The Manufacturers Association of Nigeria (MAN) says unsold goods in the manufacturing sector rose to N1.24 trillion in the first half (H1) of 2024. In the association’s first-half economic report, Francis Meshioye, president of MAN, said the unsold products rose by 357.57 percent year-on-year. Meshioye attributed the significant rise in unsold inventory to a drop in consumer purchasing power, driven by rising inflation, the removal of subsidies, and the devaluation of the naira. He said the high volume of unsold inventories highlights the challenges consumers are facing, stressing the need for measures to boost demand and enhance the sector’s performance.…

Sarah Sabin As the adage goes, trust takes years to build, seconds to break, and forever to repair. Today, trust in leaders is incredibly low. According to a report by HR consultancy DDI, only 46% of leaders report fully trusting their direct manager to do what’s right. Even more troubling, fewer than one in three trust senior leaders within their organization. The side effects of this lack of trust are sobering. Here are just a few of the ways in which diminished trust impacts teams: EMPLOYEES DON’T LISTEN When employees don’t trust their leaders, they don’t listen to their advice.…

The Manufacturers Power Development Company Limited, a firm founded under the Manufacturers Association of Nigeria, has said that current energy costs in the country are unsustainable for manufacturing firms, especially those receiving electricity in the Band A category. To tackle this, the firm revealed that it now provides 10 companies with sustainable energy solutions as part of its effort to bridge the energy gap nationwide. The acting Managing Director of MPDCL, Oweh Mba-Sam, who disclosed this in Lagos, said working with the 10 companies was the first stage of a broader project aimed at reducing power costs and enhancing energy…

Globacom, one of Nigeria’s leading telecommunications providers, has appointed telecom veteran Ahmad Farroukh as its new chief executive officer. According to the telecom provider, the leadership change aims to strengthen the company’s corporate governance and operational performance, aligning with the Nigerian Communications Commission’s (NCC) recent drive for improved governance standards within the telecom industry. Farroukh’s extensive experience in African telecommunications positions him as a strong candidate to guide the company through an anticipated restructuring. Ahmad Farroukh brings over two decades of experience to Globacom. He began his career in 1995 as CEO of Investcom Group, a Lebanon-based telecom entity that…