The Minister of Information and National Orientation, Mohammed Idris, has defended President Bola Ahmed Tinubu’s decision to declare a state of emergency in Rivers State, stating that it was a necessary step to restore governance and avert further crisis.

Naija News recalls that President Tinubu had on Tuesday declared a state of emergency in Rivers State, suspending the governor, his deputy, and all members of the state House of Assembly due to the ongoing political turmoil in the oil-rich state. He also appointed Ibok-Ete Ibas, a retired naval chief, as the sole administrator for the state.

In an interview with The Nation, Idris emphasized that the president had no intention of taking over the governance of Rivers State or appointing a new governor.

“Rivers State belongs to the people of Rivers State,” he stated. “Just like all other states have their governors and are functioning, the president also wants Rivers State to function effectively.”

Idris described the decision as “very responsible but very painful,” noting that governance in the state had collapsed.

He highlighted the dysfunction of the state House of Assembly and the serious challenges facing the executive branch.

He explained, “The way democracy is designed in this country is that the three arms of government must work together, and one will be checking the other. So, we cannot have just the executive functioning and say we have a functional democracy. We didn’t have that, and therefore, the president had to act.”

The minister further clarified that Tinubu relied on constitutional provisions to take the necessary action, stressing that the situation had become critical, requiring immediate intervention.

“Those who designed our constitution envisaged that this kind of situation could arise, and that was why they made the provision for it. The president relied on the constitution to exercise his powers and take action,” Idris added.

He emphasized that the president’s decision was in the best interest of the people of Rivers State, aiming to prevent further violence and chaos.

“It would have been irresponsible for the president to allow the slide into violence that we were seeing in Rivers State,” he stated. “At what point would he have intervened? The president had to responsibly step in to ensure that law and order, and governance, were restored in the interest of the people of Rivers State.”

Idris assured that the president would not maintain the emergency rule longer than necessary.

“As soon as he assesses that sanity has returned to Rivers State, he will ensure the restoration of all democratic structures in that state,” he concluded.

A lawmaker, Dawodu Bashiru, has defended the use of a voice vote by the House of Representatives in approving President Bola Tinubu’s declaration of a state of emergency in Rivers State, amid growing controversy over the decision.

The use of a voice vote in the approval of the president’s move has sparked backlash, with critics questioning the transparency of the process.

Despite this, Dawodu, who represents Oshodi/Isolo in Lagos State, has brushed off criticisms, asserting that the House is constitutionally empowered to determine how it operates, including the method of voting.

Speaking on Channels Television’s Sunday Politics, Dawodu explained that the House is within its rights to choose the format of voting for each matter, noting that this was in line with the constitution.

He said, “The point that I’m making is that it’s also constitutional that the House is going to determine the way it operates on an everyday basis, that is the law.”

While acknowledging that the House has used electronic voting on some occasions, Dawodu emphasized that the lawmakers are not obligated to do so in every situation. He pointed out that different circumstances and rules apply depending on the issue at hand.

Dawodu further explained that voice voting is a regular practice in the House, and this instance was not out of the ordinary.

“Well, it depends on what we’re doing in terms of the rule. I’ll give you an example. When you look at the last time, we also had electronic voting when we were going to elect the speaker [Femi Gbajabiamila]. It’s different from what happened this time when we’re going to elect the speaker [Tajudeen Abbas]. So the rules are different,” he said.

He concluded by asserting that voice voting has always been a part of the House’s daily practices and that there was nothing unusual about its application in this particular vote.

Dawodu added, “I think every day in our practice, we do voice voting. I don’t think this particular situation is different.”

The 2025 Africa Magic Viewers’ Choice Awards (AMVCA) nominations have been announced, with Lisabi: The Uprising and Seven Doors leading the pack.

Lisabi: The Uprising, directed by Adedimeji Lateef, earned a remarkable 10 nominations, including ‘Best Movie,’ ‘Best Actor,’ ‘Best Art Direction,’ ‘Best Cinematography,’ and ‘Best Indigenous Language Western Africa.’

Femi Adebayo’s Seven Doors trailed closely with eight nominations, including the newly introduced category of ‘Best Score/Music.’ Other significant contenders include Skeleton Coast, Anikulapo: Rise of the Spectre, and Inside Life.

This year’s ceremony will feature 28 categories, both voting and non-voting, as well as two special recognition awards.

A panel of judges, chaired by acclaimed film director and producer Femi Odugbemi, will determine the winners in 18 categories, while the remaining 10 categories will be decided by fans through voting on the Africa Magic website, with voting closing on May 4.

The 2025 AMVCA will be held over four days, from May 7 to 10, celebrating outstanding achievements in film production, culture, fashion, music, and other facets of African entertainment.

See the full list of nominees below:

Best Supporting Actress

• Meg Otanwa – Inside Life
• Tina Mba – Suspicion
• Ireti Doyle – All’s Fair in Love
• Ini Dinma – Skeleton Coas
• Mercy Aigbe – Farmer’s Bride
• Omoni Oboli – The Uprising: Wives on Strike 3
• Darasimi Nnadi – Aburo

Best Supporting Actor

• Efa Iwara – Princess On A Hill
• Adedayo Adebowale Macaroni (Mr Macaroni) – Lisabi: The Uprising
• Uzor Arukwe – Suspicion
• Mike Afolarin – House of Ga’a
• Richard Mofe-Damijo (RMD) – Christmas in Lagos
• Gabriel Afolayan – Inside Life
• Aliu Gafar – Seven Doors
• Femi Jacobs – Freedom Way

Best Lead Actress

• Chioma Akpotha – Seven Doors
• Gbubemi Ejeye – Farmer’s Bride
• Uzoamaka Onuoha – Agemo
• Uche Montana – Thinline
• Uzoamaka Aniunoh – Phoenix Fury
• Hilda Dokubo – The Uprising: Wives on Strike 3
• Bimbo Ademoye – Anikulapo: Rise of the Spectre

Best Lead Actor

• Gideon Okeke – Tokunbo
• Bucci Franklin – The Weekend
• Femi Branch – House of Ga’a
• Thapelo Makoena – Skeleton Coast
• Bimbo Manuel – Princess on A Hill
• Stan Nze – Suspicion
• Femi Adebayo – Seven Doors
• Lisabi: The Uprising – Adedimeji Lateef

Best Movie

• Lisabi: The Uprising
• Skeleton Coast
• Suspicion
• Inkabi
• House of GA’A
• Freedom Way
• Christmas in Lagos
• Farmer’s Bride

Nominees for Best Scripted (M-Net Original)

• Uriri — Xavier Ighorodje
• All Mine — Hadizat Ibrahim
• My Fairytale Wedding — Chinenye Nworah and Taiwo Adebayo
• Italo — Rogers Ofime
• The Caller — Brain Munene
• Kam U Stay — Damaris Irungu Ochieng

Best Writing Movie

• Phoenix Fury
• A Ghetto Love Story
• Christmas in Lagos
• Freedom Way
• The Weekend
• House of Ga’a

Best Short Film

• Brukaci
• In Bloom: ‘Afefe’
• Sukari
• The Incredible Sensational Fiancée of Sèyí Àjàyí
• What Are You Truly Afraid Of?

Best Director

• House of Ga’a – Bolanle Austen-Peters
• Inkabi – Norman Maake
• Seven Doors – Femi Adebayo, Adebayo Tijani, Tope Adebayo
• Skeleton Coast – Robert O Peters
• The Man Died – Awam Amkpa
• The Weekend – Daniel Emeke Oriahi

Nominees for Best Cinematography

• Yen Ara Asaase Ni (This Is Our Land) — Onasis Gaisie, Michael Sefa, and Apagnawen Annankra
• Inkabi — Chuanne Blofield
• The Legend of the Vagabond Queen of Lagos — Leo Purman
• Skeleton Coast — Wesley Johnston
• Soft Love — Ebrahim Hajee
• Lisabi: The Uprising — Barnabas Emordi and Nora Awolowo
• Agemo — Papama Tangela

Best Score

• Freedom Way — Ahuurra Andrew, Kehinde ‘Louddaaa’ Alabi, and Cobhams Asuquo
• Seven Doors — Tolu Obanro
• Inkabi — Seoli Bongani Mashaba
• Skeleton Coast — Chris Letcher
• Soft Love — Kolade Morankinyo (MPSE) and Efa Iwara (Love and Hate)

Best Makeup

• Anikulapo: Rise of the Spectre
• Inside Life
• Farmer’s Bride
• Lisabi: The Uprising
• Seven Doors
• Suspicion

Nominees for Best Editing

• Inkabi — Tongai Furusa
• Christmas in Lagos — Martini Akande
• Skeleton Coast — Jordan Koen
• Soft Love — Holmes Awa and Paballo Modingoane
• Lisabi: The Uprising — Anthill Studios
• Princess on A Hill — Laughter Ephraim and Peter Ugbede

Best Documentary

• Dundun
• I Will Remember You
• O.Y.O (On Your Own)
• Walvis Tale
• Women of Salt: The Resilience of Ebonyi’s Women

Best Art Direction

• The Man Died
• Lisabi: The Uprising
• Christmas in Lagos
• Seven Doors
• Anikulapo: Rise of the Spectre

Best Sound Design

• Beast of Two Worlds
• Freedom Way
• Inkabi
• Lisabi: The Uprising
• Seven Doors
• Suspicion

Best Indigenous Languages in East Africa

• The Empty Grave
• Makosa di Yangu
• Sabotage
• The Caller
• Wa Milele? (Forever)

Best Digital Content Creator

• Jide ‘Pounds’ Ibitoye (Jide Pounds)
• Dorcas Ariyiike Owolagba (Ariyiike Dimples)
• Iyo Prosper
• Elozonam
• Maryam Apaokagi (Taaooma)

Best Series Scripted

• Inside Life
• Cheta M
• Princess on a Hill
• Seven Doors
• Roses & Ivy

Best Series Unscripted

• Ebuka Turns Up For Africa
• Skillers (The Builders Show)
• Style Magnate
• Uzoamaka Tries Palmwine
• Wa Milele? (Forever)

Best Writing TV Series

• Anikulapo: Rise Of The Spectre
• Cheta M
• Princess on a Hill
• Roses & Ivy
• Seven Doors
• Tuki
• Untying Kantai

…Calls Process Unconstitutional

The Nigerian Bar Association (NBA) has rejected the National Assembly’s endorsement of the state of emergency imposed on Rivers State by President Bola Tinubu, describing the process as unconstitutional.

Speaking on Politics Today, a Channels Television program, NBA President, Afam Osigwe, SAN, criticized the lawmakers for deciding such a critical matter through a voice vote, arguing that it fell short of constitutional requirements.

Osigwe explained that the Constitution mandates the National Assembly to ratify such a decision by a two-thirds majority. He emphasized that to fulfill this requirement, the number of lawmakers present, those who voted in favor, those against, and those who abstained must be recorded.

“You can’t clear that by a voice vote. A voice vote falls short of the constitutional requirement because, by a voice vote, you are unable to determine whether the threshold for ratification has been met,” he said.

According to him, the use of a voice vote in both chambers undermines the constitutional process, rendering the entire endorsement invalid.

“Even that ‘ratification’ by the National Assembly does not meet the constitutional requirement, and it is in itself unconstitutional,” he added.

The NBA’s rejection of the endorsement raises further legal and political concerns over the controversial state of emergency, as critics argue that due process was not followed in declaring it.

Beneficiaries of  Tony Elumelu Foundation, TEF, have raised over $4.2 billion in revenue and pulled over two million Africans out of poverty.

The Founder and Chairman Board of Trustees of the Foundation, Mr Tony Elumelu, disclosed this at the unveiling of another set of 3,000 benefiting entrepreneurs in Abuja at the weekend.

An excited Elumelu disclosed that in the last 10 years, the organization had invested $100 million in grants to over 21,000 beneficiaries across 54 African countries which, according to him, has resulted in transformation among young entrepreneurs across the continent.

He added that in one decade, beneficiaries of TEF who received $5,000 grant each, created 1.5 million jobs, in addition to 2.5 million Africans granted access to training in Africa.

Elumelu said:  “We share a vision of a self-sustaining African continent, a prosperous Africa, powered by the energy, innovation, leadership and resilience of young African men and women.

“But my wife and I also know the challenges that these young Africans face in their resilience, in their ambitions and in their willingness and desire to contribute to the transformation of Africa.

“As an entrepreneur, I understand very well the opportunities that abound in Africa. I understand the entrepreneurship transformative power that our young ones can unleash on the continent.

“But we know that there are challenges. We also know that if empowered and encouraged, these young Africans can face the challenges we have across all that we live with in Africa.

“Give them the resources, to give them the training and the guidance that they need to succeed.

‘’In ten years, we took a journey of entrepreneurship and capitalising of love and economic prosperity on the continent.

“In 2015, as people with private sector mindsets, we decided, we know that what can’t be done can’t be done. So we decided to take one-step forward, to launch the Tony Elumelu Foundation Entrepreneurship Programme, to set metrics, targets, that will help people to continue.

‘’Fast forward, this year is the 15th year of the setting up of Tony Elumelu Foundation. When we look back, we are humbled by the progress that we made, by the achievements that we made, by the impact that we created, not just in one country, not just in one family, but across all 54 African countries.

“Based on statistics, we have been able to empower 21,000 young African men and women, each spending over $100 million. And the good news is, these people have helped to lift at least 2 million people out of poverty.

“To us, we are excited that we have been able, working with our partners, to lift at least 2 million people out of poverty. Because at the Tony Elumelu Foundation, we share common beliefs.

‘’One is that poverty anywhere is a threat to all of us everywhere.   And two, is that no one but us will develop Africa. So what we do at the Tony Elumelu Foundation, and the validation from the successes we see and listen to our young entrepreneurs who have just shared their testimony here, is inspired, supported, motivated by these accomplishments.”

Not out of Abundant wealth

He said that the philanthropic gesture of his foundation was not out of abundant wealth but out of a deep conviction that it was an existential interest.

His words:  “What we do at the Tony Elumelu Foundation is not out of the abundance of wealth. It is a realisation, deep realisation, that if we don’t do this, this is very essential, if we don’t do this, we’re creating problems for ourselves, the so-called successful people, and our children, our children’s children. It is in our collective existential interest to identify and support others.”

In her remarks, the Chief Executive Officer of TEF, Ms. Somachi Chris-Asoluka, revealed that the organization believed in gender mainstreaming, adding that 45 per cent of the TEF beneficiaries were women.

She said TEF was also reducing inequalities, as 64 per cent of those who received the grants were creating job opportunities for persons with disabilities.

A secret report that militant leaders have regrouped at an undisclosed creek community to plan and coordinate collective attacks on oil facilities triggered fresh tension in the Niger Delta at the weekend.

The gathering came a few days after President Bola Tinubu suspended the Governor of Rivers State, Siminalayi Fubara, by declaring  of a state of emergency last Tuesday.

The details were not apparent yesterday, but a dependable source said the militant leaders wanted to ensure full participation of the various militant groups in the Niger Delta and were holding wide consultations with leaders.

Commander Bibi Oduku, the commandant general of the Riverine Security (Coast-Guard of the Federation), who confirmed the “high threats in the Niger Delta and probable impact on Nigeria’s economy,” admonished President Tinubu to reconsider the suspension of Fubara.

His words: “I urge President Bola  Tinubu to carefully consider the suspension of the Rivers State governor because of the heightened tensions and threats in the Niger Delta. These threats pose a significant risk to the nation’s economy.

“Militant groups are planning to attack federal government properties across Niger Delta states while miscreants may exploit the situation to engage in criminal activities.

“This could lead to loss of life among innocent citizens and military personnel deployed for peacekeeping.”

Commander Oduku, however, assured that “Riverine security officers are vigilant and ready to prevent unauthorized groups from engaging in illegal activities and will work closely with the Nigerian military and other security agencies to apprehend those involved in attacks on federal government properties.”

Also, Captains Eric Foutoru and ThankGod Oprom, in charge of the Rivers and Delta States’ waterways, respectively, pledged their support to the military in calming the security situation in the states and the Niger Delta in general.

Oduku recalled the statement of a former presidential amnesty boss, Brigadier General Paul T. Boroh, retd., who cautioned youths in the Niger Delta against allowing anger to dictate their actions.

“President Tinubu is not a proponent of violence, so youths should refrain from unlawful acts that could harm lives and properties,’’ he said.

He condemned the destruction of oil pipelines in Rivers and Akwa Ibom states, promising that the riverine security officers would bring perpetrators to justice.

The commandant-general advised citizens of Rivers State and the Niger Delta to embrace peace and allow the law to take its course.

Nigeria’s manufacturers are counting their losses to the drastic macroeconomic changes being executed by the Federal Government, FG.

A key element of the difficulties has shown up in cost of sales with leading manufacturers reporting 90.6 per cent surge in their just released 2024 financial results.

Cost of sales stands for the direct expenses incurred in the production of goods and services sold by a company, and it includes costs of raw materials, logistics, energy and other manufacturing expenses.

Analysts attribute the increase to the mounting inflationary pressure, foreign exchange volatility, and escalating production costs in the sector. But they have projected a better outcome for 2025 if the current stability in some key macroeconomic indicators is sustained.

But  Financial Vanguard findings show that the sharp increases in cost of manufacturing has forced many companies to adopt aggressive cost-cutting measures, including layoffs and price adjustments, to stay afloat.

The findings show that despite efforts at backward integration by top 12 consumer goods manufacturing firms to ease the pressure on their cost of production, they are still faced with myriads of financial and economic headwinds.

Consequently, costs they incurred on raw materials importation increased significantly Year-on-Year, YoY, by 88 per cent in the year 2024, indicating that the backward integration may have either failed or still too low to shield them from high importation costs driven by high exchange rates.

But the  Financial Vanguard findings also show that the top manufacturers have succeeded in bringing down their exposure to bank loans which had imperiled their profitability a year earlier.

However, the high interest rate regime implemented by the Central Bank of Nigeria, CBN, since 2023 still took a toll on the manufacturers’ financial cost.

The top manufacturers examined by  Financial Vanguard  includes, Nestle Nigeria, Cadbury Nigeria, Unilever Nigeria, Nigerian Breweries Plc, BUA Foods, Guinness Nigeria, Northern Nigeria Flour, Dangote Sugar, Honeywell Flour Mills, Flour Mills Nigeria, UAC Nigeria, and Golden Guinea.

Cost of sales  

The combined cost of sales of these top 12 consumer goods firms rose by 88.5% to N3.91 trillion in 2024 from N2.1trillion in 2023.

Nestle Nigeria’s cost of sales increased by 97.7% to N652.5billion in 2024 from N329.9billion in 2023; Cadbury Nigeria’s cost of sales grew by 77.2% to N111.7 billion from 63.04billion in 2023. Unilever’s cost of sales grew by 30.6% to N94.03billion from N72.01billion in 2023.  

Nigerian Breweries’ cost of sales rose by 97.5% to N764.5billion from N387.03billion.   BUA Foods’ cost of sales rose 110.0% to N985billion in 2024 from N469billion in 2023.

Guinness Nigeria recorded 37.5% increase to N208.03billion in 2024 from N151.3billion in 2023.   Dangote Sugar recorded N634.6billion from N355.1billion, representing a growth of 78.7%.   Northern Nigeria Flour Mills posted N25.7billion against N16.4billion in 2023.  

Honeywell Flour Mills recorded N248.8billion in 2024 against N100.5billion in 2023.   UAC Nigeria’s cost of sales increased by 52.5% to N151.3billion from N99.2billion in 2023, while Flour Mills recorded N151.3billion from N99.2billion, indicating 52.5% increase.

The combined cost of raw materials incurred by the top 12 consumer goods manufacturing firms shot up to N2.2trillion in 2024 from N1.2trillion in 2023.

Finance cost

The firms’ combined finance cost rose by 81.0% to N 1.2trillion in 2024 from N664.6billion in 2023.

However, their bank borrowing declined by 6.4% to N1.7trillion from N1.9trillion in 2023, apparently as the companies begin to de-emphasis reliance on bank loans in the face of prevailing high interest rate regime.

The combined firms’ turnover rose by 67.7% to N7.6trillion in 2024 from N4.5trillion in 2023, while their Loss Before Tax, LBT, increased by 76.6% to N407.4 billion in 2024 from N-230.7 billion in 2023.

Companies’ comment on performance

However, leaders of the various companies were positive on the situation. Highlighting the positive side of the 2024 results, Mr. Wassim Elhusseini, Managing Director of Nestlé Nigeria, stated: “Our 2024 results demonstrate the resilience of our brands and teams and underscore our strong fundamentals in a challenging business environment.

“The impressive 75.2% revenue growth for the year as well as 35.6% improvement of our operating profit to N167.9 billion reflects the robustness of our operating performance.

“Our net profit and equity were impacted by high finance costs associated with the revaluation of the company’s foreign currency obligations, due to an unprecedented devaluation of the Naira.  

  “I am very pleased to state that our Q4 2024 standalone results mark a return to profitability with a net profit of Naira 19.7 billion, against a loss of N36.4 billion in Q4 2023.”

Speaking on his company’s results, Mr. Hans Essaadi, Managing Director/CEO, Nigerian Breweries Plc, said: “The impressive year-on-year revenue growth was largely driven by strategic pricing initiatives, market expansion, successful innovations, and operational efficiencies.  

“Despite macroeconomic headwinds faced by the company, group operating profit surged by 54%, reflecting the success of cost management, process optimization and strong operational performance.”

Commenting on BUA Foods’ performance, Engr. (Dr.) Ayodele Abioye, the Managing Director, said: “The results underscored the company’s ability to navigate challenges with agility and its resilience, as it continues to create value for all stakeholders.  

“We are delighted to report an exceptional performance in FY 2024. Despite significant macroeconomic challenges, our business navigated the resulting impact on supply chain costs and foreign exchange losses effectively.

“The cumulative impact of our expansion strategy has enabled our capability to fulfil increased demand from our customers and enhanced internal operational efficiencies”.

  Speaking as well on his Company’s result,   Tobi Adeniyi, Managing Director, Unilever Nigeria, said, “Our year-on-year sustained growth trajectory is a testament to our commitment of serving consumers with our best brands to meet their daily needs of improved health and hygiene.

  “While we are pleased with our performance progress riding on the pillars of operational efficiency, cost optimization, purposeful brands and increasing market share across key categories, we are committed to growing our business to enhance our socioeconomic impact in the country”.  

Some analysts who spoke to Financial Vanguard on the operating environment of the manufacturers were largely critical of the implications of Nigeria’s economic policy outcomes. They believe that the environment does not help business growth.

It’s economic reform fallout, but 2025 looking more positive –  CPPE  

Commenting, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, stated: “The cost of sales was driven largely by exchange rate, by finance cost and by the cost of energy and as well as cost of logistics.  

“I think these are the critical issues and these factors were very profound in 2024 because you can describe 2024 as a year of transition, from an economic reform point of view, so this is what must have been responsible for this astronomical increase in the cost of sales.  

“And you can see that for many businesses, particularly those in production, profits have been severely impacted, some of them had declared serious losses and it is these particular factors that led to the exit of some of the multinational companies, especially those in production.

“But thankfully, those pressures are beginning to ease, we are beginning to see some stabilisation and marginal appreciation in the naira exchange rate and we are beginning to see a slight reduction in energy prices – it’s likely to also go down a little more, we’re beginning to see some deceleration in the inflation rate.

“So, with that kind of trajectory, the outlook is looking a lot more positive for 2025, in my view, if there are no dramatic changes in some other economic fundamentals.”

NACCIMA lists binding constraints, proffers solutions  

The President of the Nigerian Chamber of Commerce, Industry, Mines and Agriculture NACCIMA, Dele Oye, said “the sharp rise, in some instances up to 100%, can be attributed to a multitude of interwoven factors that create a challenging environment for our manufacturers”.  

To address these challenges, the NACCIMA president proposed the following strategies:

“The government should establish a consistent, long-term policy framework that provides certainty for manufacturers, allowing them to plan effectively and invest confidently.

“Policies must be developed with significant input from genuine and independent stakeholders to ensure they address the actual challenges faced by manufacturers.

“Prioritizing infrastructure development is essential to reduce operational costs. Investments in reliable power supply and transportation systems are crucial for manufacturers’ efficiency.

“Simplifying the tax system and ensuring predictability will encourage investment.  

“Establishing fair regulatory guidelines to foster healthy competition among domestic manufacturers while protecting them from undue competition from state-owned enterprises is key.

“The government must implement monetary policies that control inflation, thereby preserving purchasing power and promoting stable economic growth.  

“The Central Bank of Nigeria (CBN) should consider reducing the current MPR rates.  

“Through these collective efforts, we can alleviate some of the financial pressures facing manufacturers, bolster their competitiveness, and positively impact our economy as a whole.”

Govt should initiate actionable macroeconomic reform –  MAN

In his comment, Director General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, stated: “The purchasing capacity of Nigerians has declined so our warehouses are filled with unsold goods, meanwhile, the cost of production continues to increase everyday with the cost of energy, transportation, manpower and now telecommunication consistently rising.

“The challenges are clear. Therefore, macroeconomic reforms must involve actionable plans that take precedence over rhetoric.

“The President’s ambitious goal of taming inflation down to 15 percent and stabilising the naira at N1,500/$ must be pursued by clearly defined and easily assessable actions, with appropriate timelines,” he said.    

Domestic, external cost drove raw materials prices  – Analysts

Reacting to the challenges facing the consumer goods manufacturing firms,   David Adonri, Analyst / Vice Executive Chairman at High Cap Securities Limited,   Olatunde Amolegbe, former President Chartered Institute of Stockbrokers, CIS, and  

Tajudeen Olayinka, Investment Banker & Chartered Stockbroker

stated that the big jump in cost of raw materials in 2024 arose from domestic and external sector cost-push factors.

They added that insecurity and high costs of energy and power that ravaged the economy in 2024, transmitted galloping inflation to the cost of inputs specifically and cost of sales generally.

They also said these domestic cost-push factors were exacerbated by the massive volatility and depreciation of the Naira in 2024, adding that the pass through effect of these cost push factors in itself, intensified the rise in inflation that eroded the purchasing power of consumers to the detriment of corporate turnover.

However, they expressed the view that these cost push factors are expected to trend lower in 2025 from signals that are already emerging in the economy.

Also, they noted that  there is a need for the companies to source some of the manufacturing inputs hitherto imported locally while engaging in aggressive marketing strategy.

On the way forward, they added that: “Public policy can play an enabling role in facilitating increase in corporate turnover while simultaneously reducing production and distribution costs so as to make enterprises cost effective and profitable.

“All cost push factors must be properly identified and tackled with appropriate public policy instruments. A long term solution will be domestication of input sources, reduction of energy and power costs and reduction of interest rate to single digit”.

The Leader of the National Consultative Front, Prof Pat Utomi, has outlined ongoing moves to crystallise a formidable coalition to defeat the All Progressives Congress in the 2027 general elections described as serious business.

Utomi, one of the opposition movement leaders, said several discontented members of the APC and Peoples Democratic Party were keen on joining the coalition, apart from members of five other political parties.

Speaking with The PUNCH, Utomi said huge numbers of the APC, PDP and other political parties had expressed their willingness to embrace the coalition to save Nigeria from the brink.

He noted that several movements, and parties would join the coalition and form an alliance, though he noted that there were ongoing talks on the particular platform that would be adopted for the 2027 battle.

Utomi said, “This is serious business. Nigeria is on the brink at a time of a changing global order.

“The approach we now take is to focus on core influence groups within parties.

“In this regard, there are good people who subscribe to our values and development strategy in APC and PDP who have significant following and believe there is a better way and have reached out to us.

“The Social Democratic Party that you have referred to is a work in progress. About five other parties are going through similar processes.

“Also bear in mind that huge numbers are getting ready to leave the APC and PDP and have been reaching out. But the core must be firmly fixed.”

Asked how the coalition intends to take care of the various interests joining the coalition, Utomi said the driving force was self-sacrifice and forging a party leadership where decisions would be made collectively.

Utomi’s assertion comes on the back of former Vice President Atiku Abubakar, along with some opposition leaders, announcing that a coalition is being formed with the aim to unseat President Bola Tinubu in 2027.

Among those present at the event where Atiku announced the coalition were the 2023 Labour Party’s presidential candidate, Peter Obi, who Dr Yunusa Tanko represented; former Secretary to the Government of the Federation (SGF), Babachir David Lawal; former Governor of Kaduna State, Nasir El-Rufai; a former gubernatorial hopeful in Ogun State, Segun Sowunmi; former Director General of Progressive Governors Forum (PGF), Dr Salihu Lukman; Alhaji Adamu Maina Waziri, Chief Peter Ameh and Soni Monidafe, among others.

Speaking with The PUNCH, on Sunday, Utomi stressed that the coalition “aims to redeem the collapse of culture in Nigeria as well as showing by example how a disciplined political party acts.”

The NCFront has talked about the unveiling of a mega coalition in June, noting that opposition parties and discontented members of the ruling All Progressives Congress are intensifying behind-the-scenes consultations to form a formidable alliance against the current administration.

Discussions involve key stakeholders from the North and South, including opposition parties, APC defectors, and civil society groups.

The opposition figures said the northern stakeholders, in particular, are inclined towards a coalition to unseat President Bola Tinubu, arguing that his administration’s policies had disproportionately affected their region.

Speaking further, Utomi said the coalition would be operating a government of national unity resolute to advance the common good in a democratic, transparent and people-centred atmosphere.

“It needs a national unity government focused on a developmental state focused on bringing progress to every nook and cranny of Nigeria, not egotists and narcissists looking for state capture to burnish bloated personal accounts around the world while their country slides into the economic abyss.

“Another point is that leadership of the new order must be collective. No more of the Buhari or “Baba sope” approach that got in the way of a collective good goal in the past iterations of rescue missions. Decisions must be made collectively. We will not be victims of groupthink anymore.

“A collective shadow team will be active shortly and, where necessary, we will turn to people power to reset the agenda of our country.

On the goals of the coalition, Utomi stressed, “It is to make democracy work for the people and to ensure a government with a people-centred focus accelerates constitutional reforms for a better working Nigeria.

“It also aims to redeem the collapse of culture in Nigeria as well as showing by example how a disciplined political party acts, especially in how more capable and values-driven people are recruited into public life.”

He added, “The change we deserve is about a core of people who are a self-sacrificing group focused on disciplined organization to move the apparatus of cooperation and state authority.

“It is also to advance the common good in an atmosphere of freedom that is democratic, transparent and people-centred because touts and criminals abound in many parties and will take money from those in power to simulate the appearance of crisis.”

Veteran Nollywood actor Jide Kosoko has weighed in on the controversial issue of sex-for-roles in the Nigerian film industry, stating that some actresses deliberately enter the industry with the intent of using sexual relationships to advance their careers.

Jide Kosoko shared his views during a recent appearance on the Honest Bunch podcast, where he challenged the popular notion that directors and producers always impose such conditions on actresses.

He emphasised that no one can be coerced into engaging in sexual exchanges for roles.

“If I said I need you to warm my bed so that I can give you a role, and you said no, they cannot force you to do it. And if you want that role by all means, that means you want to dance to his tone,” he explained.

The veteran actor clarified that while making such demands is inappropriate, the decision ultimately rests with the individuals involved.

“I’m not saying it’s right to have introduced that to you, but if you fall for it, that’s your own business. How does that concern the whole world? All this sex-for-roles thing, forget about it,” Kosoko stated.

He went on to assert that some women intentionally exploit such situations to gain recognition in Nollywood.

“I know some ladies that equally come into the industry with the determination that, by the time ‘I sleep with this and sleep with that, I will get my name. I know of some popular actresses. I know of even a Magistrate,” he revealed.

CATHOLIC Archbishop of Abuja Emeritus, John Cardinal Onaiyekan, has taken a swipe at political leaders in the executive, legislature and judiciary arms of government who misuse power to oppress people, warning them to kn ow that power belongs only to God, to whom they would answerable.

In a homily delivered at the 17th edition of St. Patrick at Holy Family Catholic Church, Life Camp, Abuja yesterday, he warned that power must be carried out with the knowledge that the holder would give account to God on its use.

Onaiyekan, who used the presence of the Chairman, Senate Committee on National Population and National Identity Management Commission, NIMC, Senator Victor Umeh, LP, Anambra Central, who was also chairman of this year’s celebration, to send a message to his co-political leaders, said: “I think I see one now, Senator Umeh, the man with the big red hat. You’re most welcome.

“Senator Umeh doesn’t belong to Edo/Delta but you know politicians are always looking for ways and means of advertising themselves. He is the senator representing Anambra Central zone in the Senate.

“You are most welcome to join in this. And through you, we are reaching out to all those big men that God had put in charge of us. God put them in charge of us.

“You know what? Since power belongs to God, anybody who holds power is holding it in the name of God. No matter how you collected the power, whether because you staged a coup with a gun, even if you rigged election and the Supreme Court declares you ruler, you should not forget power belongs to God. That is serious.

“What that means is that you are going to give account to God how you are using this power. The people may be helpless, like we all are right now, the people may not be able to challenge you and you may think you are getting away with anything. No way! God’s record is always straight and comprehensive. So, we warn them.

“That’s why we are praying for them, all that may work according to God’s will – seek justice, equity, goodness, kindness, peace, above all, above personal political and other interests.

“So, senator, you have a message. I don’t know how you will carry it to your brothers and sisters. For me, Cardinal, I have done my own part.”

Speaking on the issue of forgiveness, the Cardinal noted that there was no sin beyond forgiveness but observed that people were not always ready to ask for forgiveness, alleging that political leaders were involved in bad things and yet obtain court judgments to justify them.

He said: “But you know to ask for forgiveness entails that we admit we have done wrong. And this admission that we have done wrong is so difficult for us because of our pride. We see people do horrible things and are proud of it and they justify it.

“They can even get court judgment to support it and justify it. If we don’t acknowledge our sins, how would we ask for forgiveness? If we don’t ask for forgiveness, how will God forgive us?”

Cardinal Onaiyekan warned political leaders not to prevent people from crying about the present condition, whether over the social media or anywhere else, adding that when people suffer, they were bound to cry.

“You can’t stop people suffering from crying. And you know whenever you are crying, the Lord is listening to you.

“Don’t be tired of crying. I’m not tired of crying. I will continue to cry about…this country has enough to make us reasonably happy.

“The country has the wherewithal to make everybody happy, not everybody stinkingly rich. No. God does not provide for all our greed. God has provided for all our needs,’’ he said.

The Catholic Archbishop, who alluded to the biblical suffering of Israelites in Egypt for hundreds of years, reminded leaders that the poor victims could not organize themselves to overthrow the Egyptians but God came to their aid.

Quoting from the book of Exodus to back his admonition, he said: “I have seen the affliction of my people who are in Egypt, and have heard their cry because of their taskmasters; I know their sufferings, and I have come down to deliver them out of the hand of the Egyptian, and to bring them up out of the land to a good and broad land, a land flowing with milk and honey.”

The Emeritus Archbishop, who called for prayers for those in power not to forget that power comes from God, admonished them to know that people were suffering, advising Edo/Delta Catholic community in Abuja to marry their culture with their Christian belief “You do not have to choose between your Christian faith and your Edo/Delta culture. Both can and must enrich each other. And I believe that’s what we are celebrating here this day in this church,’’ he admonished