NEWS AGENCY OF NIGERIA
Agro exhibition: Stakeholders to address Nigeria’s post-harvest losses
Economy/Business

Agro exhibition: Stakeholders to address Nigeria’s post-harvest losses

366 total views today

By Rukayat Moisemhe and Mercy Omoike

The organisers of Nigeria’s Agrofood and Plastprintpack exhibition, FairTrade Messe, says the 10th exhibition will serve as a panacea in addressing post-harvest losses in the Nigerian agriculture sector.

The group, at the pre-exhibition launch of the 10th edition of the Agrofood and Plastprintpack exhibition, on Thursday in Lagos, said the event would address ways to prevent post-harvest losses in the country.

The News Agency of Nigeria (NAN) reports that the event is scheduled for March 25 to 27, 2025, at the Landmark Event Centre Lagos, with Germany headlining the edition.

The Senior Project Manager, FairTade Messe, Ms Freyja Detjen, said the exhibition would bridge the gap of post-harvest losses in the country.

“With Agrofood and Plastprintpack exhibition, we want to create an opportunity for stakeholders across valuechain to meet up efficiently.

“Nigeria records a post-harvest loss of grains at 20 per cent,  fish 20 per cent and tubers, fruits and vegetables at 50 per cent.

“The United States Agency for International Development said about 50 per cent of fresh agricultural products in Nigeria is lost at post-harvest level due to transportation and storage.

“A challenge that requires $3 trillion to bridge the infrastructure gap. On one hand, it is a challenge, on the other hand, we see a potential and the solutions that are needed.

“And we think it is a good match in line with the agrofood value chain because it is about agriculture. It is about cold chain, about transportation and about production.

“This platform and this exchange that we are having with Agrofood and Plastprint Pack is more than needed now,” Detjen said.

She said Fairtrade and the Organisation for Technology Advancement of Cold Chain in West Africa, would co-organise the 7th West African Cold Chain Summit & Exhibition alongside Agrofood & Plastprintpack Nigeria, following the fruitful collaboration since the 2021 event.

She said Nigeria emerged as the fourth -largest investor in plastics technology in Africa €134 million in 2023, showcasing an annual growth rate of 13.9 per cent between 2016 and 2023.

Detjen noted that the nation’s imports of printing and paper processing technology had surged by 17 per cent annually, reaching €92 million in 2022, securing Nigeria’s position as the second-largest investor in sub-Saharan Africa.

“And our vision is to create valuable business context. This means to force the meaningful connections that drive growth, innovation and lasting business partnerships, creating a network and valuable opportunities for everybody.

“Through the Agrofood exhibition, we want to build valuable business context along the value chain from field to fork,” she added.

On his part, Mr Paul März, the Managing Director Fairtrade, in his welcome address, sought increased collaboration among stakeholders in the sector.

“I always love these type of meetings because it is a very close exchange, and where we learn a lot about challenges in the industry.

“The exhibition is a fantastic opportunity to connect, to exchange ideas, to explore new possibilities within our industry, within the Agrofood and Plastprintpack industry.

“We are all especially looking forward to celebrating the 10th edition of Nigeria Agrofood and Plastprintpack exhibition together with you on the opening day on March 25 and the entire exhibition, marking in an important milestone for this thriving platform,” März said.

Also, Mr Odion Aleobua, the Chief Executive Officer, Modion Communications, Local partner Fairtrade Messe and Agrofood/Plastprintpack, called for increased participation at the forthcoming exhibition.

“The Agrofood/Plastprintpack exhibition is a great platform connecting stakeholders interested in the Nigerian agriculture sector development.

“This is the 10th edition of the Agrofood and Plastprint Park exhibition and we want it to be special.

“There are going to be a lot of collaborations, as well as local and international players at the exhibition in the agriculture sector,” Aleobua.

NAN reports that about 100 leading exhibitors from over 15 countries will showcase tailored products and solutions at the event.

The exhibition will feature comprehensive three-day conference with 20 sessions and more than 70 speakers in a 180-seat conference room.(NAN) www.nannews.ng

Edited by Chinyere Joel-Nwokeoma

ECA, AfCFTA to boost visibility of women, youths through e-commerce
Economy/Business

ECA, AfCFTA to boost visibility of women, youths through e-commerce

463 total views today

By Lucy Ogalue

Women and youth entrepreneurs in Nigeria will benefit from improved access to African markets following the validation of the Market Access Guide and E-Commerce Platform.

An Economist with the United Nations Economic Commission for Africa (UN-ECA), Mamudou Sebego, said this at the Nigeria African Continental Free Trade Area (AfCFTA) Validation Workshop, in Lagos.

According to him, the entrepreneurs will gain visibility under the AfCFTA initiative.

“This event marks the third consultative engagement between the Nigeria AfCFTA Coordinating Office, with support from the UN-ECA and Nigerian businesses, focusing on enhancing the competitiveness of women and youths in cross-border trade.

“The platform and guide aim to simplify trade processes, enable visibility for products, and connect vendors with buyers across the continent.

“It is expected to address longstanding challenges such as logistics bottlenecks and difficulties with export documentation, which many small business owners have faced.”

Sebego added that the platform was designed to serve three key purposes: giving visibility to products, facilitating vendor-buyer matchmaking.and enabling cross-border transactions.

He emphasised the importance of collaboration among government agencies to ensure AfCFTA implementation.

“Registration, product verification, and customs documentation remain under the purview of various institutions such as the Corporate Affairs Commission (CAC), the Nigerian Export Promotion Council (NEPC), and the Nigeria Customs Service.

“The e-commerce platform will not override regulatory processes but will integrate them over time.

“The goal is to simplify and eventually connect these processes online, but regulatory bodies will still play their role,”he said.

The Representative, Nigeria AfCFTA Coordinating Office, Franca Achimugu, expressed the country’s readiness to implement AfCFTA commitments.

“Nigeria has taken a significant step forward by participating in the Guided Trade Initiative (GTI), a pilot phase of AfCFTA aimed at testing trade processes among willing and ready state parties.

“So, GTI allows countries that are ready to start trading and test the processes.

“Nigeria joined the GTI in June 2024 and successfully made its first shipment to Kenya in September, which arrived at its destination in December 2024,” she said.

Achimugu said that while the pilot shipment exposed gaps needing adjustments, Nigeria was  almost good and ready to go.

She said that the ultimate goal was to enhance the competitiveness of women and youth in the AfCFTA, noting that information was more important than money.

“This work is showing us where the opportunities are across Africa and what the requirements are for each market,” she  said.

Mrs Bukola Ajani, President, Association of Women in Fashion Tech, commended the initiative and expressed concerns about production cost.

“It will work similarly to platforms like Amazon and Alibaba, and business owners have expressed optimism about the project’s potential to reduce the burden associated with physically moving goods across borders.

“This will help us sell our products without travelling out of Nigeria. That is a major advantage, but concerns about production costs remain.

“Challenges such as high energy costs and currency devaluation still undermine competitiveness in the free trade market.

“With a little push and support, we are ready to showcase our products to Africa and beyond,”Ajani said.

Dr Blessing Irabor-Oza, National President, Organisation of Women in International Trade (OWIT), described the guide and platform as game-changing for women-led businesses.

“Some of our members are already exporting to the UK and US, but this will help many more women tap into the African market.

“The e-commerce platform will showcase our products and simplify payment systems,” she said.

She reiterated the potential for Nigerian products, particularly in the fashion and beauty sectors, to thrive under AfCFTA.

“Our African fashion and Shea butter products are in high demand globally, and with proper packaging and standards, we can compete with the best,” she added.

Mrs Margaret Adepetu, Women’s Coordinator for the Association of Small Business Owners of Nigeria, also commended the initiative.

Adepetu said that while digital tools were helpful, addressing fundamental issues like the high cost of fuel and improving the value of the naira remained crucial.

“We can have all the platforms, but if the cost of fuel and electricity remains high, our products will still struggle to compete,” she said.

The News Agency of Nigeria (NAN) reports that the event was attended by representatives of government, stakeholders, entrepreneurs and partners. (NAN)

Edited by Kadiri Abdulrahman

FG to revive textile industry, promote made in Nigeria goods -Minister
Economy/Business

FG to revive textile industry, promote made in Nigeria goods -Minister

358 total views today

By Rukayat Moisemhe

The Federal Government has pledged its commitment to revive the textile industry, its value chains, as well as promote made in Nigeria goods.

Minister of State for Industry, Trade and Investment, Sen. John Enoh made the pledge on Wednesday in Lagos, during his visit to Sunflag Nigeria Ltd., on a three-day industrial tour.

Enoh noted that key agendas of the President Bola Tinubu’s administration, included economic growth, through manufacturing and job creation.

The minister said that several years ago, the textile industry, competed almost fairly with government, in terms of employing Nigerians.

He commended the textile company for weathering the storms the country had faced, through the years, and assured that the current government was committed to  development of the sector.

“When you say that about two million jobs can be created, that is a bit conservative, and when you talk about 300 containers coming into this country and not officially accounted for, that is not right, and would be addressed.

“The next door country, Benin Republic have a flourishing textile garment industry, and their target is the Nigerian market.

“I have the immediate mandate, in terms of the programme of the ministry, to promote made-in-Nigeria goods and services, and my visit here is to assure you that this is a government that is going to, and is able to change this situation of things,” he said.

Mr Alok Bhardwaj, Managing Director, Sunflag Nigeria Ltd., said the company made use of everything Nigerian; from its people to cotton, wool, threads and yarns, in its production processes.

He noted that the industry, between 1985 to 1990, had 250,000 employees, with more than 250 companies, producing textiles in Nigeria, and today, had dropped to close to 10,000 employees.

“You would be surprised to know that we import $6 billion every year of textiles into Nigeria, and Nigeria consumers by doing that, employs 750,000 Chinese and Indian workers in their countries to clothe ourselves,” he said.

Bhardwaj noted that threats facing the textile industry include the smuggling of second hand clothing into the country,  which he said, affected the tailoring end among others, of the textile value chain.

According to him, close to one million five hundred thousand Nigerian tailors were affected because of the amount of second-hand clothing, coming into the country unabated.

He called for a level playing field that will put Nigeria goods first, to uphold and protect the country’s manufacturing industry.

“The employment of our people has a multiplying effect in the economy, and to achieve the growth targets of government, it is very important that we employ our people to do our things for ourselves,” he said.(NAN)(www.nannews.ng)

Edited by Idowu Ariwodola and Benson Iziama

UNDP, academy empower youths to harness AfCFTA opportunities
Economy/Business

UNDP, academy empower youths to harness AfCFTA opportunities

338 total views today

By Lucy Ogalue

The United Nations Development Programme (UNDP), in collaboration with Lelook Bags Academy, has trained 100 Nigeria youths on bag making.

The training is to enable the youths to key into the African Continental Free Trade Area (AfCFTA).

Ms. Elsie Attafuah, UNDP Resident Representative for Nigeria, said this at the graduation ceremony of the students in Abuja on Wednesday.

According to Attafuah, the event emphasises the importance of leveraging AfCFTA to foster intra-African trade and economic growth.

While stating the transformative potential of AfCFTA, she said that intra-African trade, remained at a mere 16.6 per cent of the continent’s population of 1.4 billion

She emphasised that Nigeria, as the continent’s largest economy, engaged in only about 10 per cent of this trade, indicating substantial room for growth.

Attafuah stressed the need to connect individuals to opportunities, markets, and knowledge, with a particular focus on supporting women’s roles in trade.

She announced initiatives to link women to essential information, networks and financing, aiming to ensure that AfCFTA served as a practical tool for inclusive development.

Addressing the graduates, Mrs Chinwe Ezenwa, Founder and Chief Executive Officer  (CEO) of Lelook Bags Academy, emphasised the significance of discipline, continuous learning, and innovation.

She urged them to view their acquired skills as instruments to break cycles of poverty, build generational wealth and create lasting impact.

Ezenwa urged the graduates to be proactive in building opportunities and leading change, emphasising that Africa’s development in trade would be significantly driven by women.

Also, a former Minister of Women Affairs, Pauline Tallen, applauded LeLook Bags’ impactful training of 100 youths in bag manufacturing.

Tallen reiterated the international competitiveness of LeLook’s products and emphasised the importance of such initiatives in providing sustainable livelihoods for young Nigerians.

She urged the public to support locally made products like LeLook bags, which rivals international brands in quality and design.

Dr Asabe Bashir, Director-General of the Mariam Babangida National Centre for Women Development, commended the high standards of LeLook’s products.

Bashir announced plans for collaboration with the Academy to enhance vocational training programmes in the country.

She said that such initiatives not only uplift individuals, but also contributed significantly to Nigeria’s economic growth by fostering self-reliance and entrepreneurship among women and youths.

“These endorsements underscore the critical role of skill acquisition and local manufacturing in driving economic development and reducing unemployment in Nigeria,” she said.

Mr Desmond Toover, one of the graduating students, speaking on behalf of the class, thanked the UNDP and Lelook for the support and opportunity.

” We are more than a graduating class. We are a collective force, each of us bringing unique talents and perspectives that, when combined, can create extraordinary outcomes.

” We are deeply grateful to the phenomenal UNDP and Lelook Bags for their unwavering support and guidance throughout this training,” he said.(NAN)

Edited by Kadiri Abdulrahman

Nigeria Customs explains 4% FOB levy suspension
Economy/Business

Nigeria Customs explains 4% FOB levy suspension

488 total views today

By Muhammad Nur Tijani

The Kano/Jigawa Customs Area Command held a stakeholders’ meeting on Wednesday to explain the four per cent Free On Board (FOB) collection and its suspension.

 

Customs Area Comptroller, Dalhatu Abubakar, said that the new revenue law benefits all stakeholders, including exporters, importers, and customs agents.

 

He explained that the FOB collection had been temporarily suspended due to the termination of the Nigeria Customs Service (NCS) contract with service providers.

 

Abubakar assured that the NCS would resume direct collection of the four per cent FOB once the suspension is lifted.

 

“The FOB collection suspension is due to the termination of our contract with service providers.

 

“We are engaging stakeholders during this period to raise awareness about the levy’s importance,” Abubakar said.

 

The Comptroller noted that the suspension aligns with the NCS’s efforts to transition to direct levy collection by the service.

 

He added that the suspension period would enable the NCS to educate stakeholders on the necessity of the four per cent FOB, legally backed by Section 18 (1) of the NCS Act (2023).

 

“Our aim today is to discuss the ongoing FOB suspension.

 

“This engagement is ongoing, and we will invite you again in the coming weeks to further explain the levy’s purpose and significance,” Abubakar stated.

 

The Comptroller explained that the four per cent FOB, also known as the Financial Customs Service Operation (FCSO), is essential for NCS operations and stakeholder interactions.

 

According to Abubakar, the levy is legally mandated and vital for smooth customs operations.

 

Stakeholders at the meeting were educated on the benefits and legal basis of the FOB, while some expressed concerns about the additional financial burden. (NAN) www.nannews.ng

Edited by Kamal Tayo Oropo

TCN sensitises community on power infrastructure protection
Economy/Business

TCN sensitises community on power infrastructure protection

405 total views today

 

By Constance Athekame

The Transmission Company of Nigeria (TCN) on Tuesday carried out a sensitisation campaign in Leleyi Gbari, Kwali Area Council of the Federal Capital Territory (FCT) on the protection of power infrastructure.

 

The News Agency of Nigeria (NAN) reports that the campaign was part of the move to curb the incessant vandalism of electricity infrastructure.

 

Speaking at the campaign, Mrs Ndidi Mbah, TCN’s General Manager, Public Affairs, said that vandalism of power infrastructure affects communities and the nation.

 

According to her, vandalism of power installations is a serious setback to socioeconomic development, causing power outages, economic losses, and disruption of essential services.

 

”The consequences of vandalism are far-reaching, impacting not only on  the affected communities but also the entire nation.

 

”I want to emphasise that the security and integrity of our power infrastructure is a collective responsibilities.

 

”As host communities, you have a vital role to play in safeguarding these critical installations,” she said.

 

She said that by working together with TCN, the citizens can help ensure the security and integrity of the transmission towers.

 

”I  urge you to take ownership of these power installations and report any suspicious activities or incidents to the authorities.

 

”Your vigilance and cooperation can significantly reduce the incidence of vandalism and related crimes,” she said.

 

Mr Ismaila Doguwa, Assistant General Manager, Gwagwalada Transmission Station, said that the company had been battling with incessant vandalism.

 

Doguwa said that the campaign was necessary to educate the community on the protection of power infrastructure.

 

He said that security agencies and vigilance groups were doing their best to protect power installations, adding that they should do more.

 

”We know that security agencies are doing their best to protect power installations, but we are appealing to them to do more to ensure stable power supply.”

 

The head of Leleyi Gwari Community, Yusuf Sarki,  appreciated TCN for bringing the campaign to the community.

 

Sarki said that the community was ready to work with TCN and security agencies to protect power installations in the area.

 

”Since you have brought the campaign to our community, we are ready to work with the security agencies and vigilance groups to protect the power installations in our area,” he said.

 

Sarki appealed to the Federal Government to connect the community to the national grid.(NAN) (www.nannews.ng)

Edited by Kadiri Abdulrahman

Nigeria to host maiden African-Caribbean Investment Summit
Economy/Business

Nigeria to host maiden African-Caribbean Investment Summit

690 total views today

By Nana Musa

The inaugural African-Caribbean Investment Summit designed to forge high impact investment alliances between Africa and the Caribbean has been scheduled for March in Nigeria.

The Summit Coordinator, Hyelsinta Ojo, of the Aquarian Consult Ltd (ACL), disclosed this at a news conference in Abuja.

Ojo said the summit themed, “Bridging Continents, Africa and Caribbean, a Partnership for Prosperity’, is a catalyst for unlocking new economic frontiers across vital industries in Africa and the Caribbean.

The coordinator added that the summit, slated for Abuja from March 25 to March 28, is a strategic initiative aimed at deepening economic integration, enhancing cross-border investment, and fostering sustainable business collaborations.

“This summit marks a pivotal step in strengthening Africa-Caribbean trade relations.

“It will provide an unparalleled platform for high-level dialogue, strategic networking, and impactful partnerships among policymakers, investors, and business leaders,” she said

Ojo stressed that the AACIS ‘25 would showcase African investment opportunities to Caribbean investors and vice versa

According to her, the summit will focus on industries, including technology, agriculture, manufacturing, and finance.

“The event will host an array of distinguished speakers, including, Dr. Terrance Drew, Prime Minister of St. Kitts and Nevis, who will be delivering the keynote address alongside his official delegation.

“Dr Ameenah Gurib-Fakim, former president of the Republic of Mauritius, will also take the stage to share her expertise.

“A dynamic exhibition floor will spotlight cutting-edge innovations, connecting micro, small, medium, and large-scale businesses directly with investors and industry leaders,” she said.

Ojo said the coordinating entity, Aquarian Consult, had a 16-year track record in strategy development, business advisory, project management, and capacity building.

“Aquarian consult has consistently facilitated strategic partnerships that drive industry growth, enhance business performance, and support sustainable development in a changing global economy. (NAN) (www.nannews.ng)

Edited by Ese E. Eniola Williams

Trade, investment ministry to go fully digital by December – Oduwole
Economy/Business

Trade, investment ministry to go fully digital by December – Oduwole

350 total views today

By Lucy Ogalue

The Minister of Trade and Investment, Dr Jumoke Oduwole, says the ministry will fully digitise its operations by the end of 2025 to enhance efficiency.

Oduwole said this at the signing of a Memorandum of Understanding (MoU) between the ministry and the AIG Imoukhuede Foundation on Tuesday in Abuja.

The ceremony took place on the sideline of the Top Management Retreat of the ministry and its agencies.

The minister emphasised the urgency for the digital transition.

According to her, the ministry is just about to start that journey, and the deadline is the end 2025.

“I believe that this ministry is poised to serve Nigeria in a very special way.

“This effort underscores the government’s commitment to enhancing efficiency and streamlining operations within the ministry.”

The minister commended all heads of agencies and parastatals under the ministry for their  contributions towards driving and ensuring a digitised and effective ministry.

The Co-Founder, AIG Imoukhuede Foundation, Ofovwe Aig-Imoukhuede, expressed the commitment of the foundation to ensure the success of the initiative.

“We firmly believe that the future of Nigeria’s socio-economic development depends strongly on you, the public sector. You are the engine room of growth and development,” she said.

According to her, the foundation has previously played a pivotal role in digitalising the Office of the Head of the Civil Service of the Federation, turning it into a fully automated institution.

Aig-Imoukhuede said that the partnership would focus on three key pillars: digitalisation, capacity building and performance management.

“The first pillar will move the ministry from manual to automated processes, bringing it in line with 21st-century standards.

“We picked your ministry, because we firmly believe in the work that you are doing.

“Our support will ensure that key trade and industrial policies are executed with greater efficiency,” she said.

She said that capacity building remained a crucial component of the initiative, with efforts geared toward equipping civil servants with the necessary skills to leverage emerging technologies.

“Additionally, performance management systems will be developed to track progress and ensure that the reform efforts yield tangible results.

“We want to help to develop a robust performance management system because that will help to drive the reform efforts,” she said.

Highlight of the event was the signing of a performance bond between the ministry, heads of agencies under its supervision and AIG Imoukhuede foundation.

The News Agency of Nigeria (NAN) reports that the event was part of activities to mark Oduwole’s 100 days in office.(NAN)

Edited by Francis Onyeukwu/Kadiri Abdulrahman

EU, Germany launch initiative to boost renewable energy finance
Economy/Business

EU, Germany launch initiative to boost renewable energy finance

299 total views today

 

By Grace Alegba

 

The European Union (EU) and Germany on Tuesday launched an initiative, as part of efforts to address Nigeria’s electricity access challenges, particularly in rural areas.

 

Ms Inga Stefanowicz, Team Leader for Green and Digital Economy, EU Delegation to Nigeria and ECOWAS, while speaking at the launch of the Nigeria Country Window initiative in Lagos, emphasised its importance.

 

The initiative is organised by GET.invest Nigeria.

 

“The EU remains committed to supporting Nigeria’s energy transition and sustainable growth.

 

“Reliable electricity is crucial for economic development, and unlocking finance for renewable energy solutions is vital to closing Nigeria’s energy access gap.

 

“Through GET.invest Nigeria, we aim to facilitate access to finance for renewable energy projects that will benefit businesses and communities across the country,” she said.

 

The News Agency of Nigeria(NAN) reports that the initiative aims to accelerate investments in renewable energy solutions by unlocking finance for sustainable energy projects and businesses, specifically tailored to the Nigerian context.

 

It is being implemented by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ).

 

The initiative will closely cooperate with other donor-funded initiatives in Nigeria, particularly the Nigerian Energy Support Programme (NESP), which has been co-funded by the EU and the German Federal Ministry for Economic Cooperation and Development (BMZ) since 2013.

 

 

 

Mr Mamman Mahmuda, Permanent Secretary of the Federal Ministry of Power, said that Nigeria remained committed to a brighter and more sustainable future.

 

The permanent secretary, represented by an Assistant Director in the ministry, Mr Temitope Dina, said that such commitment signals the arrival of GET.invest Nigeria at a critical time in the nation’s journey toward achieving sustainable development.

 

He said: “With the right investments, policies and technologies, we can create a cleaner, greener and more resilient energy system.

 

“This transformation is not just a goal; it is a necessity for ensuring energy access for all Nigerians, reducing our dependence on fossil fuels, and enhancing our environmental stewardship.”

 

The Speaker of the House of Representatives, Tajudeen Abbas, called on investors to see the launch as an opportunity to invest wisely and strategically.

 

According to him, this is because the return on investment promises to be very high.

 

He added that “GET.invest Nigeria is our answer to some of the country’s challenges. It is also part of our commitment to innovation, sustainability, and resilience.”

 

In his remarks, Consul General at the German Consulate General in Lagos, Weert Börner, highlighted Germany’s commitment.

 

“Germany is proud to co-fund GET.invest Nigeria as part of our broader partnership with Nigeria in fostering sustainable economic development.

 

“By supporting private sector investment in renewable energy, we aim to strengthen Nigeria’s clean energy ecosystem and contribute to long-term economic growth.

 

“We look forward to seeing this initiative help unlock new opportunities for businesses and communities alike,” he said.

 

Meanwhile, GET.invest Nigeria Coordinator, Mr Lawrence Efanga Edeke, while underscoring the role of the New Country Window in driving energy investment, said, “GET.invest Nigeria is not a silver bullet but an essential part of scaling up investments in the renewable energy sector.

 

“By working closely with project developers, financiers and policymakers, we aim to mobilise the level of investment required to meet Nigeria’s ambitious energy and climate commitments, ultimately fostering a sustainable and inclusive energy transition.”

 

Through the initiative, GET.invest Nigeria will also provide market intelligence, industry mobilisation and capacity development support to local stakeholders, equipping them with the tools needed to expand clean energy solutions across the country.

 

Also, the initiative is set to accelerate investments that will enhance energy security, drive economic growth and improve the quality of life for millions of Nigerians.

 

Together with its donors, the European Union, Germany, Norway, the Netherlands, Sweden and Austria, GET.invest has established a series of country windows that allow the programme to focus on selected national sustainable energy markets.(NAN)

 

Edited by Olawunmi Ashafa

Nigeria Customs suspends implementation of 4% FOB charge
Economy/Business

Nigeria Customs suspends implementation of 4% FOB charge

340 total views today

Suspension

By Martha Agas

The Nigeria Customs Service (NCS), has suspended implementation of the four per cent charge on the Free On-Board (FOB) value of imports.

The Spokesman of the service, Abdullahi Maiwada, made this known in a statement on Tuesday in Abuja.

According to him, the FOB charge is calculated based on the value of imported goods, including cost of goods and transportation expenses incurred up to the port of loading.

The News Agency of Nigeria (NAN) reports that the NCS on Feb.5 announced that it was implementing a four per cent charge on the FOB value of imports.

Maiwada said that the move was in line with the provision of Section 18 (1) of the Nigeria Customs Service Act (NCSA) 2023.

The announcement has received criticism from experts and stakeholders in the sector, who said the move would worsen the country’s inflation rate.

Dr Chinyere Almona, Director-General of the Lagos Chamber of Commerce and Industry, said the implementation was abrupt and lacked due consultation with stakeholders, as required by the provisions of the NCSA 2023.

The Spokesman said the suspension was sequel to ongoing consultations by Mr Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, with stakeholders.

He said the revised implementation timeline would be announced following the conclusion of the consultation.

He explained that the suspension period would allow the service to further engage with stakeholders while ensuring proper alignment with the Act’s provisions for the sustainable funding of its modernisation initiatives.

“This suspension will enable comprehensive stakeholder engagement and consultations regarding the Act’s implementation framework.

“The timing of this suspension aligns with the exit of the contract agreement with the service providers, including Webb Fontaine, which were previously funded through the one per cent Comprehensive Import Supervision Scheme (CISS).

“This presents an opportunity to review our revenue framework holistically, “ he said.

Maiwada explained that the previous funding arrangement which was repealed by the NCSA 2023, separated the one per cent CISS and the seven per cent cost of collection.

He said it created operational inefficiencies and funding gaps in customs modernisation efforts.

According to him, the new Act addresses the challenges by consolidating no less than four per cent of the Free-on-Board (FOB) value of imports to ensure sustainable funding for critical customs operations and modernisation initiatives.

He said the transition period would allow the service to optimise the management of these frameworks to better serve its stakeholders and the nation’s interests.

He said that NCS was already implementing several digital solutions, including the recently deployed B’Odogwu clearance system, which aims to automate trade operations and align the service with international standards.

He noted that stakeholders were already benefiting from the system, through faster clearance times and improved transparency.

He said the NCS remained committed to implementing the provisions of the Act in a manner that best serves stakeholders while fulfilling its revenue generation and trade facilitation mandate.(NAN)

Edited by Muhyideen Jimoh

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