News

MAN Laments Energy Cost As Peter Obi Knocks Tinubu Over Electricity Stability

Published

8 months ago

January 30, 2026

….Over N676.6bn spent on alternate energy cost in H1 2025 — Manufacturers

A whooping sum of N676.6 billion was spent by operators in the nation’s manufacturing sector on alternate energy in the first half of 2025, a development, the Manufacturers Association of Nigeria (MAN) attributed to the erratic power supply in the country.

This is just as the presidential candidate of the Labour Party in the 2023 election, Mr Peter Obi, said that President Bola Tinubu is yet to reddem his pledge on electricity stability.

MAN’s president, Otunba Francis Meshioye, disclosed this figure on Wednesday at the 10th Edition of the association’s Media Personality Award and 2026 Presidential Media Luncheon, held in Lagos.

According to him, the manufacturing sector grappled with familiar macroeconomic constraints, including persistent infrastructural deficits, multiple taxation, onerous regulatory requirements, weak policy coordination, elevated energy costs, and other deep-seated structural bottlenecks, in the outgone year.

The MAN boss described the development as underscoring the fragility of the operating environment the operators in the sector grapple with.

“Manufacturers entered the year with cautious optimism and a renewed commitment to proactive advocacy on issues affecting members’ operations and competitiveness. Nevertheless, prevailing macroeconomic pressures weighed heavily on business sentiment,” he stated.

Meshioye added that the Manufacturers CEOs’ Confidence Index, which tracks manufacturers’ expectations and operating impulse, declined to 53.2 percent in Q1 2025 from 56.0 percent in Q4 2024, before further easing to 50.3 percent in Q2 and only marginally recovering to 50.7 percent in Q3.

He described the ‘subdued confidence’ trajectory as reflecting the unfriendly macroeconomic environment during the period.

On inflation, the MAN president, believed the persistent double-digit inflation continued to erode consumers’ purchasing power, thereby dampening demand for manufactured goods.

He, however, argued that despite the headwinds, the manufacturing sector continued to demonstrate notable resilience, capacity utilisation improving to 61.3 percent, up from 57.6 percent in the second half of 2024.

On the suspension of the 4 percent Free-On-Board (FOB) charge by the Nigeria Customs Service, the 15 percent increase in port charges by the Nigerian Ports Authority, and the discontinued levy by the Financial Reporting Council of Nigeria, the MAN boss noted that the manufacturers would have faced even greater burdens if the interventions had not taken place.

While expressing the hope of a positive outlook for Nigeria’s economy in 2026, Meshioye canvassed capital expenditure that supports manufacturing in the new year.

Obi, on his part, accused the present administration of failure to redeem its pledge on provision of stable electricity for Nigerians.

In a post on his X handle, @PeterObi, the former Anambra State governor recalled that the incumbent President, Bola Ahmed Tinubu as presidential candidate of the All Progressives Congress declared that

“If I do not provide steady electricity in my first four years, do not vote for me for a second term.”

The African Democratic Congress presidential hopeful however lamented that in 2026, the national grid has collapsed twice.

Obi called on Tinubu to stay back in the country and face the onerous task of governance.

His post read: “President Bola Tinubu’s campaign promise in 2022 was clear:

“If I do not provide steady electricity in my first four years, do not vote for me for a second term.”

“Yet, in January 2026 alone, the national grid has already collapsed twice, and the month is not even over.

“Last year, it collapsed about twelve times. This reality sharply contradicts the promise and should worry every patriotic Nigerian.

“At the same time, the President is on another foreign trip, this time to Turkey, a country of about 87 million people-roughly a third of Nigeria’s population. Yet Turkey generates and distributes over 120,000 megawatts of electricity, while Nigeria struggles with less than 5% of that capacity. The contrast is both striking and painful.

“Our appeal is simple: stay at home and confront the nation’s problems. At this rate, we may soon hear of trips to Palau or Vanuatu while critical issues remain unattended at home.

“And yet, our collective preoccupation seems to be the next election, rather than how to secure good governance. We should be joining hands to demand accountability and responsible leadership, and to save Nigerians from the indignity and suffering caused by persistent bad governance.

“A New Nigeria is POssible.

-PO.”

News

Six Corps Members Receive N10m Grants To Boost Agribusiness

Published

2 days ago

September 22, 2026

Editor

Six members of the National Youth Service Corps (NYSC) have received a total of N10 million in grants to expand their agribusiness ventures under the Farmers for the Future Programme.

The programme was organised on Monday by the British American Tobacco Nigeria Foundation (BATNF) in collaboration with the NYSC to encourage young Nigerians to embrace agriculture and develop sustainable businesses.

Presenting the cheques to the beneficiaries in Abuja, the NYSC Director-General, Brigadier General Olakunle Nafiu, urged Corps members to maximise the opportunities provided by the service year by venturing into commodity marketing and other viable businesses.

Nafiu said agribusiness remained a viable avenue for young people to build sustainable enterprises, create employment and generate wealth.

He also stressed the importance of value addition to the success and sustainability of business ventures, while commending BATNF for placing Nigerian youths at the centre of its entrepreneurship initiatives through value-chain development, employment creation and its partnership with the NYSC.

“I charge you to spread the news around. We have seen the outcome, and it is a good idea,” he said.

The beneficiaries are Dominic Olufemi (FC/25C/1143), who received N3 million; Temitope Adewole (ED/26A/2251), N2 million; Abdulwaheed Bala (ED/25B/1402), N2 million; Olanike Mayungbe (OG/26B/1037), N1 million; Kingsley Udoeyen (KG/26A/1735), N1 million; and Lorember Lorsue (JG/25B/1742), N1 million.

Speaking on the selection process, the Acting Director, Skills Acquisition and Entrepreneurship Development (SAED), Mrs Winifred Shopeka, said the programme began with an online registration portal through which Corps Members engaged in agribusiness submitted their business plans.

She said nearly 3,000 Corps members applied and underwent a rigorous selection process that produced 20 finalists.

According to her, the finalists participated in a boot camp and a final pitching session, which produced the 10 best presenters before the six ultimate winners were selected.

Shopeka said the beneficiaries had also been mentored and attached to established market operators to assist them in marketing their products.

She added that Corps Members who did not make the final stage of the competition were also trained by BATNF.

The BATNF Team Lead, Mr Oludare Odusanya, congratulated the beneficiaries and urged Corps Members engaged in agribusiness to master the fundamentals and acquire the knowledge and skills necessary to succeed.

“We are happy with our collaboration with the NYSC, and it will continue,” he said.

Odusanya explained that BATNF was an independent organisation established to contribute to poverty reduction in Nigeria through sustainable agricultural practices and other interventions.

He said the Farmers for the Future Programme was instituted in collaboration with the NYSC to encourage Corps Members to venture into agribusiness and become job creators.

He added that the beneficiaries would be attached to mentors who would guide them towards achieving success in their respective businesses.

According to him, the programme has, since its inception, continued to enhance the entrepreneurial capacity of Corps Members.

News

CBN Reduces Interest Rate To 23%

Published

2 days ago

September 22, 2026

Editor

The Central Bank of Nigeria (CBN) on Tuesday announced the reduction of the interest rate, also known as Monetary Policy Rate (MPR) to 23 percent.

Briefing the media in Abuja, the Governor of the CBN, Mr. Olayemi Cardoso, said at the 307th MPC meeting held on September 22, 2026 agreed the resetting of the MPR and recaliberation of the monetary policy market.

According to Cardoso, the committe is satisfied with the disinflation progress, adding that members noted stable banking sector following successful recapitalisation.

Meanwhile, according to Nigerian Tribune, reports that that the MPC, at its 306th meeting in July 2026, disclosed its resolution to retain the interets at 26.5 percent.

According to the Governor of the CBN, Olayemi Cardoso, “the Committee’s decision to maintain the current policy stance followed a thorough assessment of the balance of risks. Although headline inflation moderated marginally in June 2026, global uncertainties have heightened, due mainly to the renewed hostilities in the Middle East.

“In view of the evolving developments, maintaining a cautious monetary policy stance remains appropriate. In arriving at its decision, the Committee noted the recent resurgence of hostilities in the Middle East, with particular attention to its spillover effects on global energy prices and the potential pass-through to domestic inflation.”

News

NURTW: KWAM1 Settles Long-time Rift Between MC Oluomo, Tafa Sego

Published

2 days ago

September 22, 2026

Editor

Nigerian Fuji musician, Wasiu Ayinde Marshal, popularly known as KWAM1, has brokered a peace deal between the National Union of Road Transport Workers (NURTW) National President, Musiliu Akinsanya, popularly known as MC Oluomo, and the Lagos State Chairman of the union, Mustapha Adekunle, aka Tafa Sego.

The reconciliation took place at Ojusagbola in Ijebu, Ogun State, where several NURTW chieftains gathered for the meeting.

The development was announced on Tuesday on KWAM1’s digital media page on Instagram, alongside photographs from the meeting.

According to the post, the two union leaders have resolved their differences after years of strained relations.

“After years of an age-long rift, MC Oluomo and Tafa Sego have finally settled their differences. And from what we know now, this is final,” the post said.

The musician was said to have intervened as the Mayegun of Yorubaland, with the aim of bringing an end to the longstanding disagreement between the two NURTW figures.

“K1 acted in his role as the Mayegun of Yorubaland by seeking an end to the long-standing rift, once and for all,” it said.

The post also described the meeting as a significant step beyond previous public displays of reconciliation.

“This time, it was not just another handshake for the cameras. The two old friends and colleagues came together at Ojusagbola, with King Wasiu Ayinde Marshal (K1) playing the peacemaker.”

Both MC Oluomo and Tafa Sego were reported to be pleased with the outcome of the intervention.

“Both parties are delighted about the new development,” the post said.

The two men had previously been allies and prominent figures within the Lagos NURTW before their relationship became strained amid disagreements linked to leadership of the union in the state.