NEWSPAPER REVIEW NOVEMBER 2, 2018
Manufacturing sector expands for 19 months in October PMI reading (Business day pg. A4)
The Central Bank of Nigeria (CBN) on Wednesday, released the Purchasing Managers Index (PMI), which showed that the manufacturing sector of the economy expanded for 19 consecutive months in October.
The Manufacturing PMI in the month of October stood at 56.8 index points, indicating that it grew at a faster rate when compared to 56.2 index in the previous month.
13 out of 14 sub-sectors reported growth in the review month. These include electrical equipment – 65.8; petroleum and coal products – 61.9; printing and related support activities – 61.5; cement – 59.2; chemical and pharmaceutical products – 59.1; textile, apparel, leather and footwear – 57.9; furniture and related products – 57.5; transportation equipment – 57.0; plastics and rubber products – 56.2; food, beverage and tobacco products – 55.6; fabricated metal products – 55.2; non-metallic mineral products – 54.2; and paper products – 53.4. The primary metal subsector declined in the review month.
Source: Business day
AfCFTA focus of discussion as Nigeria hosts Africa trade forum (Business day pg. A5)
Nigeria will on November 2, and tomorrow hosts the Africa Trade Forum 2018, as being organized by Nigeria’s Ministry of Industry, Trade and Investment, and co-organised by the United Nations Economic Commission for Africa (ECA), The Rockefeller Foundation, and the African Union Commission (AUC).
The Forum will bring together stakeholders from across the continent, from political and governance spheres, the private sector and entrepreneurs, philanthropies, academia, researchers, and development partners, to discuss the process for realizing the African Continental Free Trade Area (AfCFTA).
The AfCFTA was signed in March 2018 by 44 African countries and, if ratified, will become one of the world’s largest trading blocs. It is also the biggest trade agreement signed since the World Trade Organisation (WTO) was established, bringing together 1.3 billion people with a combined gross domestic product (GDP) of more than $2 trillion in a single market. The agreement aims to provide improved competition and lower business costs.
Source: Business day
SON removes product registration certificate from clearing process (Punch pg. 34)
The Standards Organisation of Nigeria has stated that its Product Registration Certificate is no longer required for clearing cargoes at the nation’s point of entry.
The Director General, SON, Osita Aboloma, explained that the new development was in line with the present administration’s ease of doing business mandate.
The SON boss at a nationwide awareness programme to sensitise members of the Auto Spare Parts and Machinery Dealers Association in Lagos to dangers of substandard products in circulation, however, stated that the PRC was still part of its minimum requirements to be met by both importers and manufacturers.
NAFDAC seeks adequate incentive to boost local drug production (Guardian pg. 8)
Director-General of the National Agency for Food and Drug Administration and Control (NAFDAC), Prof. Christianah Adeyeye, has blamed the nation’s over-dependence on imported drugs on inadequate incentives for local manufacturers.
Speaking at the 91st Annual National Conference of Pharmaceutical Society of Nigeria (PSN) at the International Conference Centre, University of Ibadan (UI), Oyo State, she explained the need for the country to achieve drug security by encouraging local manufacturing.
According to her, the agency, in collaboration with United States Pharmacopeia (USP), conducted a survey on quality of select Maternal and Child Health (MCH) commodities, which revealed a failure rate of 74.2 per cent for oxytocin injection and 33.7 per cent for misoprostol tablets.
Source: The Guardian