NEWS AGENCY OF NIGERIA
NGX Group, Omatek, others lead market rally, investors gain N226bn
Economy/Business

NGX Group, Omatek, others lead market rally, investors gain N226bn

72 total views today

By Taiye Olayemi

The Nigerian stock market continued on a bullish trend on Tuesday, gaining N226 billion.

The positive trend was driven by strong buying interest in medium and large-capitalised stocks, including: Omatek, NGX Group, Neimeth International Pharmaceutical, Champion Breweries and 54 others.

Market capitalisation rose by N226 billion or 0.30 per cent, closing at N76.758 trillion when compared to N76.532 trillion recorded on Monday.

Similarly, the All-Share Index (ASI) climbed 358.60 points or 0.30 per cent, reaching 121,653.93 from 121,295.33 recorded earlier.

Also, the market breadth closed positive with 58 gainers and 21 losers.

On the gainers’ chart, Cileasing rose by 10 per cent, closing at N6.60 while Champion Breweries also grew by 10 per cent, finishing at N14.96 per share.

Omatek soared by 10 per cent, ending the session at N1.10 and NGX Group also increased by 10 per cent, finishing at N56.10 per share.

Also, Neimeth International Pharmaceutical gained by 9.95 per cent, closing at N9.50 per share.

On the losers’ chart, Deap Capital fell by 10 per cent, finishing at N1.17 whole ETranzact dropped by 9.55 per cent, settling at N9 per share.

Northern Nigeria Flour Mills lost by 9.17 per cent, ending the session at N98.10 and Sunu Assurances shed by 6.22 per cent, closing at N4.27 per share.

Similarly, VFD Group declined by 6 16 per cent, settling at N13.70 per share.

One billion shares worth N19.48 billion were exchanged across 24,770 transactions, which is in contrast with 824.1 million shares valued N14.4 billion that was exchanged across N24,042 deals.

Transactions in the shares of Access Corporation topped the activity chart with 124.25 million shares worth N2.74 billion.

Ja Paul Gold followed with 123 million shares valued at N340.92 million while Mutual Benefits Assurance transacted 55.6 million shares worth N77.7 million.

Universal Insurance sold 54.59 million shares valued at N38.3 million and AIICO Insurance traded 40.44 million shares worth N70.8 million. (NAN) (www.nannews.ng)

Edited Olawunmi Ashafa

AGF calls for real-time tech-driven fiscal monitoring, finance management
Economy/Business

AGF calls for real-time tech-driven fiscal monitoring, finance management

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By EricJames Ochigbo

The Accountant-General of the Federation (AGF), Dr Shamsudeen Ogunjimi, has called for the deployment of technology to proactively monitor financial management in real-time to ensure transparency and institutional discipline.

Ogunjimi made the call on Tuesday in Abuja at the ongoing 2025 National Conference on Public Accounts and Fiscal Governance, organised by the Senate and House of Representatives Public Accounts Committees.

The News Agency of Nigeria (NAN) reports that the theme of the conference is “Fiscal Governance in Nigeria: Charting a New Course for Transparency and Sustainable Development.”

He said that there was a need for paradigm shift in Nigeria’s public financial management system from delayed, post-mortem audits to proactive, real-time transparency backed by technology in-line with global best practices.

Ogunjimi said that there was an urgent need to entrench accountability, fiscal prudence and efficiency in the management of public resources, especially in the light of Nigeria’s economic challenges.

“Every Naira that is mismanaged or wasted is money that could have gone into schools, hospitals, infrastructure or security.

“Fiscal governance is not just an administrative responsibility, it is a national imperative.

“We must build a culture where accountability is not optional, where public officials are held to the highest standards and where decisions about public resources are made with the well-being of future generations in mind,” he said.

Ogunjimi commended the organisers of the conference, describing it as a crucial platform for charting Nigeria’s path towards transparency, accountability and responsible governance.

He assured that the office of the Accountant-General remained committed to accountability, prudent use of public resources and the timely reporting of government’s finances in line with international standards and global best practices.

In his remarks, Auditor-General for the Federation, Mr Shaakaa Chira, stressed the need for the outcome of the conference to be translated into concrete and actionable reforms.

He called for the institutionalisation of transparency and accountability as national values across all sectors.

“This conference is coming at a time when many nations, including ours, are grappling with complex economic challenges such as rising public debt, food insecurity, inflation and increasing public demand for transparency and fiscal responsibility.

“These objectives are not merely aspirations; they are strategic and imperatives. We must translate them into concrete and actionable strategies if we are to witness real transformation in our fiscal governance landscape,” he stated.

Chira called for strengthened audit performance, collaborative oversights and citizens’ confidence in public institutions.

He urged all stakeholders, including policymakers, legislators, auditors, civil society actors, academia and development partners, to fully support the resolutions of the conference and commit to their implementations. (NAN)(www.nannews.ng)

Edited by Francis Onyeukwu

New tax law reflects shift towards inclusive growth – NASME
Economy/Business

New tax law reflects shift towards inclusive growth – NASME

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By Lucy Ogalue

The Nigerian Association of Small and Medium Enterprises (NASMEs) has described the 2025 Tax Act as a signal of Federal Government’s commitment to inclusive economic growth and enterprise resilience.

Dr Abdulrashid Yerima, the President of NASMEs, said this in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja.

Yerima described the tax reforms as a welcome development with cautious optimism, particularly for Micro, Small and Medium Enterprises (MSMEs) across Nigeria and West Africa.

He hailed the exemption of low income earners from tax alongside the upward revision of the turnover threshold for small businesses from N25 million to N100 million.

According to him, this marks a major policy shift towards a more equitable tax system.

“This aligns with global best practices in progressive taxation and demonstrates a conscious effort to support income redistribution and stimulate enterprise growth,” Yerima said.

He said the adjustment was timely, given the prevailing challenges including high exchange rates and commercial bank lending rates that exceeded 37 per cent.

“This makes it difficult for small businesses to survive,” he added.

Yerima also lauded the removal of the previous 0.5 per cent turnover tax on loss-making businesses, saying it was a positive and corrective move.

“The old policy is punitive and counterproductive as it discouraged innovation and threatened startup survival.

“This reform shows the government is now more attuned to the realities of Nigeria’s volatile business environment,” he said.

He said the new tax law improved Nigeria’s ease of doing business through simpler compliance processes and exemptions that reduced the cost and complexity of tax filing for small firms.

“The new tax law represents a shift in philosophy from taxation for revenue extraction to taxation for economic stimulation and inclusive growth,” he said.

He emphasised the potential implications for investments, saying the reforms would likely improve investor confidence, especially with the clearer, fairer and more predictable tax regime.

“Domestic and foreign investors are more likely to take risks when the tax environment supports innovation, especially for early-stage enterprises.

“This encourages private equity and venture capital investment,” Yerima said.

He said the MSMEs, recognised as engines of economic transformation, stood to benefit from increased reinvestment, local content expansion and industrial clustering.

According to him, all these aligned with the goals of the African Continental Free Trade Area (AfCFTA) and the ECOWAS Trade Liberalisation Scheme (ETLS).

Yerima said that the 2025 Tax Act was a maturing framework that prioritised resilience, innovation and inclusive development.

He called for continued stakeholder engagement, public awareness campaigns, and reforms in tax administration to ensure effective implementation.

“We at NASME, and through the ECOWAS Small Business Coalition, remain committed to working with the government, international partners, and the private sector.

“To ensure that Nigeria’s tax reforms lead to tangible benefits for small businesses and the wider economy,” he said. (NAN)(www.nannews.ng)

Edited by Benson Ezugwu/Ese E. Eniola Williams

New tax regime will stimulate SMEs growth, local Investment – says expert
Economy/Business

New tax regime will stimulate SMEs growth, local Investment – says expert

91 total views today

By Lucy Ogalue

The Pan-African Alliance of Small and Medium Industries (PAOSMI) says the newly enacted tax laws will stimulate growth of Small and Medium Enterprises (SME) and attract local investment in Nigeria.

Dr Henry Emejuo, PAOSMI’s Director-General, told the News Agency of Nigeria (NAN) that the laws recently signed by President Bola Tinubu, marked a significant overhaul of Nigeria’s fiscal framework.

Emejuo said it had the potential to simplify the tax system, boost compliance, and improve the business climate for Micro, Small and Medium Enterprises (MSMEs).

He said the new tax regime introduced exemptions and reliefs that would reduce the financial and administrative burdens of small businesses, freeing up capital for reinvestment, business expansion, and job creation.

“The exemption of low-income earners and the raising of the tax exemption threshold for small companies from N25 million to N100 million in annual turnovers is a significant relief for many of our members.

“These companies are now exempted from Companies Income Tax (CIT), Capital Gains Tax (CGT), and the Development Levy. It is a game-changer,” he said.

Emejuo said the move to exempt MSMEs with turnover below N50 million from audited account requirements for tax filing would simplify compliance and reduce operational costs.

“The PAOSMI also welcome the discontinuation of the previous 0.5 per cent turnover tax for companies recording losses.

“While a minimum tax is retained, new exemptions have been introduced for small companies, startups, and businesses in primary agriculture.

“This is a crucial relief, particularly for early-stage and struggling businesses. It creates space for them to recover and grow, which will ultimately contribute to the country’s economic resilience,” Emejuo said.

According to him, the reform has a broader benefit for Nigeria’s business environment, including the consolidation of more than 60 fragmented taxes into fewer than 10.

He said the creation of the Nigeria Revenue Service (NRS) as the central federal tax agency was a key step towards addressing this fragmentation and improving tax administration efficiency.

“These reforms, if implemented effectively, can significantly enhance Nigeria’s ease of doing business, reduce corruption through digital processes, and provide a more stable investment climate,” he said.

The director-general reiterated the new incentives under the law such as the Economic Development Incentive (EDI).

According to him, this allows qualifying companies to claim a five per cent annual tax credit for five years on capital expenditure, replacing the old pioneer status incentive.

Emejuo said that such incentives would encourage expansion, innovation and re-investment by local firms, particularly in manufacturing and agriculture.

On regional competitiveness, he said Nigeria’s tax reforms brought the country more in line with other African peers such as Ghana and South Africa.

“This is in terms of corporate tax rates, VAT structure and tax-to-Gross Domestic Product (GDP) strategies.

“Nigeria’s tax-to-GDP ratio, historically low at 13.5 per cent, is projected to rise to 18 per cent by 2026 with improved efficiency and base expansion. That is a realistic and necessary target,” he said.

The PAOSMI boss, however, said that the success of the reforms would depend on effective and transparent implementation across all tiers of government.

Emejuo recommended sustained public awareness campaigns, the training of tax officials, and improved digital infrastructure to ensure compliance and prevent arbitrary levies.

“We urge the government to ensure that tax administrators are well-equipped and that business operators are properly educated on the new tax code.

“This is key to unlocking the full benefits of the reforms,” Emejuo said.

He reaffirmed PAOSMI’s readiness to work closely with the government and relevant agencies to support implementation and advocate policies that support industrialisation and inclusive growth in Nigeria.

NAN reports that PAOSMI is a continental body representing the interests of small and medium-scale manufacturers and service providers across Africa, with a significant membership base in Nigeria. (NAN)(www.nannews.ng)

Edited by Ese E. Eniola Williams

Cooperative societies, key drivers of economic growth- Fintri
Economy/Business

Cooperative societies, key drivers of economic growth- Fintri

86 total views today

By Ibrahim Kado

Gov. Ahmadu Fintiri of Adamawa has described cooperative societies as key drivers for economic growth and sustainable solutions in the society.

Fintiri stated this at the commemoration of the International Day of Cooperatives 2025, in Yola.

The event is with the theme: “Cooperatives, Driving Inclusive and Sustainable Solutions for a Better World”.

Fintiri, who was represented by Hammanjumba Gatugel, Commissioner for Entrepreneurship Development, said government had invested heavily in the sector for the economic development.

“Here in Adamawa, we can boldly say that Fintiri is a cooperative-friendly governor.

“On realisation of the importance of cooperatives in creating job opportunities and wealth creation, he has been investing so much in this sub sector through this ministry.

“He has consistently empowered farmers of cooperative societies with agricultural inputs like fertilisers, hybrid seeds, herbicides, insecticides, knapsacks and water pumps, for dry season farming among others,” he said.

Alhaji Yunusa Gafai, Chief Operating Officer, Agribusiness Support Programme (ADAS-P), confirmed that through the state Agribusiness Cooperative Financing Agency, farmers had access to farming inputs and irrigation equipment.

According to him, these have empowered thousands of rural farmers and lifted many out of poverty.

He reaffirmed that the cooperative remained one of the strongest vehicles for empowering communities and achieving inclusive economic growth.

Mr Mamman Malgwi, Chairman Local Organising Committee, encouraged people in the state to form more cooperative societies for maximum benefits.

According to him, cooperative society is one of the legitimate ways of earning money for economic growth and attraction to government support.

The News Agency of Nigeria (NAN) reports that the commemoration witnessed the presentation of awards of excellence to outstanding cooperative societies. (NAN) (www.nannews.ng)

Edited by Chinyere Nwachukwu/Gabriel Yough

Cooperative societies inaugurate bank for members’ easy access to business loans
Economy/Business

Cooperative societies inaugurate bank for members’ easy access to business loans

107 total views today
By Ginika Okoye
The National Cooperatives Financing Agency of Nigeria (CFAN) is set to inaugurate the cooperative digital and banking platform to assist cooperative members access low interest loans for their businesses.
The News Agency of Nigeria (NAN) reports that CFAN is collaboration with Akilaah National Cooperative Society Limited.
Mr Emmanuel Atama, the Executive Secretary of CFAN, said this at news briefing to mark the 2025 International Day of Cooperatives in Abuja on Saturday.
He said that the cooperatives model had access to security and affordable loan rates.
Atama said the theme of the day; ‘Cooperatives Build a Better World’ was apt for the country in a collective effort toward achieving inclusive growth and development.
The executive secretary said the day was a call for all to redouble efforts to use cooperatives instrumentality to end poverty, hunger and deprivation and entrench an egalitarian access to affordable finance.
According to him, a good cooperative practice supported by good legal framework and policies solves the socio-economic challenges facing our country today as it mobilises citizens’ participation in democratic processes, puts economic powers and collective aspirations in the hands of citizens.
“We are celebrating ten years of the Unified Cooperative Platform (UCP) and the establishment of the Cooperative Development Fund (CDF) leading to the emergence of Cooperative Development Bank of Nigeria soon.
“We call on government at all levels and private sector employers of labour not to delay nor withhold cooperative deductions but render them to the cooperative as soon as salaries are paid to enable the cooperatives use it for the good of their members.
“Government should, as a matter of urgency, transform the Cooperative Departments at Federal and State levels to Cooperative Development Commission for improved regulation and practice of cooperatives for better service delivery to citizens,” he said.
The President, Akilaah National Cooperative Society Limited, Ms Amandine Kouakou, said the platform would be a banking solution for cooperative members.
Kouakou, the facilitator of the bank, said the platform would enable members save monies, do online and offline transactions as well as application for loans.
“Anything you do with a bank, you should be able to do it with your cooperative banking system, like saving your money, getting an online app where you can pay your transactions with the cooperative platform.
“You can apply for loan, get your loan approved directly from your cooperative without going to the cooperative office.
“So, we are just giving exactly the same solution that banks are giving but it is dedicated to cooperators only.
“As a cooperator, it is not all the loan you want that the bank gives you, they ask you for so many things that you cannot provide.
“But as a cooperator, we are self-owners of the business. We own that bank ourselves.
“So, we save the money, we lend the money, we use that money to improve our businesses without somebody asking us to bring car or our land documents,” she said.
Meanwhile, the Minister of State for Agriculture and Food Security, Alhaji Sabi Abdullahi, said that cooperatives helped in promoting democratic and inclusive development rooted in solidarity.
Abdullahi, represented by Omolara Svensson, his Special Assistant on Women and Youth Agricultural Innovation, said that cooperatives contributed to achieving the Sustainable Development Goals (SDGs).
He said the government had introduced various reforms aimed at positioning cooperatives as engines for rural development, food security, and inclusive economic growth.
Alhaji Idris Sani, the Federal Director of Cooperatives, said the day was aimed at publicising the achievements of cooperatives across the globe.
Sani said the day was also to sensitise the public to the relevance of the cooperative system to the development of nations.
According to him, the cooperative movement in Nigeria is vibrant, particularly in the areas of food security, job creation, increased income to members as well as the general public, poverty reduction and entrepreneurship development.
“Cooperatives have the capacity to support government efforts in different areas and they are doing that to the best of their ability.
“They provide access roads, donations to health centres, donations of educational materials to communities where they operate; so, these are some of the social responsibilities of successful cooperatives across the globe,” he said.
The News Agency of Nigeria (NAN) reports that the event attracted cooperative members from various sectors of the country. (NAN)(www.nannews.ng)
Edited by Ese E. Eniola Williams
Nigeria to review outdated Cooperative Act to meet international best practices
Economy/Business

Nigeria to review outdated Cooperative Act to meet international best practices

102 total views today
By Ginika Okoye
Sen. Sabi Abdullahi, the Minister of State for Agriculture and Food Security, says the country will review its outdated Cooperative Act to meet global cooperatives best practices.
Abdullahi said this at a news briefing to mark the 2025 International Day of Cooperatives in Abuja on Saturday.
The Minister was represented by Omolara Svensson, his Special Assistant on Women and Youth Agricultural Innovation.
He said the review was necessary to capture evolving trends in the system and facilitate effective cooperative businesses in the country.
Enumerating some of the achievements of the Federal Government toward repositioning cooperatives in the country, Abdullahi said they had taken a study and benchmarking mission to Kenya, Africa’s leading cooperative economy to draw lessons for local reform.
He said that under the Renewed Hope Cooperative Reform and Revamp Programme (RH-CRRP), the modern regulatory framework would also be established to promote professionalism and accountability in the sector.
According to him, this historic reform aligns with President Bola Tinubu’s Renewed Hope Agenda, positioning cooperatives as engines for rural development, food security, and inclusive economic growth.
Alhaji Idris Sani, the Federal Director of Cooperatives, said the day was aimed at publicising the achievements of cooperatives across the globe.
Sani said the day was also to sensitise the public to the relevance of the cooperative system to the development of nations.
According to him, the cooperative movement in Nigeria is vibrant particularly in the areas of food security, job creation, increased income to members as well as the general public, poverty reduction and entrepreneurship development. 
 
“Cooperatives have the capacity to support government efforts in different areas and they are doing that to the best of their ability. 
“They provide access road, donations to health centres, donations of educational materials to communities where they operate, so these are some of the social responsibilities of successful cooperatives across the globe,” he said.
Mr Emmanuel Atama, the Executive Secretary of CFAN, said that the cooperatives model had access to security and affordable loan rates for members.
Atama said the theme of the day ‘Cooperatives Build a Better World’ was apt for the country in the collective efforts toward achieving inclusive growth and development.
The executive secretary said the day was a call for all to redouble efforts to use cooperative instrumentality to end poverty, hunger and deprivation and entrench an egalitarian access to affordable finance.
According to him, a good cooperative practice, supported by good legal framework and policies, solves the socio-economic challenges facing our country today.
This, he said, it does by mobilising citizens’ participation in democratic processes, puts economic powers and collective aspirations in the hands of citizens.
Some members of the various cooperatives who attended the event appealed to the government to support the movement for effective economic development.
The News Agency of Nigeria (NAN) reports that the day is celebrated globally on the first Saturday of July to raise awareness on cooperatives and promote the movement’s successes in advancing social and economic development. (NAN)(www.nannews.ng)
Edited by Ese E. Eniola Williams
Transactions on NGX up 5.75%
Economy/Business

Transactions on NGX up 5.75%

109 total views today

By Taiye Olayemi

Stock market investors traded 5.47 billion shares worth N108.1 billion in 118,570 transactions this week on the floor of the Nigerian Exchange Ltd.

This is in contrast with 3.9 billion shares valued at N102.22 billion that exchanged hands last week in 114,484 deals.

Consequently, the value of transactions traded by investors on the Exchange soared by 5.75 per cent as investors gained N5.9 billion.

The Financial Services Industry led the activity chart with 2.74 billion shares valued at N34.54 billion traded in 42,65 transactions.

This contributed 50.12 per cent and 31.95 per cent to the total equity turnover volume and value respectively.

The Oil and Gas Industry followed with 852.04 million shares worth N39.84 billion in 10,555 transactions.

The third place was the Services Industry, with a turnover of 400.19 million shares worth N2.52 billion in 9,214 transactions.

Trading in the top three equities, namely Royal Exchange, Access Holdings and Japaul Gold & Ventures accounted for 1.68 billion shares worth N12.82 billion in 8,036 transactions.

The NGX All-Share Index and Market Capitalisation appreciated by 0.83 per cent and 0.50 per cent to close the week at 120,989.66 and N 76.34 trillion respectively.

Similarly, all other indices finished higher with the exception of NGX Premium and NGXnIndustrial Goods Indices, which depreciated by 0.77 per cent and 2.11 per cent respectively.

Seventy-eight equities appreciated in price during the week, same as 78 equities in the previous week.

Twenty equities depreciated in price, lower than 27 in the previous week, while 49 equities remained unchanged, higher than 43 recorded in the previous week.

The top five gainers for the week are: Meyer, RT Briscoe, FTN Cocoa Processors, International Energy Insurance and UPDC as they grew in 60.11 per cent, 50.83 per cent, 40.24 per cent, 35.43 per cent and 34.66 per cent respectively

The companies gained N5.50, N1.23, N1.34, 62k and N1.22 respectively.

PZ Cussons Nigeria, Julius Berger Nigeria, SCOA Nigeria, VFD Group and Halldane McCall were the top five decliners for the week as they lost N5.70, N12.40, 53k, 80k, and 20k respectively.

The NGX also disclosed that the shares of Notore Chemical Industries had been delisted.

“We refer to our market bulletin of 11 June 2025 with reference Number: NGXREG/IRD/MB41/25/06/11 wherein the Market was notified of the suspension placed on trading in the securities of Notore Chemical Industries Plc in preparation for the delisting of the company.

“Following the approval of the company’s application to delist its entire issued share capital from Nigerian Exchange Limited (NGX), please be informed that the entire issued share capital of Notore Chemical Industries Plc were on Friday, 04 July 2025, delisted from the Daily Official List of NGX.” (NAN)(www.nannews.ng)

Edited by Remi Koleoso/Olawunmi Ashafa

Katsina partners PEBEC to accelerate business enabling reforms
Economy/Business

Katsina partners PEBEC to accelerate business enabling reforms

180 total views today

By Abbas Bamalli

The Presidential Enabling Business Environment Council (PEBEC) and the Katsina State Government have engaged business leaders to access and accelerate business enabling reforms in the state.

The business leaders and other stakeholders were engaged at the State Action on Business-enabling Reforms (SABER) Technical Session and Statewide Town-Hall Meeting in Katsina.

The News Agency of Nigeria (NAN) reports that the event which brought together key stakeholders from the public and private sectors was organised by PEBEC in collaboration with the state government.

Gov. Dikko Radda, in his remarks, said the event aimed at assessing the state’s performance on business, enabling reforms and strengthening alignment with national economic initiatives.

Radda, represented by his Deputy, Mr Faruk Lawal, reaffirmed his administration’s commitment to tackling bottlenecks and fostering a conducive environment for businesses to thrive in the state.

He added that the state had made significant progress in implementing actionable and revolving business reforms, which had helped to attract investors and promote economic growth and sustainability.

The Governor emphasised that the ease of doing business had become a top priority of the state government and would remain steadfast in achieving the desired goals.

Radda added that the state government had restructured its business framework and created the Katsina Enterprises Development Agency (KASEDA).

According to him, the aim of creating the agency was to support nano, small and medium businesses with resources and tools to grow.

“My administration is creating an enabling environment for business, especially small and medium enterprises, to operate and succeed, and we know the role of the government in creating such an enabling environment for businesses.

“As a government, therefore, we first began our journey by strengthening leadership around the Ease of Doing Business agenda.

“We appointed the Deputy Governor to chair both the Ease of Doing Business and the MSMEs,” Radda said.

In her remarks, the Director-General of PEBEC, Princess Zahrah Audu, explained that the ongoing nationwide sub-national tour was aimed at strengthening state-level ownership of the reform initiatives.

She explained that the PEBEC works closely with state governments to improve the business environment and deepen the implementation of SABER for the sustainability of ease of doing business in the country.

Audu virtually told the  participants that PEBEC was a World Bank-funded project aimed at promoting economic growth and development in Nigeria.

Earlier, the Director-General of the Katsina State Investment Promotion Agency (KIPA), Ibrahim Tukur-Jikamshi, said the meeting was a step towards deepening ease of doing business and economic reforms.

He said that Radda had embraced the SABER reforms framework not just as a compliance requirement, but as a strategic instrument for state transformation and economic inclusion.

He stated that the Radda-led government had waived all Right of Way (RoW) charges for fabric optic development and granted ‘interest-free loans’ to MSMES to simplify business support schemes in the state.

“We have exempted qualifying businesses from selected fees and levies to reduce start-up costs.

“We continued to prioritise transparency and public feedback, with all MDAs now publishing all timelines and costs,” he added.

Tukur-Jikamshi stressed that the government had taken proactive steps in mainstreaming reforms into the fabrics of the state by establishing a high-powered reforms implementation committee to deliver results across all reform sectors. (NAN)

Edited by Abdulfatai Beki/Bashir Rabe Mani

NGO expresses commitment to promote Made-in-Nigeria products
Economy/Business

NGO expresses commitment to promote Made-in-Nigeria products

143 total views today

By Vivian Emoni

The Organisation of Youths in International Trade and Commerce (OY-ITC), an (NGO), says it is committed to promoting Made-in-Nigeria products to boost economic growth of the country.

The President of the organisation, Dr Chinedu Amadi, made the commitment in an interview with the News Agency of Nigeria (NAN), in Abuja on Friday.

He said that buying locally made products inject vitality into indigenous industries and contributes to the country’s Gross Demotic Products (GDP) and economic diversification.

According to him, by promoting Made-in-Nigeria products, Nigerians could contribute to the country’s economic growth, job creation, stability and ultimately building a stronger national economy.

“The organisation reinforced the policy of diversifying away from oil and promoting “Made-in-Nigeria” products globally.’’

Amadi said that the OY-ITC’s partnership with manufacturers of finished goods in Nigeria plays a strategic role in promoting local manufacturing.

He said that the strategy was by connecting Nigerian-made products to global markets and value chains.

Amadi noted that the partnership has helped in promoting domestic industrial growth, through export market access for local manufacturers.

According to him, OY-ITC identifies youth-owned and youth-supported Nigerian manufacturers and helps them access international trade platforms such as trade fairs and exhibitions.

“By connecting these manufacturers to foreign buyers, the organisation drives demand for locally produced goods and encourages increased production capacity.

“Local manufacturers receive real orders and inquiries, which motivates them to scale-up production and improve quality standards.

“Participation in international trade shows OY-ITC facilitates exhibition of Nigerian-made products abroad such as in the Houston 2022 Trade Show, Cameroon Trade Show, giving manufacturers global visibility.

He noted that the organisation was guiding the manufacturers through workshops and mentorship, in aligning their products with global standards for packaging, labelling and safety.

He said that the essence was to ensure that Made-in-Nigeria goods meet international requirements, thereby, reducing rejection rates at borders and improving global competitiveness.

“We also help local producers to improve product design, quality control and compliance, making them more competitive.

“Proudly Made in Nigeria” is helping our manufacturers market their goods with cultural and national pride as the effort will as well help in promoting national brand identity,’’ he said.

The president expressed worried that most people don’t patronise Made-in-Nigeria, adding that it was part of the challenge confronting the nation’s economy.

He called on Nigerians to patronise Made-in-Nigeria products as such would strengthen local manufacturing, drive technological innovation and further boost Nigeria’s Gross Domestic Product (GDP).

He, however, urged the authorities and relevant stakeholders to intensify awareness creation and encourage favourable policies that could boost local production in Nigeria. (NAN)(www.nannews.ng)

Edited by Francis Onyeukwu

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