Markets Archives - Page 2 of 4 - Independent Digital News Network

Manufacturers Warn of ₦2.14 Trillion Unsold Goods as Demand Collapses

The Manufacturers Association of Nigeria (MAN) has raised alarm over a surge in unsold inventory — now at ₦2.14 trillion — as consumer demand collapses under inflation and weak purchasing power. The group warns that factories are cutting output, laying off workers, and facing shutdown risks despite government assurances of post-subsidy recovery.

NAIRA STUMBLES TO ₦1,470/$ AS INFLOWS THIN — FX MARKET BRACES FOR PRESSURE

IDNN4 months ago4 months ago0

After weeks of relative calm, the naira slipped across both official and parallel markets on Monday, closing at ₦1,470.26/$ at the Nigerian Foreign Exchange Market. Analysts link the dip to reduced weekly inflows and delayed portfolio remittances, warning that the currency’s stability could be tested again if inflows fail to rebound.

Nigeria Suspends 4% Import Levy After Industry Backlash

IDNN4 months ago4 months ago0

Nigeria’s finance ministry has suspended a 4% levy on imports after fierce opposition from businesses and industry groups. Finance Minister Wale Edun said the policy, introduced by the Nigeria Customs Service, threatened trade facilitation, economic stability, and competitiveness. Airline operators and manufacturers welcomed the decision, calling it proof of government’s responsiveness

Dangote Refinery Faces Backlash over Pricing, Monopoly Concerns from Marketers

IDNN6 months ago0

Tensions are rising in Nigeria’s downstream oil sector as independent marketers and stakeholders accuse the Dangote Refinery of restrictive pricing, port cost challenges, and monopolistic practices. Despite being Africa’s largest refinery, marketers say it’s currently cheaper to import from Lomé than load domestically. Industry groups are calling for regulatory intervention and open-market reforms.

Dangote Vows to Crash Cooking Gas Prices, Marketers Cry Foul Over Monopoly Threat

IDNN6 months ago0

As Dangote ramps up LPG production, he vows to slash cooking gas prices and bypass distributors if they resist, prompting fierce backlash from industry stakeholders who fear a market monopoly.

Plastic Ban in Lagos Could Trigger Mass Job Losses, MAN Warns

IDNN7 months ago0

Plastic Ban in Lagos Could Trigger Mass Job Losses, MAN Warns By IDNN Business and Policy Desk Lagos, Nigeria — The Manufacturers Association of Nigeria...

Ghanaian Investors Sue IGP, EFCC Over Abuja Estate Dispute, Demand ₦200 Million in Damages

IDNN7 months ago7 months ago0

Top Ghanaian investors behind Abuja’s River Park Estate have sued Nigeria’s IGP and EFCC for rights violations, harassment, and suppression of an investigation report.

SEC WARNS NIGERIANS AGAINST CBEX CRYPTO PLATFORM:

IDNN8 months ago0

Nigeria’s Securities and Exchange Commission has declared CBEX illegal, warning the public against transacting with the crypto platform or its promoters.

Panic in Forex Market as CBN’s ₦2 Billion Recapitalisation Deadline Rattles BDC Operators

IDNN8 months ago0

BDC operators face uncertainty and possible shutdowns as CBN enforces a ₦2 billion recapitalisation threshold, shaking the already fragile forex market.

🐄 Nigeria Begins Importing Danish Cows to Slash ₦1.5 Trillion Milk Import Bill

IDNN8 months ago0

To reduce Nigeria’s heavy milk import bill, the Federal Government has begun importing high-yield Danish dairy cows to jumpstart local milk production.