billion in 2013 to N211 billion in 2014, and the food, beverage and tobacco group grew to N192 billion in 2014, up 29 percent from N148 billion in 2013. Although a significant part of growth was a result of the backward integration policy, the “absence of core industries such as steel complexes and petrochemicals are stifling productivity in many areas of the manufacturing sector”, says Frank Jacobs, president of the Manufacturers Association of Nigeria.
  • The Securities and Exchange Commission (SEC) will on October 2, de-register capital market operators (CMO) who fail to comply with the new minimum capital requirement. Affected operators will have to apply for fresh registration to operate in the markets. There are 188 capital market operators with incomplete registration while 294 have a valid status.
  • Farmers in Abia state are lamenting the loss of farm produce worth N9 million, to the grazing cattle of Fulani herdsmen. “I am afraid, the losses may be more…we appeal to government to do something urgent,“ Eze Okechukwu Ahia, traditional ruler of the affected community said on Sunday.
  • The Nigerian Ports Authority (NPA) recorded a 7.2 percent increase in cargo throughput, totalling 49 million tons in the first quarter of 2015, compared with 46 million tons of cargo throughput in the first quarter of 2014. Among other things, the NPA noted that the Gross Tonnage of Crude Oil Tankers recorded in the first quarter of 2015 showed a 12 percent increase over the figure recorded in the first quarter of 2014. It also said that the rise could be attributed to growth in (crude oil lifting) and General Cargo traffic, which is attributable to the economic recovery in Europe.