Economy

The Birth of African Manufacturing Group (AMG)

Published

5 years ago

August 14, 2020

Eric

By Aminu Owonikoko

African Manufacturing Group (AMG) has just been formed with a consortium of experts in various fields such as additive manufacturing (commonly called 3D Printing), engineering, renewable energy, social value policy formation and technology management to address the lack of skilled personnel in the manufacturing sector, particularly in Africa. Despite the high growth of manufacturing globally (e.g. Industry 4.0), there has been a substantial lack of progress in the manufacturing sector in Africa, which is compounded by several factors such as the lack of adequate infrastructure, lack of skilled workers, education and technology adoption. Therefore, AMG’s mission is to reduce these challenges through the provision of adequate Manufacturing Knowledge and Skills Acquisition to individuals and businesses across Africa. Effective and sustainable Manufacturing will lead to positive social and economic benefits across the continent.

AMG’s vision is to be a relevant, reliable and reputable manufacturing group in Africa whereby poverty in African Nations will be reduced through state-of-the-art Manufacturing Research and Innovation. AMG’s collective skills and knowledge will provide solutions to the current challenges in Africa. Also, this will contribute towards the development of profitable novel products, materials and services to the continent.

AMG is modelled after Warwick Manufacturing Group (popularly known as WMG) in the UK, National Centre of Excellence for Food Engineering (NCEFE) in the UK, Institute for Manufacturing (IfM) in the UK and Newcastle Institute for Energy and Resources (popularly known as NIER) in Australia.

AMG aims to find innovative solutions to Africa’s most challenging problems (such as product rework/re-manufacturing, preserving agricultural produce, generating renewable energy from agricultural residues such as corn stover (i.e. corn leaves and stalks), wheat and rice straw, food safety and control), provide reliable suppliers and service providers across Africa and meet the need of individuals in Africa through the provision of relevant training and workshops.

Furthermore, one of the top AMG’s synergies would be to have concerted efforts with reliable and competent academics and non-academics around the world which will improve the manufacturing sector in Africa.

At the moment, we are at the research, design and development (RDD) stage to develop small or large scale refrigerator using 3D printing technology for farmers in Africa to preserve their produce/harvest pending the time that the produce will reach potential customers in the market due to bad road networks that characterise the supply link between the farm and the market in Africa. We believe our concerted efforts will open a new market with novel technological products for African countries and solve post-harvest losses in African Farms, thus, alleviate poverty in Africa through job creations.

Currently, AMG’s team are Mr. Arnab Dutt OBE, Dr. Adedeji Aremu (PhD), Dr. Adeayo Sotayo (PhD) and Mr. Aminu Owonikoko. Brief profiles of the team are given below:

• Mr. Arnab Dutt, OBE, MSc (UK), BA Hons (UK). Currently a UK SME Panel Member, Founder and CEO of Dexo Technologies, Chair of the Social Value Policy Unit for UK Federation of Small Businesses. Further information can be found on: https://www.linkedin.com/in/arnabdutt1/

• Dr. Adedeji Aremu, PhD (UK), MSc (UK), BSc Hons (Nigeria). Currently a Lecturer in Advanced Manufacturing and Associate at Institute of Future Transport and Cities at Coventry University in the UK, Former Research Fellow at University of Birmingham and Additive Manufacturing Research Fellow at University of Nottingham, UK. Further information can be found on: https://www.linkedin.com/in/adedejiaremu/

• Dr. Adeayo Sotayo, PhD (UK) BEng Hons with First Class (UK). Currently work as a Research Fellow/Lecturer in Additive Manufacturing at Brunel University London and previously worked as a Researcher/Lecturer at the University of Liverpool in the UK. Further information can be found on: https://www.linkedin.com/in/adeayosotayo/

• Mr. Aminu Owonikoko, MPhil (UK), MSc (UK), B.Tech Hons (Nigeria). Currently a PhD Scholar in Mechanical Engineering with research concentration on renewable energy generation from agricultural residues such as wheat and rice straw, corn stover, woodchips and saw dust at The University of Newcastle in Australia. Also a Reverse Innovation, Business Process and Manufacturing Excellence Consultant at Muniowo Agro Nigeria Limited and Former Research Assistant at United States Department of Agriculture – Agricultural Research Services (USDA-ARS) in Manhattan Kansas, USA. Further information can be found on: https://www.linkedin.com/in/aminu-owonikoko-49241026/

Economy

CBN Increases ATM Daily Cash Withdrawal Limit to N100k

Published

2 days ago

December 3, 2025

Eric

The Central Bank of Nigeria (CBN) has increased cash withdrawal limits on all channels to N500,000 weekly for individuals and N5 million for corporates.

Announcing the policy revision in a circular on Tuesday, the regulator pegged automated teller machine (ATM) withdrawals at N100,000 daily, with a weekly cumulative withdrawal of N500,000.

The development is a major shift from tighter cash policy measures introduced under the previous administration.

In December 2022, the central bank, under Godwin Emefiele, its former governor, had directed deposit money banks and other financial institutions to limit over-the-counter cash withdrawals by individuals and corporate entities per week N100,000 and N500, 000, respectively.

The CBN’s latest policy reversal, also removed the cumulative deposit limit, saying the fee on excess deposit “shall no longer apply”.

According to the regulator, the policies form part of efforts to moderate the rising cost of cash management, address security concerns, and “reduce the potential for money laundering associated with the economy’s heavy reliance on cash”.

The bank said the policies, issued over the years in response to evolving circumstances in cash management, sought to reduce cash usage and encourage accelerated adoption of other payment options, particularly electronic payment channels.

However, with the “effluxion of time”, the apex bank said the need has arisen to streamline the policies’ provisions to reflect present-day realities.

“Consequently, effective January 1, 2026, the following cash-related policies, which are for mandatory compliance by all deposit-taking financial institutions in Nigeria, shall apply nationwide,” the circular reads.

“The cumulative deposit limit is hereby removed and the fee for excess deposit shall no longer apply.

“The cumulative weekly withdrawal limit across all channels shall be N500,000 for individuals and N5 million for corporates. Cumulative weekly withdrawals above these limits shall attract excess withdrawal fees as indicated in ‘5’ below.

“The special authorisation for withdrawal of N5 million and N10 million once monthly by individuals and corporates, respectively, shall no longer apply.

“Automated Teller Machine (ATM) withdrawal limit shall be N100,000 daily (per customer), subject to a maximum of N500,000 weekly. As indicated in ‘2’ above, cash withdrawals from ATMs and point of sale devices are part of the weekly withdrawal limit indicated therein.

“Excess cash withdrawals (withdrawals above the levels indicated in ‘2’ above) shall attract fees of 3 percent and 5 percent to individual and corporate customers, respectively, on the excess amount withdrawn. The fee shall be shared 40 percent to the CBN and 60 percent to the bank or financial institution.”

According to the circular, signed by Rita Sike, CBN’s director of financial policy and regulation department, said all currency denominations “may be loaded in ATMs”.

However, the CBN retained the limit on over-the-counter encashment of third-party cheques at N100,000.

“Account holders are advised that any withdrawal under this section will form part of the cumulative weekly set in ‘2’ above”.

“Banks shall render the following monthly returns (in a format to be advised) to the respective supervisory departments (Banking Supervision Department, Other Financial Institutions Supervision Department and Payments System Supervision Department) as applicable:

“a . Returns on cash withdrawal transactions above the specified limit;

“b. Returns on Cash Deposits

“Deposit Money Banks (DMBs) shall create separate accounts to warehouse processing charges collected on cash withdrawals above the limits.

“The following accounts/entities are exempted from the application of sections 2 and 5 of this circular:

“i. Revenue generating accounts of federal, state, and local governments; and

ii. Accounts of microfinance banks and primary mortgage banks with commercial and non-interest banks.

The CBN also said the exemption of embassies, diplomatic missions and aid-donor agencies from specific cash policies “shall no longer apply”.

Economy

CBN Retains Interest Rate at 27%

Published

1 week ago

November 25, 2025

Eric

The Monetary Policy Committee of the Central Bank of Nigeria has maintained the benchmark interest rate at 27 per cent, extending its pause on monetary tightening.

The CBN Governor, Olayemi Cardoso, announced the decision on Tuesday at the end of the committee’s 303rd meeting in Abuja.

Cardoso said, “The Committee decided by a majority vote to maintain the monetary policy stance,” indicating that members were not yet convinced that current economic conditions warranted another reduction.

The move follows the 50-basis-point cut implemented in September 2025, the only rate reduction since the tightening cycle began under the current CBN leadership.

It also marks the fourth consecutive hold this year.

The MPC had raised rates six times in 2024 amid surging inflation and currency pressures.

The Punch

Economy

FG Stops Proposed 15% Import Duty on Diesel, Petrol

Published

3 weeks ago

November 13, 2025

Eric

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), on Thursday, announced discontinuation of the planned 15 per cent duty on imported petroleum products.

NMDPRA’s Director, Public Affairs Department, George Ene-Ita, conveyed the development in a statement while warning the public to shun panic buying.

President Bola Tinubu, on October 29, approved an import tariff on petrol and diesel, a policy expected to raise the landing cost of imported fuel.

The President’s approval was conveyed in a letter signed by his Private Secretary, Damilotun Aderemi, following a proposal submitted by the Executive Chairman of the Federal Inland Revenue Service, Zacch Adedeji.

The proposal sought the application of a 15 per cent duty on the cost, insurance, and freight value of imported petrol and diesel to align import costs with domestic market realities.

Implementation was slated to take effect on November 21, 2025.

The policy aimed to protect and promote local refineries like the Dangote Refinery and modular plants by making imported fuel more expensive.

While intended to boost local production, it is also expected to increase fuel costs, which could lead to higher inflation and transportation prices for consumers.

Experts have argued that the move could translate into higher pump prices for consumers, with some estimating an increase of up to N150 per litre or more.

In an update, however, NMDPRA said the government was no longer considering going ahead with implementing the petrol import duty.

“It should also be noted that the implementation of the 15% ad-valorem import duty on imported Premium Motor Spirit and Diesel is no longer in View,” the statement read in part.

Meanwhile, the NMDPRA also assured all that there is an adequate supply of petroleum products in the country, within the acceptable national sufficiency threshold, during this peak demand period.

“There is a robust domestic supply of petroleum products (AGO, PMS, LPG, etc) sourced from both local refineries and importation to ensure timely replenishment of stocks at storage depots and retail stations during this period.

“The Authority wishes to use this opportunity to advise against any hoarding, panic buying or non-market reflective escalation of prices of petroleum products.

“The Authority will continue to closely monitor the supply situation and take appropriate regulatory measures to prevent disruption of supply and distribution of petroleum products across the country, especially during this peak demand period.

“While appreciating the continued efforts of all stakeholders in the midstream and downstream value chain in ensuring a smooth and uninterrupted supply and distribution, the public is hereby assured of NMDPRA’s commitment to guarantee energy security,” the statement added.