NEWS AGENCY OF NIGERIA
Tony Elumelu Foundation grants m to 3,000 African entrepreneurs
Business

Tony Elumelu Foundation grants $15m to 3,000 African entrepreneurs

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By Kadiri Abdulrahman

The Tony Elumelu Foundation (TEF) has announced a $15 million grant to support 3,000 budding entrepreneurs from 52 African countries.

TEF Founder, Mr Tony Elumelu, made this known on Sunday in Abuja during the unveiling of the 2025 cohort of the foundation’s Entrepreneurship Programme.

He stated that each beneficiary would receive a $5,000 seed grant to kick-start their businesses.

Elumelu, who is also the Chairman of Heirs Holdings, Transcorp, and United Bank for Africa (UBA), reaffirmed his commitment to empowering African entrepreneurs and transforming the continent’s economic landscape.

According to Elumelu, the foundation aims to democratise opportunity across the continent, fostering economic growth and providing young Africans with access to funding and mentorship.

“We had a vision that started in 2010; one that envisions a self-sustaining Africa, driven by the energy, vision, and resilience of young entrepreneurs.

“We understand the challenges they face in contributing to Africa’s economic transformation.

“If empowered and encouraged, these young Africans can drive meaningful change,” he said.

He noted that capital alone was not enough, highlighting the importance of business education, mentorship, and training in building successful entrepreneurs.

The entrepreneurship programme, which began in 2015, originally set out to economically empower 10,000 young Africans over 10 years, each receiving $5,000 in seed capital.

“This year marks the 15th anniversary of the foundation, and we have made a considerable impact across all 54 African countries.

“In the 21st century, Africa does not need aid; what it needs is investment in its youth,” Elumelu said.

TEF Chief Executive Officer (CEO), Somachi Chris-Asoluka, noted that since the programme’s launch in 2015, the foundation had.disbursed over $100 million to more than 21,000 young entrepreneurs across Africa.

According to Chris-Asoluka, these businesses have collectivel created 1.5 million enterprises, and generated $4.5 billion in revenue.

“Our entrepreneurs have demonstrated that ideas are the lifeblood of the African continent.

“For the 2025 cohort, we received over 200,000 applications, and from this pool, 3,000 entrepreneurs from 52 African countries will receive $15 million in funding.

“Each entrepreneur will receive a $5,000 non-refundable seed grant; this is neither a loan nor equity,” she stated.

She further assured that the foundation had a monitoring and evaluation platform in place to track progress after disbursement, ensuring that beneficiaries adhered to their approved business plans.(NAN)(www.nannews.ng)

Edited by Kevin Okunzuwa

MSMEs ‘ll thrive with tax exemptions under new reform bill – SMEDAN
Economy/Business

MSMEs ‘ll thrive with tax exemptions under new reform bill – SMEDAN

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By Lucy Ogalue

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) says the proposed tax reform bill will significantly reduce financial burden and create a growth-enabling environment for small business owners.

The Director-General of SMEDAN, Mr Charles Odii, said this at a stakeholder engagement on tax reforms organised by the agency on Friday in Abuja.

The News Agency of Nigeria (NAN) reports that the theme of the event was, “Understanding the Tax Reform Bills:Benefits and How MSMEs can maximise Tax”.

Odii said that the bill, when passed into law, would eliminate multiple taxations and exempt businesses earning below N100 million annually from key taxes.

“We have 39,654,385 nano, micro small and medium enterprises (MSMEs)in Nigeria, and the first step towards ensuring their success is sensitisation.

“Many small business owners are unaware that if this tax reform bill is passed, they will no longer be required to pay VAT, CIT, PAYE, and several other taxes,” he said.

According to Odii, the reform is designed to encourage business formalisation and expansion without the fear of excessive taxation.

He also commended the House of Representatives for passing the bill and urged the Senate to follow suit.

“When small businesses flourish, the entire economy benefits. This reform will remove unnecessary regulatory bottlenecks, allowing MSMEs to thrive,” he said.

The President of the Nigeria Association of Small and Medium Enterprises (NASME), Dr Abdulrashid Yerima, also lauded the proposed reforms.

Yerima said that the bill addressed key challenges faced by MSMEs, particularly multiple taxation and arbitrary levies by regulatory agencies.

“Our members have long struggled with excessive taxation at different levels; import duties, levies on turnover, and arbitrary charges from state and local governments.

“The chairman of the Tax Reform Committee has clarified that many of these burdens will be eliminated once the bill becomes law,” Yerima said.

He further emphasised the need for proper implementation to ensure that non-state actors and unauthorised tax collectors did not continue to impose levies on small businesses.

He said that the reform would promote economic growth by allowing small businesses to reinvest their earnings, scale operations, and create more employment opportunities.

The Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, emphasised the necessity of overhauling the tax system to foster economic growth and alleviate the tax burden on small businesses.

Oyedele reiterated the challenges faced by small business owners, including multiple taxation and exploitation by revenue officers.

He said that many entrepreneurs lacked the resources to navigate complex tax demands, making them vulnerable to undue pressures.

“To address these issues, the committee proposed significant reforms, such as eliminating Value-Added Tax and withholding tax for businesses with annual turnovers below N100 million.

“Additionally, salaries up to N100,000 per month would be exempted from Pay-As-You-Earn (PAYE) tax.

” These measures aim to reduce the administrative burden on small enterprises, allowing them to focus on growth and innovation,”he said.

Oyedele underscored the importance of data-driven policy-making, referencing collaborations with organisations like the Faith Institute to gather credible data on the challenges faced by small businesses.

He said that the strength of a nation was reflected in how it treated its most vulnerable citizens.

He advocated for reforms that provide small businesses with the space to thrive without undue tax pressures.

“These reforms are designed, not merely to generate revenue, but to create a more equitable and supportive environment for small businesses, thereby laying a sustainable foundation for Nigeria’s economic growth and development,” he said.

Earlier, Mrs Linda Omubo-Pepple, SMEDAN’s Director of Partnership and Coordination, said that collaboration between policymakers and business stakeholders was important in shaping Nigeria’s tax policies.

Omubo-Pepple said that tax reforms played a critical role in driving economic growth while ensuring the sustainability of MSMEs.

“As we navigate the tax reforms, it is essential that we foster open dialogue between policymakers and business stakeholders.

“The impact of these reforms will be felt across industries, and this session provides a unique platform to engage, share insights, and collectively address key concerns,” she said.

The meeting, attended by key MSME stakeholders and representatives of the Federal Government, also provided a platform for business owners to ask questions and gain clarity on the provisions of the reform bill. (NAN)

Edited by Kadiri Abdulrahman

Niger Delta monarchs rally support against vandalism, oil theft
Economy/Business , Niger Delta

Niger Delta monarchs rally support against vandalism, oil theft

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By Muhyideen Jimoh

The Association of Niger Delta Monarchs of Nigeria (ANDMON) has called on stakeholders to support the Federal Government in curbing pipeline vandalism and oil theft in the region.

Chairman of the association, HM Frank Okurakpo, Odhe II, made the call in a statement on Saturday.

He said this during an interactive meeting between ANDMON and stakeholders in the Amnesty, Pipeline Surveillance, and Energy sectors in Port Harcourt.

The traditional ruler stated that the association is committed to accelerating development in all towns and villages in the Niger Delta.

“The association is willing to collaborate and partner with the federal government, multinational organisations, and other critical stakeholders to restore peace in the region.

“We are keen to achieve the federal government’s desire to meet and exceed the OPEC production quota,” he said.

Okurakpo commended President Bola Tinubu for appointing a “grassroots mobiliser” from the Niger Delta, Dr Dennis Otuaro, as the head of the Presidential Amnesty Programme.

“This is one appointment that gladdens the heart of our people. No doubt, the programme is recording remarkable success across the Niger Delta region.

“We, therefore, lend our voice to the demand for increased budgetary provisions and the timely release of appropriated funds,” he said.

He also lauded the Tinubu-led administration for renewing the pipeline surveillance contract with Tantita Security Services Nigeria Ltd. (TSSNL), saying it will help curb pipeline vandalism.

“It is worthy to note that TSSNL has exceeded the expectations of the Nigerian public in its determination to reduce pipeline vandalism and oil theft to the barest minimum,” he said.

The chairman called on Niger Delta communities to support the federal government’s efforts to ramp up oil production and protect oil facilities in the region.

He expressed confidence that Nigeria will soon witness stability in the energy sector, leading to the fast-tracked socio-economic development of the nation. (NAN)(www.nannews.ng)

Edited by Tosin Kolade

FAAC: FG, states, LGs share N1.678trn for February
Economy/Business

FAAC: FG, states, LGs share N1.678trn for February

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By Kadiri Abdulrahman

The Federation Account Allocation Committee (FAAC) has shared N1.678 trillion among the Federal Government, states and the Local Government Councils (LGCs) for the month of February.

This is according to a communiqué issued by FAAC and made available by Bawa Mokwa, the Director, Press and Public Relations, Office of the Accountant-General of the Federation (OAGF).

According to the communiqué, the total revenue of N1.678 trillion comprised statutory revenue of N827.633 billion and Value Added Tax (VAT) revenue of N 609.430 billion.

It also comprised Electronic Money Transfer Levy (EMTL) revenue of N35.171 billion, Solid Minerals revenue of N28.218 billion and Augmentation of N178 billion.

It said that a total gross revenue of N2.344 trillion was available in the month of February.

“Total deduction for cost of collection was N89.092 billion while total transfers, interventions, refunds and savings was N577.097 billion,’” it said.

The communiqué said that gross statutory revenue of N1.653 trillion was received for the month of February, which was lower than the sum of N1.848 trillion received in January by N194.664 billion.

It said that gross revenue of N654.456 billion was available from VAT in February, lower than the N771.886 billion available in January by N117.430 billion.

The communiqué said that from the total distributable revenue of N1.678 trillion, the Federal Government received total sum of N569.656 billion and the state governments received total sum of N562.195 billion.

It said that the LGCs received total sum of N410.559 billion, and a total sum of N136.042 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

“On the N827.633 billion statutory revenue, the Federal Government received N366.262 billion and the state governments received N185.773 billion.

“The LGCs received N143.223 billion and the sum of N132.374 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” the communiqué said.

It said that from the N609.430 billion VAT revenue, the Federal Government received N91.415 billion, the state governments received N304.715 billion and the LGCs received N213.301 billion.

“A total sum of N5.276 billion was received by the Federal Government from the N35.171 billion EMTL. The state governments received N17.585 billion and the LGCs received N12.310 billion.

“From the N28.218 billion Solid Minerals revenue, the Federal Government received N12.933 billion and the state governments received N6.560 billion.

“The LGCs received N5.057 billion and a total sum of N3.668 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue,’” it said.

It said that Oil and Gas Royalty and EMTL, increased significantly while VAT, Petroleum Profit Tax (PPT), Companies Income Tax, Excise Duty, Import Duty and CET Levies recorded decrease. (NAN)(www.nannews.ng)

Edited by Ese E. Eniola Williams

Geregu Power boss outlines plan for energy sufficiency
Economy/Business

Geregu Power boss outlines plan for energy sufficiency

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By Rukayat Moisemhe

The Chief Executive Officer (CEO), Geregu Power Plc, Mr Akin Akinfemiwa, has unveiled a roadmap broken into short, medium and long term action plans to achieve power sufficiency in Nigeria.

Akinfemiwa said this at the Nigerian British Chamber of Commerce (NBCC) March 2025 Members Evening/ Induction ceremony on Thursday in Lagos.

The ceremony was held in honour of Mr Uyi Akpata, the immediate past Country Senior Partner, PricewaterhouseCoopers (PwC) Nigeria, and Regional Senior Partner for PwC West Africa on his retirement.

Akinfemiwa noted that to address the country’s economic challenges, the Federal Government had recently set an ambitious target to achieve a trillion-dollar economy by 2030.

He noted that improving reliable power supply would be the single most important driver to achieve this objective.

This, he said, was because there was a 3.94 per cent improvement in the economy for every 1 per cent increase in power supply.

“With stable, affordable, and reliable power, Nigeria can unlock massive economic opportunities, drive industrialisation, create jobs, and position itself as Africa’s economic powerhouse.

“Alignment with a clear roadmap and the collective efforts from government, private sector, and global partners, we will achieve sustainable power for the country,” he said.

Akinfemiwa stated that in the short-term (zero to three years), Nigeria must upgrade and maintain aging transmission and distribution networks, invest in real-time grid monitoring and improve metering.

He said cost-reflective tariffs must be implemented, regulatory oversight should be strengthened, while settlement of debts owed to GenCos and gas suppliers must be fast-paced.

The expert stated that in the medium-term between three and seven years, the country must develop new gas-fired power plants and promote private sector investments in gas infrastructure.

He added that Nigeria should address pipeline vandalism and gas flaring issues to ensure stable supply, construct new high-capacity transmission lines and establish independent transmission service operators.

Akinfemiwa also called for the decentralisation of electricity distribution to encourage local investments in microgrids, deploy smart meters and strengthen Public-Private Partnerships through incentives.

“For the long-term which is seven years and above, the country should diversify energy sources, enhance energy efficiency policies and deepen regional power trade and interconnectivity.

“There must be nationwide implementation of smart grids to reduce outages and optimise load balancing, expanded energy storage solutions and the enforcement of stricter environmental regulations for thermal power plants,” he said.

In his remarks, Mr Ray Atelly, President, NBCC, noted that the chamber had consistently been a beacon of excellence, driven by a shared vision and a commitment to fostering growth, collaboration, and innovation.

Atelly said every of its membership played an essential role in shaping the chamber’s path.

He welcomed the new inductees and acknowledged their potential to enrich the chamber’s collective endeavour.

Atelly said their unique perspectives and skills would contribute significantly to the NBCC’s ongoing mission and drive the chamber toward new horizons.

“Similarly, we would like to take this opportunity to recognise our esteemed friend of the chamber and a valued council member, Mr Uyi Akpata, for his distinguished career at the prestigious PwC.

“His years of dedication and excellence in the corporate world have been both remarkable and inspiring,” he said.

The News Agency of Nigeria (NAN) reports that 17 organisations including Zenith Bank and Aradel Holdings Plc were inducted into the NBCC. (NAN)

Edited by Chinyere Joel-Nwokeoma

KADIRS rakes N14.16bn IGR in 2 months
Economy/Business

KADIRS rakes N14.16bn IGR in 2 months

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By Sani Idris-Abdulrahman

The Kaduna State Internal Revenue Service (KADIRS), said it has collected N14.16 billion revenue between January and February 2025, while debunking claims of a decline in Internally Generated Revenue (IGR).

The KADIRS Head of Corporate Communications, Zakari Muhammad, disclosed this in a statement issued to newsmen on Friday in Kaduna.

He said the service was prompted by a recent mischief claiming a decline in the state’s IGR under the administration of Gov. Uba Sani.

Muhammad said in January and February 2025, the state had already collected an IGR of N7.47 billion and N6.69 billion respectively, making a total revenue collected to N14.16 billion in the two months.

He equally said that a validation of the reforms in the state’s revenue sector under Sani, collected an IGR of N62.48 billion and N71 billion, in 2023 and 2024, respectively.

This feat, he said, consolidated the state’s place as the leading IGR performing state in Northern Nigeria in the last two years.

Muhammad said, “The current level of IGR collection of the state, speaks to the competence of the Chairman and the management team of the service.

“We are also extolling the support we are enjoying from the state government to function as a professional and apolitical revenue authority of the state.”

The spokesperson said that the rumor circulating that the former Executive Chairman of the KADIRS was removed for calling out the state’s House of Assembly Speaker for refusing to pay taxes was baseless.

Muhammad stated that the former executive chairman served his entire four-year tenure as provided in the Kaduna State Tax Codification and Consolidation Law, after which a new Executive Chairman was appointed by the Governor.

He added that in the last two years, the state had implemented innovative revenue administration reforms.

They included the introduction of an integrated tax administration portal (PAYKADUNA), financial inclusion initiatives, enhanced taxpayers and stakeholders’ engagement.

Muhammad also said the service deployed a first-of-its-kind interactive voice response system for taxpayer complaint redressal, among other initiatives that had resulted in improved tax administration in the state.

According to him, the automation efforts of the service had ensured that a process exists for facilitating collections.

“Payments are made through the PAYKADUNA portal or via pay direct channels from which they are swept directly into the state’s Treasury Single Accounts, ensuring that staff of the service have no access or interaction with state collections.

“The IGR account is a collection and transit account not an expenditure account.

“Therefore, it is highly inaccurate to think that any amount can be withdrawn from it to service any interests.

“It is also noteworthy that the service has never received any instructions to facilitate any 100 million naira payments to any individual or organisation,” he said.

Muhammad reiterated that KADIRS was an autonomous agency of the state, insisting, “it is committed to its mandate of facilitating seamless and efficient revenue mobilisation for service delivery without fear or favour to any individual or group.” (NAN)(www.nannews.ng)

Edited by Bashir Rabe Mani

 

Illegal mining: FG arrests 327 suspects, prosecutes 143
Economy/Business

Illegal mining: FG arrests 327 suspects, prosecutes 143

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By Martha Agas

The Federal Government says it has arrested 327 suspects for illegal mining and prosecuted 143 across the country since the Mining Marshals (MM) began operations in 2024.

The Minister of Solid Minerals Development, Dr Dele Alake, made the disclosure at a news conference marking the one-year anniversary of the operations of the marshals.

The News Agency of Nigeria (NAN) reports that the MM, a security outfit of the solid minerals sector, was inaugurated on March 21, 2024, to address the surge in illegal mining activities across the country.

The security personnel were drawn from the Nigeria Security and Civil Defence Corps (NSCDC) and trained in strategic and tactical skills to detect, engage, and combat illegal miners, bandits, and other criminal elements in the sector.

NAN also reports that MM began operations with 2,220 personnel, which has since been increased to 2,670.

Alake stated that a key target for the marshals in 2025 was to secure the conviction of the 327 individuals arraigned in court to enhance deterrence and enforce compliance with the law.

He also acknowledged the contributions of government agencies such as the Economic and Financial Crimes Commission (EFCC) and the army for their efforts in the drive to sanitise the solid minerals sector.

“This month, the Federal High Court, Ilorin, Kwara State, sentenced two foreigners, Yang Chao and Wu Shan Chuan, to prison for illegal mining of solid minerals following a case prosecuted by EFCC.

“We also commend the EFCC for its diligent prosecution of illegal miners.

“In May last year, the EFCC successfully prosecuted and secured the conviction of two other foreigners, Duan Ya Hong and Xiao Yi, to one year of imprisonment for illegal mining at another Federal High Court, also sitting in Ilorin, Kwara State,” he said.

According to him, the MM have played a crucial role in tackling the severity of illegal mining, which has been exacerbated by companies collaborating with individual miners to carry out the act.

He added that the marshals had reclaimed 98 mining sites since beginning operations by clearing illegal miners who had occupied licensed areas for more than a decade, preventing the rightful owners from operating.

“According to our records, MM recovered over 98 sites last year. This has enabled many licence owners to return to site and resume operations.

“This will, ultimately, improve royalties and raise the contribution of the solid minerals to the country’s revenue.

“So far, the MM has identified 457 suspected illegal mining sites and has improved intelligence gathering on these sites,” he said.

According to the minister, the mining marshals use technology in their operations, including miniature robots and drones for surveillance.

He added that they employed communication tools to deliver early warnings, effectively distinguishing unarmed civilians from armed bandits, who are the main targets of their operations.

He said that the MM, in its second year of operations, would increase their engagements in other parts of the states.

Alake emphasised that MM previously held direct engagements across 10 states: Niger, Kogi, Nasarawa, Akwa Ibom, Ondo, Kaduna, Enugu, Abia, Kwara and the Federal Capital Territory.

The minister said that in addition to the kinetic measures used to combat illegal mining, non-kinetic measures would be intensified to strengthen the relationship between the government and artisanal miners and expand the registration of cooperatives.

He disclosed that the number of personnel would be expanded, and more logistics, including vehicles and other equipment, would be provided to the Mining Marshals to strengthen their operational capacity.

He urged them to prepare for tougher tasks as the government consolidates its operations to remove more illegal miners from sites and ensure their prosecution.

On his part, the Commandant of the Mining Marshals, John Attah, said their operations were guided by the provisions of the law and reaffirmed their commitment to flushing out illegal miners.

Attah thanked the minister for his support and urged the public to view their operations as a national project aimed at the country’s progress. (NAN) (www.nannews.ng)

Edited by Peter Amine

FCT-IRS seals 3 business premises over unpaid taxes
Economy/Business

FCT-IRS seals 3 business premises over unpaid taxes

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By Nana Musa

The Federal Capital Territory Internal Revenue Services (FCT-IRS) on Friday, sealed the business premises of Phase3 Telecom and Cilantro Restaurant in Abuja, for failing to pay their tax obligations.

Mr Festus Tsavsar, acting Director, Legal Services, FCT-IRS, told journalists after the exercise in Abuja, that Phase3 Telecom, located at No 4, Yedseram Street, Maitama, was sealed over unpaid tax obligations.

Tsavsar, who is also the Head of the Enforcement Team, added two of Cilantro business premises were sealed for not filing its annual returns.

One of the premises is Cilantro Village, located inside Sarius Palmetum and Botanical Garden, Babangida Boulevard, Maitama, Abuja, while the other premises is located at Wuse Zone 5.

He explained that the action became necessary after several notices had been served on the defaulting taxpayers, but they refused to pay.

He said that Phase3 Telecom was owing the FCTA huge tax liabilities for three years

He added that the FCT-IRS had sent demand notices to the company several times, for more than three years, yet the company refused to pay.

“We invited them for a meeting, they came, wrote several undertakings but refused to pay the tax liabilities,” said.

For Cilantro, the director said that the company refused to file its tax returns for more than three years despite being served with several notices.

“We have written to them several times and they refused to file their returns; we invited them for a meeting, and they refused to honour the invitation,” he added.

Tsavsar said that to enforce compliance, the FCT-IRS had no choice other than to approach the court for a Court Order to seal off the business premises of defaulting taxpayers.

He assured the affected businesses that the premises would be unsealed once they settle all their tax obligations.

He said that the revenue services had carried out massive sensitisation campaigns, enlightening taxpayers about their tax obligation and encouraging them to pay voluntarily.

According to him, the revenue service will be going after every defaulting taxpayer and closed down business premises that refused to settle their tax obligation.

“We are, therefore, calling on tax defaulters to do the needful or risk the wrath of the law.”

The News Agency of Nigeria (NAN) recalls that the FCT-IRS had given employers of labour Jan. 31 to file their employees’ annual returns for 2024.

The revenue service also gave individuals until the end of March to file their returns. (NAN)

Edited by Philip Yatai

Nigeria, India seek stronger trade ties
Economy/Business

Nigeria, India seek stronger trade ties

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By Rukayat Moisemhe

Representatives from Nigeria and India have explored ways to strengthen their long-standing friendship and bilateral trade partnership while identifying new areas of cooperation.

This was the focus of the Nigeria-India Bilateral Business Meeting held in Lagos on Thursday.

Mr Gabriel Idahosa, President of the Lagos Chamber of Commerce and Industry (LCCI), stated that Nigeria and India share a rich history of economic and cultural ties that have developed over decades.

Idahosa, who was represented by Mr Leye Kupoluyi, Deputy President of the LCCI, stated that as both countries navigate a rapidly changing global economic landscape, it is essential to strengthen and diversify their bilateral engagements.

He noted that in the fourth quarter of 2024, Nigeria’s total merchandise trade stood at N36.6 trillion, reflecting a significant increase of 68.32 per cent compared to the same period in 2023.

Idahosa added that this growth reflects the resilience and potential of the Nigerian economy, driven by strong demand for foreign goods and services across various sectors.

“India has consistently been one of Nigeria’s top trading partners, reflecting the deep economic interlinkages between our nations.

“In Q4 2024, India emerged as Nigeria’s fourth-largest export destination, with exports valued at N1.60 trillion, accounting for 7.98 per cent of Nigeria’s total exports.

“On the import side, India was Nigeria’s second-largest source of imports, with goods worth N1.90 trillion, representing 11.43 per cent of Nigeria’s total imports.

“This bilateral trade relationship is characterised by the exchange of vital commodities and services that are essential to the growth and development of both economies,” he said.

The LCCI president said the energy, agricultural, pharmaceutical and machinery sectors are strong components of the trade dynamics of both countries.

Idahosa, however, noted that in spite of the strong bilateral trade, there were significant opportunities for enhanced collaboration.

He said diversifying trade beyond crude oil and raw agricultural products to include manufactured goods, technology services, and value-added products would foster a more sustainable economic relationship.

“Furthermore, Indian investment in Nigeria’s industrialisation, particularly in manufacturing, agro-processing and technology, can generate employment and boost economic development.

“Joint knowledge exchange programmes in education, research and technology transfer, renewable energy and biotechnology will further strengthen bilateral cooperation.

“As we look ahead, it is evident that the Nigeria-India bilateral business relationship holds immense promise.

“By leveraging our respective strengths, addressing existing challenges, and fostering a spirit of collaboration, we can unlock new opportunities that will benefit our economies and societies,” he said.

Ms Vartika Rawat, Acting Indian High Commissioner to Nigeria, noted that India and Nigeria had achieved significant milestones since establishing diplomatic relations in 1958.

Rawat stated that India, in its development journey, not only focused on itself but also opened its growth story for the global good, extending assistance to its neighbours and friends around the world.

She said that the country, currently at the forefront of fighting climate change, also provided capacity-building assistance under ITEC/e-ITEC (Indian Technical and Economic Cooperation) to over 160 countries.

Rawat noted that since both countries established diplomatic ties in 1958, education and capacity building had been the focus areas of the relationship.

“One of the major requirements for developing relations between two countries is direct connectivity to ease the movement of people and goods.

“While Air Peace started operating direct flights from Lagos to Mumbai in March 2023, I understand that it has been suspended due to logistical reasons.

“Indian airlines have also requested permission from Nigerian Authorities for starting direct and code share flights from India to Nigeria.

“I am sure these developments will give a new impetus to our relationship and increase the people-to-people contact,” she said.

She stressed the need for both countries to drive development partnerships and cultural cooperation, while opening new vistas in trade and economic relationships.

Rawat said that while there was a tendency to follow known paths and traditional methods of doing business, Nigerian companies should look at the strengths of India in various futuristic fields.

She said areas like financial technology, Artificial Intelligence, health – including vaccine manufacturing, digital and green growth were critical to be adapted to the needs and requirements of Nigeria. (NAN)

Edited by Okeoghene Akubuike/Christiana Fadare

Chamber inaugurates committee on women empowerment to drive business growth
Business

Chamber inaugurates committee on women empowerment to drive business growth

373 total views today

 

By Vivian Emoni

The Abuja Chamber of commerce and Industry (ACCI) has inaugurated a joint action committee on women economic empowerment to drive policy reforms and business growth.

 

Chief Emeka Obegolu, President, ACCI, who inaugurated the committee on Wednesday in Abuja, said that the effort was to advance gender-responsive policies and eliminate barriers for Women-Owned Businesses (WoBs).

 

Obegolu said that the ACCI collaborated with policymakers, business leaders and women entrepreneurs to ensure that women entrepreneurs have equitable access to finance, market opportunities, and regulatory support.

 

The ACCI president was represented by the 1st Deputy President of the Chamber, Prof. Adesoji Adesugba.

 

“In a landmark move to foster inclusive economic development, the ACCI, in collaboration with key government agencies and development partners, inaugurated the committee on Women’s Economic Empowerment.

 

“The establishment of this committee is not just a symbolic gesture; it is a structured platform dedicated to policy reforms, advocacy and the creation of an enabling environment where women entrepreneurs can thrive.

 

“The chamber stands shoulder to shoulder with you and will provide unwavering support,” he said.

 

Obegolu reiterated the ACCI’s dedication to championing women’s economic agenda.

 

He also appealed to Ministries, Departments, and Agencies (MDAs) for their full cooperation, as the effort would boost business in the country.

 

He expressed hope that more MDAs within the Federal Capital Territory (FCT) would align with this vision to support, not only ACCI women, but other women across the country.

 

The Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, emphasised the strategic importance of the initiative in strengthening Nigeria’s economic landscape.

 

Wike was represented by Mr Simon Kato, Director of Economic Planning, Revenue Generation and Public-Private Partnership Secretariat of the FCT.

 

“This committee is not merely symbolic. It is a commitment to fostering synergy and driving actionable reforms that will create an enabling business environment for women entrepreneurs across the country.

 

“Our administration remains dedicated to advancing women’s economic empowerment and ensuring gender-responsive procurement in the FCT,” he said.

 

The FCTA Mandate Secretary for Women Affairs, Dr Adedayo Benjamins-Laniyi, highlighted the secretariat’s ongoing efforts in empowering women and the progress made so far.but

 

She said this is the right time to take action, and the committee serves as a crucial pathway to defining and addressing women’s needs to ensure their economic growth.

 

“The future is not just about feminism; it is about connection. We need both genders to work together towards a holistic and locally implemented agenda.

 

“A collaborative approach is necessary to drive progress,’’ Benjamins-Laniyi said.

 

Mrs Roseline Nwosu, the Chairperson of the committee, expressed her gratitude and determination to lead it toward impactful policy reforms.

 

Nwosu outlined the committee’s key objectives, including advocating for gender-inclusive governance and institutionalising a standardised definition for WoBs.

 

She said that the objective of the committee would also driving affirmative procurement policies that enhance women’s participation in business.

 

Nwosu said that the inauguration marked a crucial step toward breaking systemic barriers and fostering an inclusive business environment for the benefits of all.

 

She was represented by Mrs Chioma Njoku, Chairperson of the ACCI Women in Business Trade Group.

 

She said that the initiative had strong backing from the Investment Climate Reform (ICR) Facility, a key development partner supporting policy innovation for women’s economic empowerment.

 

“Their continued collaboration with ACCI underscores the global recognition of women as critical drivers of economic growth,” she said.

 

The News Agency of Nigeria (NAN) reports that the stakeholders reaffirmed their commitment to ensuring that women entrepreneurs in Nigeria have the tools and support needed to thrive. (NAN)(www.nannews.ng)

 

Edited by Kadiri Abdulrahman

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