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Manufacturers and Labor Unions Demand Urgent Action from Tinubu on Forex Crisis and Inflation

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As President Bola Ahmed Tinubu’s administration marks one year in office today, manufacturers and labor unions across Nigeria are calling on the federal government to urgently address the instability in the forex market and rising inflation, which are severely impacting both citizens and businesses.

In interviews with LEADERSHIP, industry stakeholders highlighted numerous issues such as policy inconsistencies affecting foreign exchange, diminishing working capital for businesses, unreliable power supply, and widespread insecurity—all contributing to job losses over the past year. They emphasized the need for the government to resolve these challenges to achieve economic growth.

Manufacturers’ Perspective

Segun Ajayi-Kadir, Director-General of the Manufacturing Association of Nigeria (MAN), described the past year under Tinubu’s administration as marked by uncertainty, deterring both potential and existing investors. Ajayi-Kadir stressed the importance of prioritizing the manufacturing sector, which he sees as crucial for sustainable economic growth and foreign exchange inflow. He urged the government to implement sector-specific recommendations, provide necessary policy support, and offer incentives to revitalize the sector.

Ajayi-Kadir also called for a comprehensive overhaul of the power sector, investment in renewable energy, and a focus on patronizing made-in-Nigeria products. He advocated for local sourcing of raw materials, boosting energy security through the Electricity Act 2023, maintaining liquidity in the forex market, and managing the floating exchange rate system within acceptable bounds.

Labor Unions’ Concerns

Comrade Garba Ibrahim, President of the National Union of Food, Beverages, and Tobacco Employees (NUFBTE), criticized policies leading to multiple taxation, high electricity tariffs, and the removal of fuel subsidies, which have driven many businesses to relocate to neighboring countries. Ibrahim highlighted how these challenges have turned Nigeria into a dumping ground for foreign products and exacerbated the high cost of doing business.

Comrade Gbenga Komolafe, General Secretary of the Federation of Informal Workers of Nigeria (FIWON), noted the adverse effects of fuel subsidy removal and exchange rate liberalization on inflation, significantly increasing prices of basic goods and services. This has resulted in decreased consumer purchasing power and a sharp decline in real incomes.

Economic Analysis

The Lagos Chamber of Commerce and Industry (LCCI) acknowledged the resilience of the manufacturing sector amidst recent reforms. However, Director-General Dr. Chinyere Alumona emphasized the need for a systematic review of policies to achieve desired outcomes. She pointed out that despite some bold policy decisions, such as removing fuel subsidies and harmonizing exchange rates, the expected positive effects have yet to materialize.

Alumona highlighted several challenges over the past year, including high inflation, a weakening naira, supply chain disruptions due to insecurity, and a weak production base. She called for fixing the forex crises, adopting lower exchange rates for import duties on raw materials, offering manufacturers concessionary interest rates, and ensuring a stable and predictable policy environment.

Conclusion

As President Tinubu’s administration completes its first year, stakeholders in Nigeria’s manufacturing and labor sectors are urging the government to address critical economic issues. By tackling forex instability, inflation, and other structural deficiencies, the administration can help stabilize the economy, support businesses, and improve the overall well-being of Nigerians.

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Dangote Refinery Boosts Fuel Exports as Gulf Refineries Shut Down

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By: Fabian Apechihin

The Dangote Petroleum Refinery has ramped up fuel exports to international markets amid widespread refinery shutdowns in the Middle East, industry sources confirmed.

A senior official at the $20bn Lagos-based plant told The PUNCH that the facility exported significant volumes of petrol (PMS), diesel (AGO), and aviation fuel (Jet A1) to foreign buyers in August, following earlier shipments in June and July.

The surge comes as Saudi Aramco and other regional producers face heavy maintenance schedules, tightening fuel supply. Aramco has already shut down two plants and plans further closures, including its 460,000 b/d Satorp refinery in Jubail for a 60-day turnaround in November–December. Kuwait and India are also scaling back capacity for maintenance and seasonal demand.

According to Argus Media, these shutdowns are pushing Gulf nations to import record volumes of gasoline, with Saudi Arabia and the UAE sharply increasing purchases from Europe and other markets in recent months.

While some reports pointed to operational constraints at Dangote’s 650,000 b/d facility, the company dismissed such claims, insisting production is on track to reach 700,000 b/d by December. Earlier this year, Aliko Dangote announced the refinery had sold two cargoes of jet fuel to Saudi Aramco and recently achieved exports of about 1 million tonnes of petrol between June and July.

“With Gulf refiners offline, Nigeria has now emerged as a net exporter of refined products,” Dangote said.

Analysts suggest the extended refinery outages in the Middle East will further strengthen demand for Dangote’s output, positioning the Nigerian plant as a key supplier in regional fuel markets.


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US Oil Exports to Nigeria, Others Fall to 3.3m bpd as Local Output Rises

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By: Fabian Apechihin

The United States’ crude oil exports to Nigeria and other African countries fell for the fifth consecutive month in July 2025, averaging 3.3 million barrels per day (bpd), the lowest level since March 2022.

The Organisation of Petroleum Exporting Countries (OPEC) disclosed this in its August 2025 Monthly Oil Market Report (MOMR), attributing the decline to weaker flows to Europe and Africa, particularly Nigeria, but without giving further details.

Industry analysts link the slowdown to the ramp-up of local refining capacity, especially the 650,000 bpd Dangote Refinery, which has reduced Nigeria’s reliance on imported crude, including from the US. Vanguard checks also show that crude importation has slowed further in recent months due to improved domestic production.

According to OPEC data, Nigeria’s crude oil output—excluding condensates—rose by 11 per cent year-on-year to 1.559 million bpd in July 2025, up from 1.386 million bpd in the same period of 2024. This marks the country’s highest monthly production level so far this year.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) corroborated the figures, stating that overall output, including condensates, exceeded 1.8 million bpd in July.

Gbenga Komolafe, Chief Executive of the NUPRC, said the milestone was achieved through the agency’s “Project 1 MMBOPD Incremental” initiative, supported by a multi-stakeholder collaborative framework.

“We are glad to report that we crossed the 1.8 million bpd mark on peak production last month, with average production hovering at 1.78 million bpd,” Komolafe stated.

He added that the Commission is working to sustain production growth by optimising the Maximum Efficient Rate (MER) framework, improving produced water management, and aligning operational shutdowns and maintenance schedules to minimise disruptions.

“With these measures and continued collaboration, the presidential mandate on production increase is well within reach,” he said.


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NDYPC Hails Otuaro’s Reforms in Presidential Amnesty Programme

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• Lauds transparency, fairness in beneficiary selection and grassroots empowerment

• Says reforms align with Tinubu’s Renewed Hope Agenda, restore trust in Niger Delta

The Niger Delta Youths for Positive Change (NDYPC) has commended the Administrator of the Presidential Amnesty Programme (PAP), Dr. Dennis Otuaro, for what it described as bold, people-focused reforms that are restoring trust and delivering tangible benefits to the Niger Delta.

In a statement signed and issued by Comrade Elliott Yibakeni, after the conclusion of leadership training sessions with ex-agitator leaders in Abuja, the group said the PAP, once in urgent need of renewal, is now undergoing a transformation that reflects transparency, fairness, and accountability.

“At a time when public trust in institutions was waning, Dr. Otuaro has emerged as a symbol of credibility and transformation,” the statement read. “His visionary leadership is restoring integrity, empowering communities, and driving a sustainable development agenda that resonates with the aspirations of the Niger Delta.”

According to NDYPC, under Otuaro’s leadership, beneficiary selection has become fair and merit-based, ending years of favoritism and political interference. The group added that access to education, skills training, and empowerment opportunities, both locally and abroad, is now guided by equity and open competition.

The group highlighted several internal reforms, including improved staff welfare, strengthened professional capacity, and strict adherence to best practices in public procurement. These, it said, have made the PAP more efficient, responsive, and transparent.

NDYPC also praised Otuaro’s inclusive governance style, noting his sustained engagement with traditional rulers, women leaders, civil society organizations, and local communities. This approach, the group said, has strengthened peace-building efforts and deepened trust between the PAP and the people it serves.

In line with President Bola Ahmed Tinubu’s Renewed Hope Agenda, the PAP has maintained consistent payment of stipends to ex-agitators and extended direct support to vulnerable populations. NDYPC also applauded new healthcare interventions for ex-agitators facing health challenges.

The statement further commended the programme’s investments in scholarships, vocational training, and economic empowerment initiatives aimed at preparing Niger Delta youths for leadership, innovation, and sustainable livelihoods.

“Every decision reflects a deep commitment to public trust, responsible stewardship, and long-term development,” NDYPC stated. “Under Dr. Otuaro’s watch, the Niger Delta is rising stronger, united, and filled with renewed hope.”

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