• Saturday, December 02, 2023
businessday logo


Five things to know to start your Thursday


Manufacturers at risk as costs surge, warns MAN

The Manufacturers Association of Nigeria (MAN) has expressed concern over the rising production costs, which pose a significant threat to the manufacturing sector’s survival.

MAN’s President, Francis Meshioye, highlighted this issue during a pre-Annual General Meeting press conference.

He emphasised that various challenges, including power supply issues, insecurity, inadequate infrastructure, forex shortages, and currency depreciation, are negatively affecting the sector.

The AGM’s theme, “Setting the Agenda for Competitive Manufacturing Under the AfCFTA,” aims to address these challenges and promote the growth of the manufacturing sector.

EFCC retrieves N27bn, $19mn, initiates probe of former governors, ministers

The Economic and Financial Crimes Commission (EFCC) has recovered a total of N27,184,357,524.52 and $19,084,419.33 from three separate money laundering cases.

The EFCC is intensifying efforts to recover more illicit funds and is set to reveal details of investigations into former governors, ex-ministers, and government officials across the country.

The anti-graft agency is also probing significant procurement fraud involving officials from the Federal Ministry of Power and Agriculture, with several properties linked to misappropriated funds being seized in Abuja, Lagos, and Cross River States.

IPPIS: FG to suspend unregistered workers’ salaries

Federal civil servants who fail to verify their details or enrol in the Integrated Payroll and Personnel Information System (IPPIS) by October 27, 2023, will have their salaries suspended from November.

The Office of the Accountant General of the Federation temporarily suspended salaries for non-compliant civil servants in August 2023.

A verification portal is open for affected officers until October 10, 2023, with physical verification scheduled for October 16–27, 2023. This is the final opportunity for non-compliant officers to participate in the exercise.

Nigeria achieves 2023’s peak oil production at 1.35m barrels per Day

Nigeria’s crude oil production reached a record high of 1.35 million barrels per day in September 2023, marking a 14 percent increase from August.

The government has been striving to boost oil production to meet the OPEC-approved quota of around 1.8 million barrels per day.

Additionally, the Nigerian Upstream Petroleum Regulatory Commission is optimistic that Exxon Mobil’s asset sale to Seplat Energy will progress after the regulator previously rejected the $1.28 billion deal.

Biden warns Iran over Gaza; Israel forms emergency war cabinet

Israeli air strikes in retaliation for a Hamas attack have killed 1,200 in Gaza, with around 5,600 wounded.

U.S. President Biden warned Iran against involvement and deployed military assets to signal Washington’s support for Israel.

His top diplomat, Antony Blinken, is heading to the Middle East. Biden’s deployment was seen as a signal to Iran, which backs Hamas and Hezbollah.

Israel formed a unity government to focus on the fight against Hamas. The blockade of Gaza has left many poor and dependent on aid, with rescue workers overwhelmed, and preparations for a possible ground offensive are underway.