Business
GDP Growth Data Covering Deep Industrial, Security Crises — MAN
Nigeria’s 4.43 percent economic growth in the second quarter of 2026 (Q2’26) is masking a deepening industrial crisis, with manufacturing and the broader industrial sector losing ground as services increasingly dominate economic activity, the Manufacturers Association of Nigeria, MAN, has warned.
Reacting to the National Bureau of Statistics, NBS, Q2 2026 GDP, report, yesterday, MAN Director-General, Segun Ajayi-Kadir, said the 4.43 per cent year-on-year real GDP growth recorded in the quarter, up from 3.89 per cent in Q1 2026 and 4.23 percent in Q2 2025, masks deep-seated weaknesses in the real economy.
He noted that services accounted for 56.62 per cent of GDP in Q2, while the broader industrial sector contributed only 17.23 per cent and suffered a dramatic slowdown in growth.
“The growth trajectory remains disproportionately service-driven (56.62 per cent of GDP), while the broader industrial sector (17.23 per cent of GDP) is visibly suffocating under severe structural headwinds,” Ajayi-Kadir said.
He described the near-halving of industrial growth as particularly alarming, noting that it fell from 7.46 pe rcent in Q2 2025 to 3.96 per cent in Q2 2026.
According to him, the sharp deterioration was driven largely by the electricity, gas, steam and air-conditioning supply segment, which contracted by 10.63 per cent during the quarter.
MAN also noted that manufacturing’s share of real GDP plunged from 9.57 per cent in Q1 2026 to 7.72 per cent in Q2, while real manufacturing growth eased marginally from 3.29 per cent to 3.24 per cent.
Ajayi-Kadir attributed the weakening performance to the combination of high production costs, exchange-rate pressures, prohibitive interest rates and soaring electricity tariffs confronting manufacturers.
He warned that continued dependence on services and extraction would leave Nigeria vulnerable to external shocks while doing little to expand productive capacity.
“Ultimately, headline GDP growth driven by non-tradable service activities will fail to strengthen foreign exchange reserves, reduce structural inflation, or create sustainable mass industrial jobs. A nation that trades and consumes what it does not produce builds prosperity on quicksand.”
MAN said the trend portends employment fragility, an inflationary spiral, greater FX vulnerability, and erosion of industrial capacity and technological capability.
To reverse the slide, MAN called for urgent intervention in power, industrial finance, FX allocation and local procurement.
It recommended direct power purchase agreements for industrial clusters, matching grants for manufacturers investing in solar and battery systems, credit guarantees to force down lending rates, and a dedicated FX clearance window for raw materials and capital machinery, amongst others.
MAN also demanded stronger enforcement of local procurement, incentives for vehicle assembly, tax relief for domestic supply chains and legally binding implementation of the Nigeria Industrial Policy.
Ajayi-Kadir said Nigeria must urgently move from consumption-led growth to production-led growth, warning that without a stronger manufacturing base, impressive GDP numbers would remain largely disconnected from improvements in living standards and economic prosperity.
Business
BINATONE Announces Special One Month Black Friday Deals!
Global Appliances Nigeria Limited, manufacturers of Binatone products has, announced an exciting Black Friday deals.
The company’s Managing Director, Mr Prasun Banerjee, said the offer cut across Its Full Range of Smart Home Appliances.
“Binatone, one of Africa’s most trusted appliance brands for over 52 years, is delighted to announce its Black Friday Mega Sales offering amazing discounts across all key supermarkets and leading electronic stores nationwide” Mr Banerjee said in a statement.
The promotion will be from November 6th to december 6th, 2026.
During this period, Mr Banerjee said customers will have a full month to enjoy unbeatable prices on a wide range of Binatone products.
“From energy solutions to kitchen essentials, Binatone will bring exceptional value and innovation to every Nigerian home this festive season,” he added.
According to him, this year’s Black Friday promotions will feature exciting offers across multiple categories stressing that Shoppers can enjoy great discounts on stand fans equipped with mosquito-repellent and air-freshness features, including the newly introduced AD 1601 AC/DC Fan, which can be linked to a solar panel for clean, free air.
“The rechargeable fan range, available in three models with replaceable lithium-ion batteries, recharges in just four hours and provides up to ten hours of cooling—enough to last the whole night,” Mr Banerjee added.
For kitchen lovers, he said the KC6000 Yam Pounder/Fufu Maker promises quick, hygienic, and effortless meal preparation while the air-fryer series, available in three models, requires just a teaspoon of oil to make crispy, tasty, and healthy fries.
“Binatone’s cool-touch kettles, models CEJ 1799 and CEJ 1700T, come with elegant digital displays and are designed for safety and convenience, he added.
To protect valuable home appliances, he disclosed that Binatone’s power range offers stabilizers in 2 KVA and 5 KVA capacities and surge-voltage protectors in 13 A30 A ratings—ideal for air conditioners.
“The company’s newly launched Power Stations, available in 1.8 KVA and 2.4 KVA variants, provide portable, plug-and-play power with solar-charging capability, ensuring reliable backup power for homes, small offices, and outdoor use”
He disclosed that customers will also find irresistible discounts on Binatone’s dry and steam irons, garment steamers, and microwave ovens thar are perfect for everyday household needs.
“The breakfast-essentials range features pop-up toasters, sandwich makers, and juicers designed to make mornings easier,” he stated. He announced that the high-powered blender collection includes durable, unbreakable jugs capable of smoothly blending hard nuts and beans.
“Additionally, Binatone has introduced the Tefal Cookware Range, offering premium non-stick pots and pans for healthy cooking, along with Freeplay solar-powered lanterns and torches, ensuring every home remains bright and energy-efficient
“Binatone’s Black Friday celebration is our way of thanking loyal customers for their trust over the years,” Mr Banerjee added.
“We are bringing quality, affordability, and innovation together, thus making this season the perfect time to upgrade your home.
”All Binatone products comes with a two-year warranty, giving customers additional peace of mind and assurance of lasting quality.
“Don’t miss these amazing Black Friday offers, available for a limited time at all major supermarkets, electronic stores, and online platforms across,” he stated.
Business
Wema Bank’s Top 21 Hackaholics 7.0 Grand Finale Finalists Emerge
Wema Bank, Nigeria’s oldest indigenous bank and pioneer of Africa’s first fully digital bank, has unveiled the Top 21 finalists for Hackaholics 7.0, who will compete at the grand finale scheduled for Friday, November 6, 2026, in Lagos. Themed Festival of the Future, the grand finale will bring together innovators, technology leaders, startup founders, investors and key players in Nigeria’s innovation ecosystem for an immersive celebration of ideas, technology and the possibilities shaping the future.
The Top 21 finalists are: Dynalimb, Harthiq, Acceede, Vhorde, URI, Trarrk, SocialSign, RaverPay, All-Arbitrates, CitizensGage, Craft-Planet, FOID, PayByPalm, Niteonn, Nexa-AI, Neural-Forge, MamaAlert, JolliFlow, Becca, CropiQ and Middleman.
Hackaholics is Wema Bank’s youth and start-up-focused initiative, designed to provide young innovators with a platform to transform creative, technology-driven ideas into practical solutions to real-world challenges and gain a competitive edge in the global technology and digital space. Since its launch in 2019, the initiative has recorded over 21,000 applicants, engaged more than 50,000 participants, supported over 10,000 startups across three countries and developed more than 100 solutions from scratch.
The 7th edition, which commenced on July 1, 2026, attracted 5,329 participants and generated 1,632 innovative ideas and solutions across seven pitch-centre locations: Uyo, Kano, YabaTech, Benin, Ibadan, Enugu and Lagos. Following the nationwide tour, 59 participants emerged from the various centres, with the Top 21 selected through a rigorous, multi-stage evaluation process.
The Hackaholics 7.0 grand finale week will feature a three-day programme of strategic engagement and innovation-focused activities. On Wednesday, November 4, the finalists will participate in the Pre-Pitch, where they will present refined versions of their solutions. This will be followed by the Ecosystem Tour on Thursday, November 5, powered by Wema Bank, offering participants the opportunity to visit leading institutions within the technology and innovation ecosystem, interact with industry professionals and gain practical insights ahead of the final competition. The programme will culminate in the grand finale on Friday, November 6, where outstanding innovators will be recognised and celebrated.
Through Hackaholics, Wema Bank continues to demonstrate its commitment to advancing Nigeria’s innovation ecosystem by identifying emerging talent, creating opportunities for young innovators and supporting the development of solutions to real-world challenges. The initiative reinforces the Bank’s role in empowering the next generation of innovators and building an ecosystem where ideas can thrive and possibilities become reality.
Business
Sanusi Warns FG Against Spending Without Restraint
Emir of Kano, Alhaji Muhammadu Sanusi II, has implied that the Federal government may not be able to achieve it’s economic reform dream if it maintains it’s present expenditure rate, declaring that Nigeria could not pursue fiscal consolidation while continuing to spend without restraint.
Speaking virtually to the audience at the Oxford Global Think Tank Leadership Conference, organised by the Oxford Global Think Tank, on Tuesday, the monarch said reform must go beyond removing fuel subsidies and liberalising the exchange rate, describing it as a comprehensive package that needed to address many other areas.
He said government needed to make clear spending priorities, choosing between roads, electricity, agriculture, and technology based on available resources.
The Emir also raised concerns about the size of government expenditure, saying Nigeria could not pursue fiscal consolidation while continuing to spend without restraint.
He said the World Bank had pointed out that in the first half of this year Nigeria’s debt service consumed 124 per cent of federal government revenue.
Sanusi warned that the country needed to urgently address the sustainability of its debt and pursue structural reforms that had not yet been made.
The former CBN boss said every $10 billion spent on roads was $10 billion taken away from electricity and agriculture, stressing the need for deliberate choices.
Sanusi acknowledged that Tinubu’s economic reforms had produced measurable progress, citing improvements in GDP growth, inflation, and foreign reserves.
He said GDP growth has risen from an average of 0.9 per cent under the previous administration to 4.5 per cent, describing the change as progress that deserved recognition.
“I think moving from an average growth rate of 0.9 per cent to 4.5 per cent is progress. Moving from inflation of over 30 per cent to 14.5 per cent is progress.”
“Moving from the point where in 2023 the central bank’s reserves were maybe negative to where we are now having reserves of $55 billion is progress.”
He, however, stressed that issues such as poverty, hunger, maternal mortality, malnutrition, education and healthcare remained serious concerns that the reforms has not yet addressed.
Sanusi said the government should have designed social safety net policies to soften the impact of reforms on vulnerable Nigerians from the beginning.
The former CBN boss also advised the government to tolerate constructive criticism,warning the Federal Government against treating every comment about it’s workings as an attack on President Bola Tinubu.
“It’s not every time people talk about poverty or talk about difficulty that they’re just enemies of the government or making an attack on the president. That is not how to respond to economic distress,” he said.
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