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Oando Acquires Oil Block In Angola

Oando Plc  Favour Ifeoluwa & Akinola Ajibade  Oando Plc  says it has completed and won the bid for the operatorship of oil block KON 13 in Angola. The firm which recently acquired Eni of Italy’s oil assets in Nigeria, said that the award of the oil block located in Angola’s onshore Kwanza Basin followed a competitive bidding process by the country’s oil and gas sector regulator. It further said hat the asset in which it owns 45 per cent participating interest, has estimated prospective resources of 770 to 1,100 million barrels of oil. Oando is handling its operations relating to the asset through its upstream subsidiary, Oando Energy Resources (OER). “Oando Plc,  Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce that its upstream subsidiary, Oando Energy Resources (OER), has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, following a...
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MPC's Recent Policy Affects Manufacturers

MAN's Chairman, Otunba Francis Meshioye 


By Favour Ifeoluwa & Akinola Ajibade


The Manufacturers Association of Nigeria (MAN) says the recent decisions made by the Monetary Policy Committee (MPC) will negatively impact its  activities in the country.

In a statement issued by MAN’s Director General, Segun Ajayi-Kadir and made available to News Mirror, the association urged the MPC to carefully consider the consequences of its actions on the manufacturing sector.

MAN emphasized the importance of collaboration between the MPC and fiscal authorities to support the industry, which plays a crucial role in creating jobs, boosting productivity, generating foreign exchange earnings, and driving economic growth.

While acknowledging the MPC’s efforts to address economic challenges such as inflation and exchange rate instability, MAN pointed out that the continuous increase in the prime lending rate over the past two years has not yielded the desired results for the manufacturing sector.

The statement called on the new administration at the Central Bank of Nigeria (CBN) to explore alternative measures to address the underlying causes of inflation, which are primarily driven by cost-push factors.

The association urged the MPC to assess the impact of its monetary policy decisions on the manufacturing sector and the overall economy, emphasizing the need to strike a balance between macroeconomic stability and industry growth.

In addition to recommending closer coordination between monetary and fiscal authorities, MAN proposed measures to enhance security in farming areas and business environments, including the passage of the Police Reform Bill and investments in surveillance systems and community policing.

The Association also advocated for measures to stabilize the value of the naira, improve liquidity and transparency in the forex market, prioritize forex and credit allocation to manufacturers, and expedite the recapitalization of the banking sector.

The manufacturers organisation stressed the importance of reducing reliance on imported products and raw materials by incentivizing investment in local production and sourcing, as well as improving infrastructure in industrial hubs and promoting investment in renewable energy to reduce logistics costs and enhance collaboration in the industry.

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