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MAN Reports 30% Drop In Cement Sales And 20% Decline In Consumer Goods Sales
MAN Reports 30% Drop In Cement Sales And 20% Decline In Consumer Goods Sales....KINDLY READ THE FULL STORY HERE▶
The Manufacturers Association of Nigeria (MAN) has revealed that during the period of severe naira scarcity earlier this year, cement sales witnessed a significant decline of 30 percent. Additionally, the absence of easy access to cash during this period resulted in a 20 percent reduction in consumer goods sales.
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In a dedicated segment of its Manufacturing CEOs Confidence Index, MAN highlighted the severe consequences brought about by the naira redesign policy on the manufacturing sector. According to the report, there is currently no pressing need for the Central Bank of Nigeria to expedite the nation’s transition to a cashless economy or pursue overly aggressive policies, as substantial progress has already been made in that direction.
The crisis, as described by MAN, had a negative impact on manufacturers by directly constraining their working capital, thereby disrupting their daily business operations.
Key Findings of the Report
Furthermore, the report underscores that naira scarcity had an adverse effect on consumers’ patronage of manufacturing firms, leading to a substantial increase in their inventory levels, especially for retail merchandise.
The report states:
“The significant reduction in money velocity created opportunities for speculation and fueled the emergence of a naira black market, exacerbating the challenges faced by manufacturers who were already grappling with inadequate foreign exchange.
“The naira scarcity led to the closure of many small and medium-sized manufacturing enterprises that relied on cash transactions, especially those in the agro-allied industries operating in remote areas where formal banking services are scarce. Moreover, the exorbitant Point of Sale (POS) charges for cash transactions further constrained the operations of resilient manufacturing SMEs and heightened their cost of doing business.”
Additionally, the report highlights that the economic crisis placed the cash-dependent distributive trade sector in a vulnerable position, leading to significant implications for both the manufacturing value chain and logistics cost structure.
Important Context
In October 2022, Godwin Emefiele, the Governor of the Central Bank of Nigeria, announced the apex bank’s plan to redesign and introduce a new series of three banknotes, replacing the existing eight. The redesigned N200, N500, and N1000 notes were scheduled for circulation on December 15, 2022, with the pre-existing notes remaining legal tender until January 31, 2023.
The CBN Governor cited persistent concerns regarding the management of currency in circulation, particularly those outside the formal banking system, as the rationale behind the policy. However, the policy was reported to have negatively impacted the economy, as many individuals and businesses struggled to access cash from banks within the stipulated timeframe, coupled with technical glitches in digital banking operations.
Nigeria ended the 24th African Athletics Championships on a strong note as the women’s 4x400m relay team stormed to gold on the final day, helping the country finish with a total of 12 medals.....KINDLY READ THE FULL STORY HERE▶
The quartet of Esther Okon, Toheebat Jimoh, Jecinter Lawrence, and Patience Okon-George delivered a dominant performance to successfully defend their title, winning in 3:29.25 on Sunday and finishing comfortably ahead of Ethiopia and Kenya.
Nigeria controlled the race from the opening leg and crossed the finish line nearly 30 metres clear of their closest rivals, securing the country’s fourth gold medal of the competition.
Overall, Team Nigeria finished fourth on the medal table with four gold, five silver, and three bronze medals, behind Kenya, South Africa, and Ethiopia. Kenya topped the standings with 17 medals, including six gold, while South Africa also secured six gold medals, and Ethiopia claimed five.
Nigeria’s final-day silver medal came through Rosemary Chukwuma, who finished second in the women’s 200m with a time of 23.60s, behind Ivory Coast’s Maboundou Kone, who clocked 23.36s. Chukwuma ended the championships with three medals, having earlier won gold in the women’s 4x100m relay and silver in the 100m.
The country’s campaign was led by world record holder Tobi Amusan, who claimed gold in the women’s 100m hurdles with a time of 12.83s. The mixed 4x400m relay team of Ezekiel Asuquo, Toheebat Jimoh, Victor Sampson, and Patience Okon-George also secured gold in 3:16.44, while the women’s 4x100m relay team added another title in 42.94s.
Silver medals were won by Oyesade Olatoye in the hammer throw (69.60m), Divine Oladipo in the discus, and the men’s 4x100m relay team, which finished in 38.70s. Adaobi Tabugbo earned bronze in the women’s 100m hurdles with 13.26s, while Chidera Ezeakor also picked up bronze in the men’s 100m after running 10.31s, rounding off a strong outing for Nigeria.
Nigerian activist Omoyele Sowore has criticised singer Adekunle Gold over the legal case involving a young man identified as Adeboye Samuel.....KINDLY READ THE FULL STORY HERE▶
News reports that Adeboye was taken to court after making a social media post about the singer’s daughter.
Reacting to the development, Sowore referenced an old post by Adekunle Gold in which the singer had criticised former President Goodluck Jonathan.
He noted that the post, which circulated during the 2012 fuel subsidy protests, had gone unpunished as an expression of free speech. The post read: “Dear God, if you give us Dagrin back, we will give you Jonathan in return.”
Sowore wrote on X: “@AdekunleGold in 2012 openly criticising then-President @GoodluckJonathan. Back then, it was rightly called free speech, and if he had been arrested for those tweets, we would have been on the streets demanding his immediate release.
“How then does someone who benefited from freedom of expression turn around years later to use the police, courts, and the brutal cybercrime framework against ordinary Nigerians over online banter and social media exchanges?
“You cannot enjoy free speech when you are powerless, and criminalise it the moment you become influential. Freedom of expression must apply to everyone, celebrities, politicians, activists, and poor young Nigerians on social media alike.”
He further urged the Nigeria Police Force not to act as a “private army” for influential individuals, and called on the judiciary to avoid imposing excessive penalties on online speech cases that, according to him, should not be treated as criminal matters.
Rabiu Kwankwaso, a chieftain of the Nigeria Democratic Congress (NDC), has called on Nigerians to move beyond ethnic and religious divisions ahead of the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶
Kwankwaso made the appeal during an interview with Trust TV on Sunday, where he spoke on political alignments ahead of the polls.
The former presidential candidate of the New Nigeria Peoples Party (NNPP) said political success in Nigeria cannot be achieved by the North or Muslims alone without support from Christians and other regions.
“We must look beyond tribe and religion. We are Northerners and Muslims, and everybody knows that, but we can’t play politics without Christians, Southeast, South-South or South-west,” he said.
Kwankwaso also praised former Labour Party presidential candidate Peter Obi, describing him as a widely accepted politician across the country.
“If you look at it, Peter Obi is a very popular politician in the entire South and many parts of Northern Nigeria, and you cannot take that from him, the same with the Kwankwasiyya movement,” he said.
He further noted that supporters of the Kwankwasiyya movement are largely young Nigerians who are seeking better opportunities rather than ethnic or family-based loyalty.
“We are lucky that our supporters are mainly young men and women who are looking for a way out. They are not looking for their brothers or their sisters or somebody close,” he added.
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