Business
Naira Slump: Manufacturers’ Raw Material Imports Hit N8 Trillion
Naira Slump: Manufacturers’ Raw Material Imports Hit N8 Trillion
According to manufacturers, the high raw materials imports bill is due to operators’ decision to source foreign exchange from the parallel market at high rates following the shortage of FX at the official market.
An analysis of the foreign trade reports of the National Bureau of Statistics also showed Nigeria was only able to export raw materials worth N1.77tn during the period, leaving a balance of trade deficit of 6.1tn.
A breakdown of the data showed that in the second quarter of 2020, manufacturers imported raw materials worth N570.6bn. The figure increased to N710.2bn in the third quarter of the same year before increasing further to N715.7bn in Q4.
Further breakdown of the data showed that in 2021, raw materials imports by manufacturers were N2.9tn. It slowed to N2.4tn in 2022, while N555.4bn worth of raw materials were imported in the first quarter of 2023.
The major raw materials imported during this time included cane sugar from Brazil, milk preparations from Ireland, mixtures of odiferous substances from Ireland and Swaziland, and lubricating oils from The Netherlands.
According to the Manufacturers Association of Nigeria’s Bi-Annual economic report, the manufacturing sector’s local raw materials sourcing averaged 52.8 percent as against 51.5 percent recorded in 2021.
MAN said the increase in local raw materials utilization was due to increased difficulty in sourcing forex, which compelled manufacturers to look more inward for raw materials notwithstanding the associated huge cost.
The report partly read, “It is therefore important for the government to re-evaluate its role in local development and production of raw materials in terms of funding.
“For instance, the development and production of Active Pharmaceutical Ingredients has continuously eluded due to limited funding of the Raw Materials Research and Development Council by the Government.
“The absence of local production of APIs has been having dire consequences on pharmaceutical production, particularly in the current situation of acute shortage of forex.”
Motorcycle ban hits traders, imports crash by 36%
Speaking exclusively with The PUNCH, The Director-General of MAN, Segun Ajayi-Kadir, said addressing the forex volatility was vital to manufacturing production.
According to him, the forex shortage being faced by manufacturers translates to high cost of imported inputs and by extension high cost of production.
This, he said, would result in higher prices of goods.
He said, “But the reality is that the government lacks the needed forex to cover the demand in the economy, including that of the sector. Crude oil proceeds are the major source of forex inflow into the country, and Nigeria has not even been able to meet the OPEC export quota for the country.
“The situation is that the government has limited forex available for the economy and the recent floating of the rate of exchange has complicated the supply side constraints.
In his recommendation, Ajayi-Kadir urged the government to prescribe a definite rate for calculating the import duty for production inputs, such as raw materials, machines and spares that are not available locally.
A former president of MAN, Mansur Ahmed, while speaking at the Annual General Meeting of the Cross River/Akwa Ibom State branch of the association, had said that manufacturers could only source 5 per cent of their forex needs from the banks.
On his part, the Deputy President of the Lagos Chamber of Commerce and Industry, Gabriel Idahosa, cited the failure of Nigeria’s import substitution strategy as the reason for the country’s over-reliant on imported raw materials.
He added that the importation of raw materials for production purposes would not be particularly injurious to the local economy if Nigeria was able to equally export raw materials to other countries to make up for the forex spent on imports.
He said, “A lot of the companies are just involved in importing their raw materials. In some areas, we cannot do backward integration because we do not have the raw materials or the technology to do it.
“If you are manufacturing a car in Nigeria, you cannot backward integrate to start building engines or even producing tires. You more or less still import most of the components and just put them together.”
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
Business
BUA Group, AD Ports Group and MAIR Group Launch Strategic Plan for World-Class Sugar and Agro-Logistics Hub at Khalifa Port
BUA Group, AD Ports Group and MAIR Group Sign MoU to Explore Collaboration in Sugar Refining, Agro-Industrial Development, and Integrated Global Logistics Solutions
Abu Dhabi, UAE – Monday, 16th February 2026
BUA Group, AD Ports Group, and MAIR Group of Abu Dhabi today signed a strategic Memorandum of Understanding (MoU) to explore collaboration in sugar refining, agro-industrial development, and integrated global logistics solutions. The partnership aims to create a world-class platform that strengthens regional food security, supports industrial diversification, and reinforces Abu Dhabi’s position as a hub for trade and manufacturing.
The proposed collaboration will leverage BUA Group’s industrial and logistics expertise, Khalifa Port’s world-class infrastructure, and AD Ports Group’s operational experience. The initiative aligns with the objectives of the UAE Food Security Strategy 2051, which seeks to position the UAE as a global leader in sustainable food production and resilient supply chains. It also aligns with Nigeria’s food production- and export-oriented agricultural transformation agenda, focused on scaling domestic capacity, strengthening value addition, improving post-harvest logistics, and unlocking new markets for Nigerian produce across the Middle East, Asia, and beyond.
Photo Caption: L-R: Kabiru Rabiu, Group Executive Director, BUA Group; Cpt. Mohammed J. Al Shamisi, MD/Group CEO, AD Ports Group; Saif Al Mazrouei, CEO (Ports Cluster) AD Ports Group; Abdul Samad Rabiu, Founder/Executive Chairman, BUA Group; and Steve Green, Group CFO, MAIR Group
Through structured aggregation, processing, storage, and maritime export channels, the partnership is designed to reduce supply chain inefficiencies, enhance traceability and quality standards, and also create a predictable trade corridor between West Africa and the Gulf.
BUA Group—recognised as one of Africa’s largest and most diversified conglomerates, with major investments across sugar refining, food production, flour milling, cement manufacturing, and infrastructure- brings extensive industrial expertise and large-scale operational capability to the venture. MAIR Group will provide strategic support in developing integrated logistics and agro-industrial solutions, creating a seamless platform for production, storage, and distribution.
Abdul Samad Rabiu, Founder and Chairman of BUA Group, said:
“This MoU marks an important milestone in BUA’s international expansion and reflects our long-term vision of building globally competitive industrial platforms. Together with AD Ports Group and MAIR Group, we aim to develop sustainable food production and logistics solutions that strengthen regional supply chains and support the UAE’s Food Security Strategy 2051.”
He further added that, “This partnership represents not just a commercial arrangement but a strategic food corridor anchored on shared economic ambition, resilient infrastructure, and disciplined execution, reinforcing long-term food security objectives for both nations.”
A representative of MAIR Group added:
“This collaboration underscores our commitment to advancing strategic industries in Abu Dhabi and building integrated solutions that reinforce the UAE’s position as a global hub for trade, food security, and industrial excellence.”
A spokesperson from AD Ports Group commented:
“Our partnership with BUA Group and MAIR Group highlights Khalifa Port’s role as a catalyst for high-impact industrial investments. This initiative will enhance regional food security, strengthen global trade connectivity, and support Abu Dhabi’s economic diversification goals.”
This MoU marks a historic collaboration that combines world-class infrastructure, industrial expertise, and strategic vision, setting the stage for a sustainable and resilient food and logistics ecosystem that will benefit the UAE, the region, and global markets alike.
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