African markets and business updates

By Emma Ujah,  Abuja Bureau Chief The Nigeria Customs Service Trade Modernisation Project will enhance ease of doing business, boost trade facilitation, revenue generation and raise the bar of national security. The Comptroller-General (CG) of Customs, Mr. Adewale Adeniyi, said this at the workshop for Journalists on the Nigeria Customs Service Trade Modernisation Project, in Abuja last week. In an address delivered on his behalf by the Deputy Comptroller-General (DCG) in charge of Investigation, Enforcement and Inspection, Mr. Timi Bomadi, the CG said the project would also enhance transparency, professionalism and service excellence. He stated: “In today’s rapidly evolving global trade environment, customs administrations must continuously adapt to emerging realities driven by technology, data, and the increasing demand for efficiency, transparency, and accountability.   “The Nigeria Customs Service, under my leadership, remains firmly committed to aligning with these global standards while delivering on our core mandates of revenue generation, trade facilitation, and border security. “The Trade Modernisation Project stands at the centre of this transformation. It represents a comprehensive and technology-driven initiative designed to overhaul our processes, eliminate inefficiencies, and create a more seamless and predictable trading environment.” Adeniyi said through the deployment of modern digital platforms, automation of procedures, and integration of systems, the organisation was laying the foundation for a customs administration that would not only be efficient but also globally competitive. Stressing the role of the media in the project’s success, the CG said while infrastructure and technology were critical, they were not sufficient on their own.   “The success of any reform of this magnitude depends significantly on stakeholder understanding, acceptance, and participation.    This is why the role of the media is indispensable”. Welcoming the participants, the National Public Relations Officer (NPRO) of the NCS, Mr. Abdullahi Maiwada (DC), said the workshop was part of the NCS’s commitment to transparency and effective communication which continued to shape the direction of the Service. His words, “This workshop is carefully designed to enhance media knowledge, deepen understanding, and strengthen awareness of the Nigeria Customs Service Trade Modernisation Project”. The post Customs Modernisation Project to upscale Ease-of-Doing-Business — Adeniyi appeared first on Vanguard News.

By Patrick Chidubem  Moniepoint Microfinance Bank (Moniepoint MFB) has stated its resolve to maintain leading position in Nigeria’s agency banking space, positioning its track record and distinctive service model as a game-changer for the sector. The company also noted its commitment to deepen value creation across the entire ecosystem. Beyond service provision, the bank is positioning its identity as the homegrown, technological backbone of the real economy, built by Nigerians to solve the specific complexities of the local commercial landscape. Speaking on the bank’s evolving strategy, Ezekiel Sanni, Senior Vice President (SVP), Distribution Network Sales, Moniepoint MFB, said the bank’s approach is built on a clear understanding that agency banking must be anchored on consistent enterprise support, trust building, and real economic value for agents, merchants and their customers. “Agency banking has grown significantly in reach, but the next phase of growth will be defined by quality of service and depth of engagement”  Sanni said. He stated further:  “At Moniepoint MFB, we have built a model that prioritises not just access, but meaningful, routine local support for the merchants and communities we serve while our engineering is a commitment to the stability that these businesses need to thrive. “When you are close to the agent, you are in a position to go beyond providing a service to building capability,” Sanni added.   The post Moniepoint maintains strong position in Nigeria’s agency banking appeared first on Vanguard News.

…As profit rises 117% to N317.2 bn •Our performance was led by  Heineken beer – Nigerian Breweries •We take beer to ease frustration, stress – Consumers •It’s habit driven – Analysts •Helped by product re-pricing – Egbomeade By Peter Egwuatu Against the backdrop of rising costs of living and declining purchasing power, brewing companies have recorded sharp rise in revenues. Filings by the companies to Nigeria Exchange Limited, NGX, indicate that leading brewers, Nigerian Breweries Plc, Guinness Nigeria Plc, International Breweries Plc, and Champion Breweries Plc recorded combined revenue of over N2.8 trillion from the sale of mainly beer and spirits, in addition to their non-alcoholic beverages in the year ended December 31, 2025, up from N1.89 trillion recorded in the corresponding period of 2024, representing an increase of 48.1%. Analysts noted that the figure underscores the scale of beer and other alcoholic beverage consumption in Nigeria despite prevailing economic pressures. According to the financial statements of the four major brewers profit was even more impressive with Profit Before Tax (PBT) rising 117.2 percent to N317.213 billion, up from N146.050 billion in 2024. Meanwhile, the growth rate in revenue and profit were far higher than their cost of doing business despite the inflationary pressures in the economy. The companies’ cost of sales rose 36.5% to N1.8 trillion from N1.3trillion, while administrative expenses rose by 17.6%, to N639.8billion from N544.04 billion. Revenue generatedNigerian Breweries Plc, the largest brewer, recorded revenue of N1.467 trillion for the period, up from N1.084 trillion in the corresponding period of 2024, indicating a 35.3% increase.Guinness Nigeria followed as the second-largest revenue generator in absolute terms, posting N730.808 billion, up by 144.0% from N299.489 billion in 2024. International Breweries ranked third, posting N620.149 billion, up by 26.8% from N488.955 billion in 2024, while Champion Breweries recorded the least revenue of N29.797 billion, up by 42.6% from N20.890 billion in 2024.  Profit Before TaxA breakdown of industry profit shows that Nigerian Breweries also topped the chart in absolute terms, posting N161.062 billion, though down by 11.9% from N182.917 billion in 2024.Trailing Nigerian Breweries is International Breweries, which recorded N85.108 billion, improving from a loss of N111.820 billion in 2024.Guinness Nigeria ranked third with N68.392 billion, declining by 7.2% from N73.679 billion in 2024, while Champion Breweries recorded N2.651 billion, up from N1.274 billion, representing a 108.1% increase.  Cost of sales/Operating expensesBreakdown of cost of sales shows that Nigerian Breweries recorded the highest in absolute terms at N902.239 billion, compared to N764.520 billion in 2024.Guinness Nigeria followed with N500.326 billion against N208.031 billion in 2024; International Breweries recorded N415.707 billion from N357.605 billion, while Champion Breweries posted N14.427 billion from N12.172 billion.Similarly, operating and administrative expenses showed that Nigerian Breweries rose by 44.7% to N361.782 billion from N249.993 billion. Guinness increased by 104.2% to N141.496 billion from N69.288 billion. International Breweries recorded N131.649 billion, down from N222.428 billion in 2024, representing a 40.8% decline, while Champion Breweries rose to N4.829 billion from N2.328 billion, up by 107.4%.  CEOs’ commentsCommenting on performance, Chief Executive Officer of Nigerian Breweries, Thibaut Boidin, said: “In 2025, Nigerian Breweries achieved a significant turnaround, a return to profitability and a 35% revenue increase to ¦ 1.47 trillion. Driven by premiumization (led by Heineken), strategic pricing, and the integration of Distell, the company overcame 2024 losses, despite a volatile, high-inflation environment.“The recovery wasn’t without its bumps. Cost pressures, cautious shoppers, and stiff competition dragged volumes down slightly, with the second half of the year noticeably softer than the first.”For Guinness Nigeria CEO, Girish Sharma said : “The company reported a significant turnaround in profitability, moving from a N54.7 billion loss in the previous financial year to a net profit of N26.3 billion for the 15-month period ending September 2025.“As of the 15-month period ending, we recorded a 99% revenue increase. It also reinforces the impact of the deliberate choices we’ve made to strengthen our business fundamentals and stay close to our consumers. “Revenue growth, therefore, reflects largely nominal expansion rather than volume growth.“A second driver is base effect. 2024 was a particularly difficult year for the industry. Nigerian Breweries Plc posted a loss after tax of N149.50bn, International Breweries Plc recorded a loss of N112.81bn, and Champion Breweries Plc reported a near-negligible profit after tax of just N21.50m in the nine months to September 2024. “A recovery from such a depressed base makes the 2025 percentage improvements appear more dramatic than they might otherwise be.”Continuing, he said: “On inflation easing, some contribution is plausible but should not be overstated. Headline inflation in Nigeria began moderating in the second half of 2025 following earlier CBN tightening, and this would have provided modest relief to consumer purchasing power.“However, the industry’s own data cautions against interpreting this as a volume-led boom. Per capita beer consumption is actually reported to be declining, with affordability pressures driving consumers toward value-tier products and substitute beverages.”On cost of sales, he said: “The 36.5% increase in cost of sales reflects the persistent structural vulnerabilities of Nigeria’s brewing industry.“The sector remains heavily exposed to foreign exchange risk given its dependence on imported raw materials. While the naira showed some relative stability in 2025 compared to the sharp depreciation of 2023 and 2024, input costs remained elevated in naira terms. “Energy costs, specifically diesel for generators and industrial power, also remained a significant burden given Nigeria’s chronic electricity supply deficit, adding meaningfully to production costs across Nigerian Breweries Plc, International Breweries Plc, and Champion Breweries Plc alike.“The 17.6% rise in operating and administrative expenses similarly reflects the broader inflationary environment, with wage pressures, distribution logistics costs, and marketing spend all increasing as brewers competed aggressively to protect market share.”On behavioural patterns, Egbomeade added: “The evidence does support the view that beer consumption in Nigeria carries elements of psychological necessity, particularly as an accessible social lubricant and stress coping mechanism amid widespread economic anxiety.“Nigeria’s high unemployment rate, cost-of-living pressures, and economic uncertainty create conditions in which affordable beverages, including beer and malt drinks, serve social-bonding and stress-relief functions that remain remarkably price-inelastic at certain consumption levels. This partly explains why volume consumption has remained resilient despite rising prices.“That said, economists are right to distinguish between resilience and growth. What we observe is a market with entrenched consumption habits that generate growing nominal revenues, but real consumption gains remain constrained by declining disposable incomes and intensifying competition from non-alcoholic substitutes.”Also commenting, David Adonri, Analyst and Executive Vice Chairman at High Cap Securities Limited, said: “Following the steady moderation in inflation rate in 2025, disposable income of consumers improved. Brewery products were natural areas where consumers channelled their funds to enjoy their easing life conditions. Secondly, the breweries were able to pass their high cost of production to the consumers.“While there was little that the breweries could do about the cost of sales due to heavy import content, they succeeded in effecting cost recovery that impacted their operating expenses positively.”  Consumers speakMr Johnson Okorie, a beer consumer at Jayfield Hotel, Lagos, said:”Some of us drink beer as a way of easing frustration and coping with stress brought on by harsh living conditions in the country. We don’t mind how our income is affected by inflation, we still consume a few bottles of beer to help calm down and strategise better.”Another man, identified as Babatunde, said: “Many of us here in Lagos and other parts of the country continue to spend scarce resources on beer and other alcoholic beverages, as a habit that offers us temporary relief from daily pressures.”A lady, Kikelomo Adebayo, at Base Hotel in Surulere, said: “Drinking beer makes me think less about this economy. Alcohol, in particular, has become a coping mechanism for stress, unemployment, and uncertainty. No matter the hike in price, many of us will still consume our beer.” The post Breweries defy economic hardship, record sharp rise in revenue appeared first on Vanguard News.

By Yinka Kolawole The Manufacturers Association of Nigeria (MAN) has called on the Lagos State Government to simplify its tax structure to support industrial growth, reduce business bottlenecks and attract fresh investments into the manufacturing sector. Chairman of MAN Apapa Branch, Raphael Danilola, made the appeal during the association’s annual business luncheon held in Lagos with the theme: “Simplifying Tax Compliance for Manufacturers: Expectations from the State Tax Authority”. Danilola said multiple taxation and complex compliance procedures continued to discourage investments, particularly among small and medium-scale manufacturers. According to him, manufacturers expect stronger policy alignment at the state level following recent tax reforms introduced by the Federal Government. He urged Lagos State to take the lead in implementing reforms capable of improving competitiveness, blocking revenue leakages and strengthening investor confidence. “Without balanced implementation, the reforms may fall short of expectations,” he warned. President of MAN, Francis Meshioye, said Lagos accounts for more than 60 per cent of Nigeria’s manufacturing output but noted that the sector remained weighed down by regulatory inefficiencies and rising compliance costs. Citing MAN’s second half 2025 economic review, Meshioye disclosed that manufacturing capacity utilisation dropped to 54.1 per cent, while about 72 per cent of manufacturers identified tax complexity as a major business challenge. He further revealed that manufacturers spend an average of 18 man-days monthly meeting tax obligations, with 84 per cent of firms paying more than five state and local levies. Meshioye proposed a “One Lagos, One Tax Framework” aimed at harmonising levies into a single annual demand notice to ease compliance burdens on businesses. “We expect the Lagos State Internal Revenue Service to champion a predictable tax system for manufacturers across Lagos,” he said. Responding, Chairman of LIRS, Ayodele Subair, represented by Olusegun Oki, said the Nigeria Tax Act 2025 introduced a simpler, transparent and digitally-driven tax regime. He noted that reforms such as simplified withholding tax procedures and zero per cent withholding tax on the supply of goods would significantly reduce manufacturers’ compliance costs. The post MAN urges Lagos to simplify tax system to boost manufacturing appeared first on Vanguard News.

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The South African agricultural sector is highly competitive and has doubled in size, yet it has failed to create jobs at the scale the country needs or include smallholder farmers in its orbit of opportunity. A new approach is needed to move beyond the current dual economy model and unlock a more inclusive growth path through strategic investment and empowerment. South Africa’s agricultural sector is often described as a quiet success story. Over the past three decades, it has more than doubled in real terms, built globally competitive export industries and established itself as a reliable supplier to markets across Europe, Asia, and the rest of Africa. From citrus and wine to nuts and lives

The original investment decision – South Africa’s largest private investment at the time – was predicated on cheap and reliable power, but those posts have since shifted significantly. South32’s Hillside Aluminium smelter in Richards Bay marked 30 years on 7 May with a bang including a media and VIP tour of the site and a gala dinner featuring President Cyril Ramaphosa. It was all a poignant reminder of a bygone industrial era when an infant democracy freed from the shackles of apartheid had abundant and cheap power, laying the economic foundation for feats such as the construction of the largest aluminium smelter in the southern hemisphere. “It’s about power... This was built at a time when

Three Israeli drone strikes on vehicles just south of Beirut on Saturday killed four people while a series of airstrikes on southern Lebanon killed at least 13, including a man and his 12-year-old daughter, state media and the Health Ministry said

By Efe Onodjae  Nigeria’s maritime sector recorded strong growth in the first quarter of 2026, as the Nigerian Ports Authority, NPA, posted a 19.5 per cent increase in vessel tonnage to 46.75 million Gross Registered Tonnage, GRT, while cargo throughput rose to 32.38 million metric tons.  The Q1 2026 Operational Performance Review released by the NPA showed that the growth in vessel tonnage reflects increasing deployment of larger-capacity vessels across Nigerian ports, driven by improving port efficiency, expanding trade activities and the operational impact of the Lekki Deep Sea Port. The development comes as the Federal Government intensifies efforts to reposition Nigeria as a leading maritime and logistics hub under the African Continental Free Trade Area, AfCFTA. According to the report shared to Vanguard, total cargo throughput, excluding crude oil terminals, rose by 11.6 per cent year-on-year to 32.38 million metric tons, compared to 29.02 million metric tons recorded in the corresponding period of 2025. The Authority attributed the performance to increased import and export activities, improved port productivity and sustained demand for port services. Further analysis of the report showed that outward cargo traffic recorded significant growth, rising by 23.7 per cent to 14.13 million metric tons during the review period, indicating stronger export activities and improving integration into regional and global supply chains. Similarly, outward laden container traffic surged by 67.6 per cent from 61,332 Twenty-foot Equivalent Units, TEUs, in Q1 2025 to 102,803 TEUs in Q1 2026, reflecting enhanced export logistics and terminal efficiency. Vehicle traffic also recorded substantial growth, with total vehicle units handled increasing by 67 per cent to 58,870 units from 35,262 units in the same period of 2025. The report also revealed  an 83.1 per cent increase in transshipment container activity, reinforcing Nigeria’s growing strategic importance within regional maritime trade and logistics networks. Speaking recently at an industry forum in Lagos, Managing Director of NPA, Abubakar Dantsoho, said Nigeria’s port system must evolve beyond traditional operational limitations to compete effectively within the emerging continental trade environment. He stated: “The time has come for a paradigm shift in the structure of Nigeria’s economy towards the full utilisation of our marine resources. Our port system, if properly harnessed, can serve as a major driver of economic growth.” Dantsoho added that efficiency, innovation, speed and reliability would determine countries that dominate cargo flows across Africa in the coming years. The current performance comes amid ongoing reforms in the maritime sector under the administration of President Bola Ahmed Tinubu aimed at strengthening infrastructure, digitalisation and institutional efficiency. Part of the reforms includes the ongoing rehabilitation of the Lagos Port Complex and Tin Can Island Port following the signing of a Memorandum of Understanding for a $1 billion infrastructure overhaul targeted at improving port competitiveness. Minister of Marine and Blue Economy, Adegboyega Oyetola, had also disclosed that procurement processes are ongoing for the upgrade of Warri, Port Harcourt, Onne and Calabar ports to ensure balanced port development nationwide. In line with efforts to improve operational efficiency, the Federal Government is also advancing the deployment of the Port Community System and the National Single Window platform to streamline cargo clearance, reduce delays and enhance transparency within the port system. The post NPA cargo throughput hits 32.38m tons, vessel tonnage up 19.5% appeared first on Vanguard News.

We are heading into the next reporting season on the JSE – and there’s some genuinely good news to talk about. With a mix of February/March year-end results and trading statements for those with June year-ends, the company action will be red hot as the weather turns colder. This week, we consider five updates that give us something to smile about on the local market. Tech trio: Altron, Datatec and Lesaka Technologies Although these companies don’t compete directly, they are a reminder that the JSE has a decent number of exciting technology and platform businesses. Altron has been quite the turnaround story, after cleaning up the group and focusing on areas where it can win with better margin