Former Green Eagles goalkeeper, Peter Fregene, has passed away.

Naija News reports that sad news was announced by his longtime friend and ex-international, Segun Odegbami, on Sunday.

Odegbami revealed that Fregene died peacefully after a prolonged illness, with his wife, Tina, and two of his children by his side.

The football legend, who had been on life support for the past week, finally succumbed to his health challenges, marking the end of an era for Nigerian football.

Earlier this year, Odegbami had publicly sought financial assistance for Fregene’s medical care.

In a statement issued in March, he shared that the former goalkeeper was hospitalized in Sapele, Delta State, and required urgent medical attention.

Although some support was provided, including an ambulance covered by Tony Ojesina, more funds were still needed for further treatment at a teaching hospital.

Odegbami also used the opportunity to highlight the absence of a functional welfare system for retired athletes in Nigeria, lamenting the hardships many face in their later years.

In his update on Sunday, Odegbami expressed his grief, writing, “A few minutes ago, Peter ‘Apo’ Fregene, OLY, former goalkeeper for Nigeria’s Green Eagles, who has been on life support for the past one week, passed on to meet his creator. He died quietly in the presence of his two children and his devoted wife, Tina.”

Fregene’s legacy is well remembered, especially his standout performances for Nigeria’s national team in the 1960s and 70s, including his participation in the 1968 Olympics in Mexico.

Known for his incredible reflexes and shot-stopping ability, Fregene earned the nicknames ‘Apo’ and ‘Flying Cat,’ a testament to his agility and skill between the posts.

Tributes have since poured in from across the sports community, honoring his contributions to Nigerian football and his impact on the generations that followed.

The Independent Petroleum Marketers Association of Nigeria is poised for talks with Dangote Petroleum Refinery between Tuesday and Wednesday to finalise agreements on the cost and lifting of petrol from the plant.

It was learnt on Sunday that the Petroleum Retail Outlet Owners Association of Nigeria had been asked by the $20bn Lekki-based refinery to resend its request for petrol lifting.

This came as PETROAN expressed optimism that the cost of petrol might reduce in the coming days once the competition in the downstream oil sector sets in fully, as marketers load the commodity from the refinery.

Meanwhile, IPMAN described the planned agreement with the Dangote refinery as a crucial step in the association’s ongoing efforts to facilitate the lifting of petroleum products, thereby contributing to the stability and efficiency of the country’s fuel supply chain.

Last week, the Federal Government granted permission to petroleum marketers to lift petrol directly from the Dangote refinery without going through the Nigerian National Petroleum Company Limited.

The Minister of Finance and Chairman of the Naira-crude sale implementation committee, Wale Edun, had in a statement, said, “Moving forward, petroleum product marketers are now able to purchase PMS (petrol) directly from local refineries without the intermediary role of NNPC.

“Marketers are encouraged to initiate direct purchases from refineries on mutually negotiated commercial terms, which will promote competition and improve market efficiency.”

Providing an update on Sunday, the National Publicity Secretary of IPMAN, Chinedu Ukadike, said the association hoped to meet with officials of the Dangote refinery for discussion as it is ready to commence a healthy business relationship with the refinery.

Ukadike, who spoke during an interview monitored by our correspondents on Arise TV, said the association had acquired tank farms to enhance its storage facilities, thus addressing a challenge that had previously hindered operations.

He said, “We hope to sit down with Dangote maybe Tuesday or Wednesday and if they give us a template or price, we will move to Dangote. I want to reassure you that we have all it takes to off-take whatever Dangote will give to us. I don’t know why they are dragging their legs to discuss with marketers, maybe it is politics.

“The more we take action in terms of distribution lines, the price will come down, we are not afraid of this competition, we have organised ourselves and are ready to compete because this is the survival of the fittest.

“The issue of not having tank farms is gone because we have addressed the issue and now have farm tanks and anywhere Dangote says they will give us our products, we will distribute them to our marketers.”

On his part, President PETROAN, Billy Gillis-Harry, told The PUNCH his group had been asked to resend their request to lift petrol from the plant.

“We have written to them (Dangote) several times and they are fully aware of what PETROAN has been doing. One of the executive directors there called me to say that they are going to set up a meeting with us, so we are waiting for that to happen. Hopefully, we can do that this week.

“We are willing to take products from all of them, NNPC, traders, importers, Dangote refinery, modular refineries, etc. So, we are in that pursuit. We have not received confirmation of the meeting with Dangote yet, but we have been told to resend our request, which we have done.

“And I think that is a positive response compared to before when they were just keeping quiet. So, any moment from now PETROAN members should start lifting products from the Dangote refinery and it is good news for us and everyone,” Gillis-Harry stated.

On whether the price of petrol would drop in the future, the PETROAN president added, “The price can be knocked down to N700/litre; it depends on the volatility of the market and this does not always mean upward prices, it could also mean prices coming down.

“If we have massive supply and there is a lot of products in Nigeria, obviously everybody will be looking for just minimal profit. Our business is focused on turnover, so people may cut prices down.”

Meanwhile, Ukadike, the IPMAN spokesperson, stated that the Nigerian Midstream and Downstream Petroleum Regulatory Authority had issued a bulk purchase license for independent marketers so that they could off-take from Dangote refinery.

“The NMDPRA has issued a bulk purchase license for independent marketers so that we can offtake from the Dangote refinery. We want this to take effect immediately. We have also been promised an import license so that we can import. These are the factors of deregulation.

“When you implement it, you have put all the stakeholders in the same line so that the competition will be healthy. It is not putting some people before others. How can we buy products at N1,040 and say there is competition? It is designed to edge us out and make us dependent on NNPC and its sources.

“The NMDPRA boss told our national president that we would be issued an import license on Friday. But you know all these processes have bureaucratic procedures. Before we didn’t have this chance but today, the situation has improved,” he noted.

On the debt owed to oil dealers by the NNPC, Ukadike said, “The NNPC boss has agreed to load out all our tickets that are in their system and unlock the money. Sometimes we get these monies from bank loans and when it is locked up, we incur bank charges which also affect the price of fuel.

“They haven’t loaded us out as I speak to you now; they have also not revealed the new price. It is only when they do that, that we will look at the remittance we are going to pay but our president insisted that since this money has been locked up with them, they should give us at the old price so that we can use it to cushion the bank charges and other expenses we have incurred so far.

“By Monday or Tuesday, the new price will be out and I will announce it. We don’t want that impression that independent marketers are selling higher than NNPC.”

Continuing, IPMAN sought the government’s assistance in financing by creating an energy bank to assist marketers following the huge cost of interest rates affecting price increases.

“We are working with security agencies to ensure that products are not stolen out of this country, and products meant for independent marketers go to their stations. Also, we are working to ensure there is nothing like adulteration.”

He said independent marketers were on the verge of collapsing because of the huge amount invested in buying one truck of 45,000 litres of petrol.

“Before the subsidy removal, we bought products at N8.1m, but now we are buying it close to N50m. How many people can survive that?”

Super Eagles media team on Sunday night confirmed that players and officials of Nigeria’s senior men’s national team were held hostage by Libyan authorities upon their arrival at Al Abaq Airport in Al Abaq, PUNCH Sports Extra reports.

In a video posted by the Eagles media team, the players and officials, along with their luggage, were left stranded at the airport, with the Libyan airport officials indifferent to their plight and conversing in Arabic.

The Eagles departed for Libya on Sunday morning, ahead of their 2025 Africa Cup of Nations qualifying matchday 4 clash against the Mediterranean Knights. Initially scheduled to fly into Tripoli and travel by road to Benghazi, the team altered their plans to avoid unnecessary strain. Instead, they chartered a flight with a brief stopover in Kano before continuing to Benghazi. Libya will host the three-time African champions at the 10,000-capacity Martyrs of Benina Stadium in Benina, located just 10 kilometres from Benghazi, but reports emerged that they were diverted to another city.

“About an hour to landing, the Nigerian aircraft approaching its destination, Benghazi, was diverted to another city more than a two-hour drive from the original destination,” the Eagles media team said.

“Libya authorities hold Super Eagles and officials hostage at the Al Abaq airport in Al Abaq.”

Nigeria secured a hard-fought 1-0 victory over Libya at the Godswill Akpabio International Stadium in Uyo on Friday courtesy of a late Fisayo Dele-Bashiru strike. The second leg between the two countries will take place on Tuesday, October 15, with the Eagles hoping to maintain their unbeaten runs.

The Confederation of African Football has appointed Cape Verdean official Delgado Santos Rocha Lenine to referee the match.

He will be assisted by his compatriots Djêry Gomes Lopes and Jorge Santos Fonseca Aritson as assistant referees. Burkina Faso’s Hamidou Diero will serve as the fourth official. Somalian Amir Abdi Hassan has been named match commissioner, while Malian Dramane Dante will act as the referee assessor. The security of the event will be overseen by Algerian official Rachid Medjiba.

The All Progressives Congress (APC) has warned the former Chief Whip of the Senate, Ali Ndume, to desist from publicly criticising the President Bola Tinubu-led government.

The ruling party urged Ndume to privately reach out to the president to share his reservation.

The National Publicity Director of the APC, Bala Ibrahim, gave the advice on Sunday in an interview with Punch.

He argued that bigwigs like Ndume should seek to weigh their words before going public.

Recall that Ndume had called on the President to tackle the hardship suffered by citizens before it was too late.

The lawmaker claimed that certain bad actors close to Tinubu were responsible for pushing harmful reforms and policies which are aimed at destabilising the government.

However, Ibrahim has warned Ndume to tread with caution.

Asked on Sunday if the ruling APC was concerned about Ndume’s latest public advice to the President, he replied that the legislator belongs to the same party as the president, hence he ought to share his grievances in private.

He said, “In a democracy, people have the right to own opinion and ventilate their positions without anyone suppressing it. Ali Ndume is one of the President’s advisers at large. If you happen to belong to the same party as the President, you must share certain things with him because he is working on the policies or agenda of the party.

“As a senior party member, a legislator and former Chief whip for that matter, Ndume is an adviser by extension to all the leaders in our party. Therefore, he has ways of reaching out to them in private without necessarily going public. People must take note of their position and the fact that they have followers who will go to an extent to assess them based on what they say or do.

“Many people hold Ndume in high esteem. So he must always weigh his words for fear of being misquoted or misinterpreted. But I want to believe he is doing so in good faith. Whether the APC is disappointed or will consider any sanction in a decision to be taken by the party.”

The development comes three months after Ndume was relieved of the Chief Whip position for embarrassing the President on live TV.

The Borno lawmaker claimed that Tinubu had been caged and prevented from knowing the hardships Nigerians were passing through, an action that irked the ruling party.

He was subsequently replaced by the Senator representing Borno North, Tahir Monguno following a directive issued to that effect in a letter written by the National Chairman of the party, Umar Ganduje and National Secretary, Senator Bashir Ajibola.

The National Drug Law Enforcement Agency (NDLEA) has arrested a 29-year-old graduate, Oguejiofor Nnaemeka Simonpeter for allegedly importing heroin worth over ₦3.192 billion into the country.

According to a statement on Sunday by the NDLEA spokesperson, Femi Babafemi, Simonpeter, a Thailand returnee, is a graduate of Mechanical Engineering from the Chukwuemeka Odumegwu Ojukwu University, Uli, Anambra state.

He narrated that the suspect was arrested by NDLEA operatives at the Murtala Muhammed International Airport in Lagos on October 7, 2024 while attempting to smuggle the illicit drug concealed in six backpacks, and packed into two big suitcases.

“The 29-year-old graduate of Mechanical Engineering from the Chukwuemeka Odumegwu Ojukwu University, Uli, Anambra state, had left Thailand on 3rd October on Qatar Airways flight and stopped over in Doha where he spent two days before heading to Lagos while his luggage was routed to Accra, Ghana, his original destination,” the statement reads.

“After arriving Lagos on the 5th October, he contacted the airline to reroute his luggage to Nigeria so that he can pick them up as rush bags in a bit to beat security checks. However, NDLEA officers intercepted him at the point of exit.

“A search of his two suitcases revealed three empty backpacks in each box with a large parcel of heroin neatly sewn to all the six backpacks. The six parcels were subsequently recovered with a gross weight of 13.30kg.”

The statement said Oguejiofor claimed he was hired for a fee of $7,000, and that he was to deliver two parcels in Lagos, and the other four in Accra, Ghana.

In another development, the NDLEA spokesperson said 32.6m pills of tramadol worth over N12.6 billion, and 1.5m bottles of codeine-based syrup with a street value of N10.16 billion, were intercepted at the Lekki Deep Seaport, Apapa seaport in Lagos, and Onne, Rivers state.

Babafemi said the combined monetary value of the seized opioids amounted to N22.7 billion.

“The illicit consignments were seized from containers watch listed by NDLEA based on intelligence and processed for 100 percent joint examination with men of the Nigeria Customs and other security agencies at the three seaports between Monday 7th and Friday 11th October 2024,” the statement added.

Former President Olusegun Obasanjo has stated that God has blessed Nigeria with numerous resources for growth.

He said that it is not God’s plan for Nigeria to struggle economically, noting that the country is blessed with abundant natural resources.

Obasanjo shared his thoughts at the Methodist Archdiocese of Abuja’s 40th anniversary celebration on Sunday in Abuja.

He opined that Nigeria had all it needs to thrive.

He subsequently called on leaders to judiciously use the country’s abundant resources to develop the nation.

Obasanjo echoed the sentiments of Methodist Prelate, Dr Oliver Aba’s message, emphasising the importance of appreciating God’s blessings.

He said, “As God created other nations, endowing them with resources, He similarly blessed Nigeria with numerous resources for growth.

“Just as Egypt has the River Nile, Nigeria has the Rivers Niger and Benue, plus crude oil, fertile soil, and other natural resources.

“I firmly believe God didn’t create Nigeria to struggle. He has given us everything we need; it’s our duty to appreciate Him, especially since many countries lack what Nigeria has.”

Obasanjo urged leaders, clergy, and citizens to pray for the country’s healing, acknowledging that Nigeria’s current situation isn’t God’s fault.

“We’ve squandered God’s gifts, but if we humble ourselves and seek Him, He will heal our land,” he added.

President Bola Tinubu, represented by the Minister of the Federal Capital Territory, Nyesom Wike, commended the Methodist Church Nigeria for its commitment to social justice, education, and humanitarian outreach.

In his goodwill message, Tinubu praised Methodist Church Nigeria for its pioneering role and impactful vision.

“I celebrate the 40th anniversary of Abuja Archdiocese, a testament to the church’s enduring spirit of faith, community, and service in Abuja and 183 years in Nigeria.

“The Methodist Church has significantly contributed to our nation’s development through social justice, education, and humanitarian efforts, transforming lives nationwide,” he said.

A prominent chieftain of the All Progressives Congress (APC) in Bauchi State, Sunusi Takko, has publicly criticized former Minister of Transport, Rotimi Amaechi, for his recent remarks aimed at President Bola Tinubu’s administration.

Takko, who was part of the now-defunct 2023 APC Presidential Campaign Council, described Amaechi’s criticisms as “unpatriotic” and suggested that he should focus on recovering from his loss of the presidential ticket to Tinubu in 2022.

Amaechi, in a recent interview, lamented the prevailing economic hardships in the country and questioned why Nigerian youths have not taken to the streets to protest against Tinubu’s government. His comments sparked a wave of responses from party members, including Takko.

In a statement issued on Sunday, Takko expressed his disapproval of Amaechi’s call for mass protests against the government, questioning the former minister’s motivations.

He said, “The fact that he lost to Asiwaju Bola Tinubu with the widest margin of votes doesn’t mean he should rock the boat, leading the path to destruction of lives and properties of fellow Nigerians.

“Amaechi should always learn to be loyal to those who have helped him one way or the other to reach his present position and status in life, knowing fully well that what goes around comes around.

“All the issues raised by Rotimi Amaechi for calling on the youth to rise against President Bola Tinubu’s presidency have been addressed in his October 1 presidential address and measures have already been put in place providing necessary recipe.

“One of such measures is the proposed National Youths Confab, which has been applauded by millions of Nigerian youths and will start yielding positive results in ameliorating some of these issues.”

Similarly, an APC chieftain in Osun State, Olatunbosun Oyintiloye, appealed to politicians to refrain from utterances that could incite Nigerians into violent protest resulting from the current hardship in the country.

He subsequently called on the security agencies to be on the alert and ensure that anyone attempting to incite the masses was made to face the consequences of engaging in such an act.

Oyintiloye said any politician using the current hardship in the country to incite the masses against the constituted authorities should be treated as an enemy of the country.

According to him, at this critical time in the nation’s national life, President Tinubu needed prayers and the support of all Nigerians to enable him stabilize the economy for the benefit of all.

“There is no doubt that the economy is not in its best shape, but this is just temporary. The President is working assiduously to ensure that the economy is brought back to shape for Nigerians to enjoy.

“While we are waiting for that, I do not think inciting the masses against the government is the best way to go.I will strongly advise those politicians who are calling people to protest against the government to desist or be ready to face the law,”Oyintiloye said.

The Federal Government, through the Nigerian Customs Service (NCS), is set to ground over 60 private jets owned by prominent individuals in the country due to unpaid import duties totaling several billions of naira.

The enforcement is scheduled to begin today, October 14th, 2024.

Documents exchanged between the NCS and the Nigerian Airspace Management Agency, obtained by The PUNCH, indicate that many private jet owners have failed to pay import duties, leading to this enforcement action aimed at recovering the outstanding sums.

This decision follows a one-month verification exercise conducted by the NCS between June and July of this year, which assessed private jet ownership and duty payments.

Despite the verification, many private jets remain non-compliant, leading to today’s grounding action.

Notably, some of the jets affected by this action belong to prominent business figures, including bank executives.

The NCS has already notified several private jet owners, with more expected to receive letters today.

Most of the jets impacted by the grounding are foreign-registered but owned by Nigerians.

Among the luxury aircraft listed are several Bombardier models, including the Bombardier Challenger 604 and the Bombardier BD-700 Global series, valued at tens of millions of dollars each.

As of Sunday, 11 jet owners had been informed of the impending grounding, with another 55 expected to receive notification by the end of today.

Reports suggest some jet operators attempted to lobby the Presidency to intervene, but the effort was unsuccessful.

As a result, some owners have begun settling their import duties to avoid the clampdown.

For instance, operators of a U.S.-registered Gulfstream G650ER have reportedly paid N5.3bn in import duties to avoid sanctions.

A similar exercise in 2019 resulted in the recovery of duties from various jet owners.

This current action is expected to bring in significant revenue for the government, potentially over N260bn.

While some aircraft owners have already started negotiations with the NCS to settle their debts, others have promised to do so once their aircraft return to Nigeria.

However, officials confirmed that at least three jets have already been flown out of the country to avoid the grounding but will be restricted once they re-enter Nigerian airspace.

The Nigerian Customs Act of 2023 authorizes the NCS to penalize the owners of goods, including private jets, imported without proper duties being paid.

Demand notices have been issued, and the NCS has requested the Nigerian Civil Aviation Authority and the Nigerian Airspace Management Agency to deny flight clearance for non-compliant aircraft.

The NCS’s verification exercise was introduced after it was discovered that many private jets in Nigeria were operating without paying the required customs duties.

In July, NCS Comptroller General Adewale Adeniyi confirmed that many jets had left the country ahead of the exercise, seemingly to avoid being verified.

He emphasized that while some aircraft are in Nigeria temporarily, those used domestically must pay duties as per international aviation regulations.

Over the past three years, the government has been working to recover unpaid import duties from private jet operators, some of whom have used technical loopholes, such as obtaining Temporary Import Permits (TIP), to avoid payment.

The TIP allows aircraft to operate in Nigeria temporarily, but many operators have exploited this provision, extending their permits indefinitely.

Customs officials have described the TIP system as a loophole allowing private jet owners to evade import duties, which are typically five percent of the jet’s value.

Many owners have been reluctant to pay these substantial sums, opting instead to exploit the temporary waiver provided under international regulations.

However, the new Customs leadership appears determined to close these loopholes and recover all unpaid duties.

…125 still in detention —Deji Adeyanju

The Department of State Service, DSS, this weekend, released two #EndBadGovernance protesters, who have been in detention in Kaduna.

At press time, there are no fewer than 125 protesters still in detention, including 38 remanded by Justice Emeka Nwite, in Abuja.

Vanguard gathered, yesterday, that the 38 detained protesters would appear before Justice Nwite for further hearing on their bail.

The 125 detained protesters have been in custody for over 62 days.

Meanwhile, Mr. Deji Adeyanju, counsel to the protesters, in an exclusive chat with Vanguard, yesterday, expressed concerns over the lack of transparency in the judicial process.

According to Adeyanju, authorities claimed to have filed charges, “but our team has yet to receive any documents.”

He stated that the development highlights the inconsistencies in the handling of protest-related cases nationwide, though most of the 873 protesters arrested in Kano have been released, due to collaborative efforts by the Nigerian Bar Association, NBA.

Adeyanju added that efforts are ongoing in Sokoto, as two protesters have been released in the North-West region, recently.

Nationwide, over 1,000 protesters were arrested.

Considering the releases in Kano (873) and Sokoto, as well as Kaduna (two), about 125 protesters are likely still in custody, including the 38 in Abuja and 10 facing treason charges.

Adeyanju said: “We are currently working on the cases of about 38 or 39 #EndBadGovernance protesters, who have been remanded by Justice Nwite in Abuja for 62 days.

“Their remand is set to end today (Monday). The authorities claim to have filed charges against many others, but we have not been served any documents up to this point. That’s the main challenge we have.
“In Kano, most of the 873 protesters have been released because we have been collaborating with the NBA on this matter. In Sokoto, we have made some progress as well.

“However, I am not entirely sure about the situation in other states, but I can look into it and provide you with an update in the next few days.”

The #EndBadGovernance protests were staged by Nigerians over the worsening economic hardship and growing hunger across the land.

The protests, however, turned violent in some states, resulting in casualties and arrests across the country.

•As MAN loses legal battle on electricity tariff hike

The manufacturing sector in Nigeria is facing existential threats with the escalating costs of energy, amongst other binding constraints, driving up production and logistics costs thus putting the sector on the brink of collapse.

Manufacturers over time have raised the alarm over the damaging impact of the rising cost of energy, which has seen the pump price of petrol rise by about 430 per cent and electricity tariff up by 212 per cent for ‘Band A’ consumers over the past year.

On April 3, NERC approved an increase in electricity tariff for customers under the Band A classification. The commission said customers under the category, who receive 20 hours of electricity supply daily, would begin to pay N225 per Kilowatt-hour (kWh) up from N66/kWh, but later reduced it to N209/kWh.

MAN had labelled the hike in power tariff as detrimental to economic growth and in its quest for survival, instituted a legal action at the Federal High Court in Lagos against the Nigerian Electricity Regulatory Commission (NERC) and joined the electricity distribution companies (DisCos) as respondents to challenge the implementation of electricity tariff hike.

The manufacturers sought four reliefs: that due process stated in the Act for the review was not fulfilled before the DisCos applied to NERC for the tariff review on 31 July 2023; and that regulatory requirements for tariff reviews were not followed before NERC issued the Supplementary Order of 3 April 2024 and the subsequently reviewed rate of 6 May 2024.

MAN also held that placing the burden of the tariff increase on only Band “A” feeders and leaving out other bands amounted to discrimination against such consumers; and that the defendants must comply with administrative procedures for tariff review before rightfully implementing the April and May Supplementary Orders.

NERC however objected to the suit, stating that MAN’s case constitutes an abuse of court processes, being hasty and prematurely filed without following due process of the law.

But in a significant setback to the manufacturers’ efforts to reverse the electricity tariff to its previous price, the court struck out the case. 

In the judgment delivered on 7th October 2024, the court considered all the parties’ arguments and ruled that MAN’s suit was an abuse of court process being premature and without due regard to the provisions of section 51 of the Electricity Act 2023.

The court also held that MAN’s case disclosed no reasonable cause of action, as it had not exhausted the dispute resolution mechanism. It thus held that the suit was not instituted with due process of law, and consequently struck out the case.

The development represents a significant setback in the manufacturers’ efforts to reverse the electricity tariff to its previous price, which means the sector will continue to operate at high production costs, with the attendant consequence of low sales, increased unsold inventory, probable shutdown and loss of jobs.

President of MAN, Francis Meshioye, had said that the policies of the federal government in the last year have made manufacturing businesses unattractive in Nigeria, lamenting that the growth of manufacturing is seemingly not on the front burner of the federal government.

“Major contributors to Nigeria’s rising inflation are food and energy. If you look at the electricity tariff cost, it moved from N66/kWh to N209/kWh. If you look at the percentage increase, you discover that it is not marginal. This has affected the manufacturing business generally,” he stated.

Director General of MAN, Segun Ajayi-Kadir, said: “The exponential increase in the face of inadequate electricity supply is inimical to the competitiveness of Nigerian products and businesses and will definitely exacerbate the impact of high cost of production.”

He had earlier lamented that diesel is taking 80 percent of the profit of surviving manufacturing firms in the country, wondering “which manufacturer can cope with that astronomical price for energy to produce?”

He noted that while there had been a slight reduction in diesel prices, largely due to the Dangote refinery, the costs remained burdensome for manufacturers. “We have seen an improvement, but the cost is still high,” he said.

Ajayi-Kadir painted a grim picture for the sector’s performance in the fourth quarter, while identifying rising interest rates, high diesel prices, and electricity tariff hikes as major obstacles for the sector.

“Earlier in the year, we imagined that the second half would be better. But rather than experience an upswing, we have continued to have a depression,” he added.

In its second quarter, Q2’24, Manufacturers CEO Confidence Index (MCCI) survey, MAN ranked the exorbitant increase in the electricity tariff as one of the major challenges facing their operations.

“All the current indicators of manufacturers’ confidence went south due to the exorbitant increase in the electricity tariff, the aggressive hike of the interest rates, the high exchange rate, the persistent inflationary pressure, and the recurrence of fuel scarcity, amongst others.

“The situation calls for big concern as the business environment begins to threaten the longstanding resilience of many manufacturers,” the report added.