馃嚦馃嚞NigeriaWest Africa
Policy inconsistency and multiple taxation hinder industrial growth, Nigerian manufacturers warn
via Punch Nigeria2 min read
Nigerian manufacturers have raised concerns that policy uncertainty, overlapping regulations, and multiple taxation are increasing production costs, disrupting operations, and discouraging investment in the country's industrial sector. These issues were highlighted at the 2026 Chief Executive Officers/Managing Directors Business Luncheon organized by the Ikeja Branch of the Manufacturers Association of Nigeria MAN in Lagos. Thomas Osobu, Chairman of the MAN Ikeja Branch, stated that manufacturers face a difficult business environment due to numerous regulatory obligations, infrastructure deficits, rising production costs, foreign exchange challenges, and gaps in government policy implementation. He noted that weak implementation of government policies often creates unintended obstacles for manufacturers, with many struggling to survive and some leaving the system. Former MAN chairman, Sam Ohuabunwa, described regulatory friction as a major constraint, citing numerous agencies, levies, and inspections that divert attention from productive activities. He pointed out that despite government commitments to improving the ease of doing business, manufacturers still encounter customs delays, multiple inspections, and overlapping regulatory requirements. Ohuabunwa identified the multiplicity of regulatory agencies, discretionary enforcement, frequent policy changes, and multiple tax demands as key sources of regulatory friction, leading to delays, unexpected costs, and operational di
Free daily or weekly digest of the most important stories from across 18 African countries. No spam, unsubscribe any time.
This summary was AI-generated from a story originally published by Punch Nigeria.
Oyo State Governor Seyi Makinde has initiated the Contributory Pension Scheme for civil servants, a move praised as a significant policy shift. This decision places Oyo among the Federal Capital Territory and six other states, including Edo, Ekiti, Kaduna, and Lagos, that have implemented the pension law. Previously, Oyo was one of 23 Nigerian states yet to operationalize this legislation. The Chairman of the Oyo State Pensions Board, Tunji Adekunle, announced that the scheme will apply to officers employed in the Oyo State Civil Service from January 1, 2025, with full implementation beginning on July 1, 2026. The contribution structure involves a 12 percent contribution from the Oyo State Government as the employer and 8 percent from employees, totaling 20 percent, which exceeds the statutory minimum of 18 percent prescribed by the Pension Reform Act. The government has also committed to paying accrued pension benefits immediately upon the scheme's commencement and has directed all Ministries, Departments, and Agencies to submit comprehensive lists of employees recruited from January 1, 2025, to ensure a smooth rollout. The Contributory Pension Scheme, enacted in 2004, replaced the unsustainable Defined Benefit Scheme, leading to a significant increase in Nigeria's pension assets, which reached N31.32 trillion as of May 31, according to the National Pension Commission.
Beta Glass Plc announced a first-quarter revenue of N37.54 billion, attributing it to strong operational performance and asset utilization. The company also reconstituted its Board of Directors, appointing four new non-executive directors: Nitin Kaul, Olusola Carrena, Bolaji Olatunbosun Osunsanya, and Boye Olusanya. The Chairman of the Board, Dr. Vitus Ezinwa, stated that the new board composition would support the company's long-term strategy, aiming to accelerate sustainable growth, strengthen shareholder value, and enhance regional supply chain resilience. Chief Executive Officer Alex Gendis emphasized continued focus on operational efficiency, innovation, and strategic partnerships. An independent socio-economic impact report by Deloitte estimated Beta Glass contributed over N1 trillion to Nigeria鈥檚 economy in the past decade. The company plans further investments in manufacturing technology and climate-related initiatives, including furnace infrastructure upgrades to improve thermal efficiency and reduce emissions, as part of its strategy for operational efficiency and sustainable manufacturing. Shareholders, like Williams Adebayo, expressed satisfaction with the dividend declaration and earnings retention plan, as well as youth skills empowerment initiatives.
Bayer Leverkusen forward Victor Boniface was the first player to report for the club's pre-season training ahead of the 2026/27 campaign. Boniface returned to his parent club after a loan spell at Werder Bremen. After fitness assessments, the Nigerian striker will join teammates for a pre-season training camp in Blankenhain, Germany, from August 1 to 7. Boniface had a strong debut season in 2023, scoring 21 goals and providing nine assists in 34 appearances, helping Bayer Leverkusen secure their first Bundesliga title. He also won four Bundesliga Rookie of the Month awards. However, injuries affected his performance in the 2024/25 season, where he managed 11 goals and one assist in 27 appearances. Concerns about recurring knee problems and failed transfer moves to Al-Nassr and AC Milan due to medical issues were also noted. During his loan at Werder Bremen, Boniface failed to score in 11 appearances due to injuries and fitness issues. Sporting director Simon Rolfes expressed confidence that Boniface can regain his form. Leverkusen will start their 2026/27 Bundesliga season on August 29 against SV Elversberg.