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  • FEC expresses concerns over rising cost of goods, services

    FEC expresses concerns over rising cost of goods, services

    The Federal Executive Council (FEC), on Wednesday, January 17, expressed concerns over rising cost of goods and services in the country.

    Also, President Bola Tinubu has mandated the Presidential Council on Industrial Revitalization, as well as the Presidential Council on Fiscal Reform and Tax Policy Review to fast-track their reports and their reviews and come up quickly with their recommendations so that the real sector and the citizens can begin to feel the impact of the Renewed Hope Agenda.

    This was disclosed by the Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, while briefing journalists after the first FEC meeting of the year, presided over by President Bola Tinubu at the State House, Abuja.

    The minister: “Council noted the rising cost of goods and services in the country, as well as the rising cost of doing business in Nigeria and also noted the excitement and optimism of the real sector that the Renewed Hope Agenda will bring a prosperous 2024.

    “We deliberated on how we can actually improve the business environment for manufacturers and industrialist. As you’ll recall, the priority of this government is to promote and protect local industries and manufacturers and this will mean that we must do all that is necessary to remove all the roadblocks and bottlenecks impeding or impacting businesses.

    “His Excellency, the President, has always reiterated that Nigeria is open for business and that there are no more roadblocks. We are removing and we’ve removed these roadblocks and these roadblocks include multiple taxation, multiple levies, customs duties and various levies that are imposed on businesses, infrastructure decay, including power.

    “As you’ll recall, the President already set up the Presidential Council on Industrial Revitalization, as well as the Presidential Council on Fiscal Reform and Tax Policy Review. The Presidential Council on Industrial Revitalization was set up in October and the Presidential Council on Fiscal Policy and Tax Review was set up in July 2023.

    “His Excellency now mandated that this council must fast-track their reports and their reviews and come up quickly with their recommendations so that the real sector and the citizens can begin to feel the impact of the Renewed Hope Agenda.

    “As you will recall, the Presidential Council on Industrial Revitalization includes the following: the Committee on Consumer Credit, Committee on Artisan Certification and Licensing, Committee on Trade Facilitation, Committee on Commodity Exchange, Committee on Mining and Solid Minerals, Committee on Oil and Gas, Creative Economy, Steel and Heavy Industries and now Healthcare has also opted to join the Presidential Council, as well as the Committee on MSMEs.

    “The FEC noted that when this committee finalizes its review and comes up with its reports, that we will be implementing policies that will jumpstart the economy again and see us experiencing a double-digit growth rate in the GDP, as well as being on track to achieve the vision of His Excellency to achieve a $1 trillion economy.

    “For this to happen, we have been mandated and charged to come up with the resolution from those committees as quickly as possible and when this is implemented, we expect to see more creation of jobs, drop in prices of goods and services, and a total revival of the economy and we assured the FEC that we will do all that is necessary to come up with the resolution as quickly as

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    possible so that Nigerians can begin to enjoy the shared prosperity and the Renewed Hope Agenda in 2024.”

    Also briefing journalists after the meeting, Attorney-General and Minister of Justice, Mr Lateef Fagbemi, disclosed that Council mandated him to obtain the National Assembly’s ratification of the tax liberalization agreement signed between Nigeria and the United Arab Emirates (UAE), during President Tinubu’s visit to the country.

    According to him, this is to ensure Nigeria fully maximizes the agreement, which focuses on the regularizing taxation between both countries, particularly through the elimination of double taxation, tax evasion or avoidance, adding that it was agreed that a solid national policy on taxation that will attract foreign investments to the country. 

    He said: “One of the major issues discussed was the issue of double taxation, all with a view to encouraging foreign direct investment.  This time around, it’s about the relationship between the Nigeria the United Arab Emirates. ⁣

    “You’ll recall that a while ago, the President was in the United Arab Emirates and one of the matters that came up for discussion and negotiation was the agreement for the elimination of double taxation with respect to taxes on income and prevention of tax evasion and avoidance.⁣

     ⁣”The council noted that the agreement between both countries, that is, between Nigeria and the United Arab Emirates, include personnel income tax, company income tax, petroleum profit tax, information technology levy, tertiary education tax and capital gain tax.

    “Because of the effect of this cooperation or the benefits that will accrue to Nigeria, the Council agreed and directed that the agreement that had been signed already should be taken further by mandating, authorising the Attorney-General and Minister of Justice to prepare a bill along this line to take to the National Assembly for ratification. ⁣⁣

    “The effect of this is that it does cease to be an ordinary agreement, but an agreement between two countries. Other countries will follow, but the one that we immediately leverage on is the one between Nigeria and the UAE.

    “Apart from this, one has also decided that going forward, we should also have a very solid national policy on taxation that will drive or attract foreign investment, so on the part of FDI, this was what was discussed and decided at the Federal Executive Council”, he said.

    Commenting on ratification of the Investment Promotion and Protection Agreements between Nigeria and the UAE, the Minister of Industry, Trade and Investment, Dr. Uzoka- Anite, said: “With the approval, we can now send the already-signed IPPA to the National Assembly for ratification.

    “The council also approved that the Minister for Industrial Trade or Investment should also immediately invoke Article 26 of that agreement, which mandates that we can review and amend some sections of the IPPA to conform with the current IPPA model that we’re using, which is a 2016 model.

    “So that has been approved for ratification and we will immediately proceed to invoke the section that will enable us to review and amend the sections that were not originally viewed to be favorable.”

  • Reps seek ban on imported goods with local substitute 

    Reps seek ban on imported goods with local substitute 

    As the naira consolidates its  strength , the House of Representatives Committee on Finance , Loans and Debt Management has recommended that all locally produced goods be banned from importation.

    The House gave the recommendation while considering a report on the 2024-2026 Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP).

    Recall that the dollar  fell against the naira on Tuesday and Wednesday at both the official and parallel market.

    According to the Data from the Nigerian Autonomous Foreign Exchange Fixing (NAFEX), the country’s official exchange rate window, the Naira fell from N750.14 on Monday to N830.97 and N840.53 on Tuesday and Wednesday.

    Also, in the parallel market, the Naira moved from N1,140, on Monday to N1,145 and N1160 on Tuesday and Wednesday.

    To this end, the lawmakers said despite the unification of the foreign exchange market, there is still pressure on the naira.

    This, the house said is “due to the lack of stable foreign reserve as a result of the lack of exports of locally produced goods”.

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    The lawmakers, therefore, recommended that “all items locally produced should be outrightly banned from importation and customs tariffs amended accordingly.”

    Supporting the reps call, an exporter, Ikechi Okonkwo, disclosed that the fall in naira was as a result of over reliance on importation.

    He, however, called for diversification of the economy, saying the refinery must also begin refining of petroleum products if we want to stem the fall in naira.

    “The rise in dollar rate is telling on Nigerians because the Nigerian economy is import based. As you may know, we practically import almost everything, including toothpick and as such any time dollar rises against the naira, the effect is immediately noticed as we can see on the prices of petroleum, rice and other essential commodities. 

    “President Tinubu’s economic team should initiate policies that could lead to diversification of the economy from oil. It is sad that after 60 years of independence, Nigeria fell from an agro-based economy to a nation that could barely feed its citizens. 

    “It is also appalling that despite the fact that the country falls among leading petroleum nations in Africa, it can’t boast of any functional refinery. All these obstacles must be overturned if we must truly become the giant of Africa,” Okonkwo said.

  • ‘Goods must bear vital information’

    Lagos State Consumer Protection Agency (LASCOPA) has advised producers to provide  information for consumers  on the cartons of their products the products too.

    Its General Manager, Mrs. Kemi Olugbode, told yesterday reporters in Ikeja, that  some supermarkets and retail shops displayed goods without details such as expiry date/best before date, production date, batch number, etc.

    She said retailers of products without inscription of vital details were being educated on the need to insist that only products with the required information are purchased from their suppliers.

    Such basic information, she said, would show that the product was in good condition.

    Olugbode           said LASCOPA monitoring team and Consumer Education team go out regularly to check and ensure that displayed products are not hazardous, while educating traders on the importance of displaying wholesome goods for sale to consumers.

    “Our monitoring team ensures that expired products discovered in any retail shop or supermarket are removed, to ensure they are not sold to consumers,” she said

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    The GM, who last week enjoined consumers to ensure examination of the product information and other vital details before purchasing them, said checking the details of products would not only enable consumers of perishable products to get value for their money, but would also guarantee their protection from the harmful effect of hazardous products.

    She said it had become necessary to educate consumers on the need to do regular check on the details of products before buying them.

    Olugbode said producers or sellers who flout the law by displaying or selling expired products or not complying with the requirement on display of information on products will be prosecuted as provided by the law setting up LASCOPA, especially if they fail to comply with warnings and directives from the agency.

     

  • NEPC, LCCI set up panel on movement of goods in ECOWAS

    A committee, which comprises  the Nigerian Export Promotion Council (NEPC), Lagos Chamber of Commerce and Industry (LCCI), the Nigeria Customs Service (NCS), and the National Agency for Food and Drug Administration and Control (NAFDAC) has been set up to enhance the movement of goods within the Economic Community of West African States (ECOWAS).

    At the committee’s inauguration  tagged: “Nigeria ECOWAS Export Development”, it was noted that the West African sub-region is a huge market with potential for growth if well harnessed by member states.

    According to the committee, the potential of export from Nigeria into the ECOWAS region can be seen in the items of import into the region from Asia, America and Europe.

    It listed the top 10 products being imported into the region from various parts of the world to include fuel, vehicles, tractors, cycles, machinery, mechanical appliances and boilers, cereals, plastics, pharmaceuticals, fish and seafood.

    LCCI President Mr. Babatunde Ruwase noted that the forum presented an opportunity to review the state of economic integration in the sub-region, identify the challenges and proffer solutions, especially from the private sector perspective.

    He said: “For too long, private sector organisations and institutions have confined themselves to the comfort of their individual countries, while our counterparts in other parts of the world are advancing the frontiers of their economies and markets through integration.

    “In these days of the growing forces of globalisation, this individualistic disposition and outlook may not be sustainable. We need to broaden our perspectives and thinking beyond our individual countries. We should begin to develop not only national, but also continental and global outlook for our businesses and economies.”

    Ruwase emphasised the need to tackle current frustrating barriers to trade in the sub-region, noting that the trade treaties were not being implemented.

     

  • Passenger gets six months for stealing co-traveller’s goods

    Passenger gets six months for stealing co-traveller’s goods

    A Karmo Grade 1 Area Court, Abuja, yesterday sentenced a passenger, Morris Hussani, to six months’ imprisonment for stealing a co-traveller’s goods.

    The Judge, Mr. Abubakar Sadiq, sentenced the convict after he pleaded guilty to a one-count charge of stealing.

    He, however, warned him to be of good behaviour and desist from committing crime after serving his jail term.

    The prosecutor, Mrs. Florence Auhioboh, told the court that on February 15, Christian Ojukwu, of Godbless Ezenwata Motors Nigeria Ltd Utako, Abuja, reported the case at Utako Police Station.

    She said on February 14, the convict boarded a vehicle from Lagos to Abuja.

    Auhioboh said the convict, while on the journey, criminally and smartly opened a co-traveller’s bag, stole his goods and transferred them into his bag without the consent of the owner.

    She said during police investigation, he (Hussani) was arrested and admitted to committing the offence.

    The prosecutor said the offence contravened Section 288 of the Penal Code, which stipulates five years’ imprisonment for theft with an option of fine or both.

  • SON destroys expired goods in Ekiti

    SON destroys expired goods in Ekiti

    The Standards Organisation of Nigeria (SON) in Ekiti State raided about 100 shops at the weekend and destroyed fake and expired products, estimated at over N4.5 million.

    Operatives of the agency burnt fake and substandard tyres, expired breakfast cereals, packed snacks, detergent, soap, wine and fruit juices.

    Others include television sets and cables as well as substandard LPG cylinders.

    SON State Coordinator Oyebola Ayeni said the raid was conducted in conjunction with security agencies following a tip-off and sustained surveillance by agency workers.

    Ayeni said the destroyed items were seized from distributors and sellers after the products failed quality assurance tests.

    The SON coordinator said most of the seized items had fake company names, fake brand names, fake countries of origin and imaginary expiry dates embossed on them.

  • Delta introduces local equivalent of VAT on goods, services

    Living in Delta State is about to be more expensive, as the state government has introduced a Consumption Tax, its variation of the Value Added Tax (VAT), to be paid on goods and services.

    The Delta State Board of Internal Revenue (DBIR), during a press briefing yesterday at its head office in Warri, urged the people to comply with the law, which has been in effect since June 13, adding that it is its responsibility to ensure that the law is effected and complied to by all sales and service outlets.

    Speaking on the new Delta State Occupancy, Restaurants and Departmental Stores Consumption Tax, Executive Chairman of the DBIR Sir Monday Onyema explained that dwindling finances, particularly from the federation account, underscored the need to introduce the new tax.

    Onyema, who was represented at the briefing by the board’s Secretary, Chief Mike Edegware, appealed to  ressidents doing business in the state to obey the law.

    He added that the board will sensitise and enlighten stakeholders ahead of implementation.

    “The law, excluding Value Added Tax (VAT), imposes a five per cent tax on the bill issued to a customer, who pays for the use or possession of any hotel, facility or event centre or purchases goods or services in any restaurant, whether or not located within a hotel or goods and services within a departmental or supermarket in the state.

    “While the tax is paid by the consuming public, the responsibility to collect the tax imposed is that of a person owning, managing or, controlling any business or supply any goods or services chargeable under Section 3 of the law”, the board said.

  • Five alleged burglars stole N2.9m goods

    Five men were, at the weekend, arraigned at an Ikeja Magistrates’ Court in Lagos for allegedly breaking into an apartment and stealing five laptops, four cameras and other valuables, worth N2.9 million.

    Chukwukebuka Onuoha, 39; Charles Ejezie, 35; Chimobi Nwaeze, 28; Tosin Oyetakin, 30 and Ernest Azuka, 23, residents of Ajegunle, Lagos, are facing a three-count charge of conspiracy, stealing and burglary.

    The prosecutor, Simeon Imhonwa, told the court the accused committed the offences on July 12 at Ekundayo Street, Ajegunle, Lagos.

    He said they conspired to break into the apartment of John Olomu and committed the act.

    “The accused and his accomplices used a sharp object to gain access and carried out the operation because the owner of the apartment had gone to work.

    “The accused and his cohorts were caught by the complainant’s neighbour, who saw the accused coming out with laptops and other valuables.

    “She shouted and residents came out and apprehended the accused while they were trying to escape.

    “Olomu reported the case to the police immediately his neighbours notified him of the theft and the accused were arrested,” Imhonwa said.

    The offences contravened sections 287, 307 and 411 of the Criminal Law of Lagos State, 2015.

    The accused pleaded not guilty.

    News Agency of Nigeria (NAN) reports that Section 287 prescribes a three-year jail term for stealing; Section 411 stipulates two years for conspiracy; while Section 307 stipulates seven years for burglary.

    The Chief Magistrate, Mrs. B.O. Osunsanmi, granted the accused bail at N300,000 each with two sureties.

    She adjourned hearing till September 19.

  • Made-in-Nigeria goods’ll boost SMEs, create jobs

    The Federal Government’s strong push to encourage Nigerians to support locally- made goods and services will help encourage entrepreneurship at the Small and Medium Enterprise (SME) segment.

    This could spur diversification of the economy, create local jobs, and reduce unemployment.

    The Regional Director for Sage in West Africa, Mr. Magnus Nmonwu, made this known on the sideline of the Africa Day celebration with the theme, “Building a better Africa and a better world.”

    Sage is the market and technology leader for integrated accounting, payroll, and payment systems, supporting the ambition of entrepreneurs and business builders.

    Nmonwu said: “Small businesses and start-ups are the engines that will power Nigeria’s growth into the future.

    “The sooner we start supporting our proudly Nigerian suppliers and service providers, the better for us. With our support, they can create wealth and jobs for the country, and many of them could grow into globally competitive exporters.”

    Nmonwu said the Federal Government should be praised for putting the spotlight on local manufacturers through initiatives such as the Made-in-Nigeria Dress Days and an Executive Order compelling state agencies to direct at least 40 per cent of procurement to Made-in-Nigeria goods and services.

    He stressed that local service providers and manufacturers could play an important role in the revival of Nigeria’s economy.

    “We welcome the effort to encourage industrialisation and diversify the economy from commodities into new areas. Strong local demand is the foundation of a manufacturing sector that can grow into an export industry,” Nmonwu said.

    According to him, government was putting its money where its mouth is with its Executive Order and giving the public a good example to follow.

    The Sage Regional Director, however, said there was scope for the public sector to do more to encourage the growth of SMEs.

    Such encouragement, he said, includes tax incentives for local producers, support in accessing finance, and facilitating mentoring and skills development programmes between small business and bigger companies.

    “The government should encourage small businesses to adopt business software so that they can improve regulatory compliance and financial controls. This could also help in tracking the performance of those that benefit from state loans and incentives, and hold them accountable,” Nmonwu said.

     

     

  • Made-in-Nigeria goods ’ ll boost SMEs, create jobs

    The Federal Government’s strong push to encourage Nigerians to support locally- made goods and services will help encourage entrepreneurship at the Small and Medium Enterprise (SME) segment.

    This could spur diversification of the economy, create local jobs, and reduce unemployment.

    The Regional Director for Sage in West Africa, Mr. Magnus Nmonwu, made this known on the sideline of the Africa Day celebration with the theme, “Building a better Africa and a better world.”

    Sage is the market and technology leader for integrated accounting, payroll, and payment systems, supporting the ambition of entrepreneurs and business builders.

    Nmonwu said: “Small businesses and start-ups are the engines that will power Nigeria’s growth into the future.

    “The sooner we start supporting our proudly Nigerian suppliers and service providers, the better for us. With our support, they can create wealth and jobs for the country, and many of them could grow into globally competitive exporters.”

    Nmonwu said the Federal Government should be praised for putting the spotlight on local manufacturers through initiatives such as the Made-in-Nigeria Dress Days and an Executive Order compelling state agencies to direct at least 40 per cent of procurement to Made-in-Nigeria goods and services.

    He stressed that local service providers and manufacturers could play an important role in the revival of Nigeria’s economy.

    “We welcome the effort to encourage industrialisation and diversify the economy from commodities into new areas. Strong local demand is the foundation of a manufacturing sector that can grow into an export industry,” Nmonwu said.

    According to him, government was putting its money where its mouth is with its Executive Order and giving the public a good example to follow.

    The Sage Regional Director, however, said there was scope for the public sector to do more to encourage the growth of SMEs.

    Such encouragement, he said, includes tax incentives for local producers, support in accessing finance, and facilitating mentoring and skills development programmes between small business and bigger companies.

    “The government should encourage small businesses to adopt business software so that they can improve regulatory compliance and financial controls. This could also help in tracking the performance of those that benefit from state loans and incentives, and hold them accountable,” Nmonwu said.

    He added that infrastructure investment across roads, power, communications and ports are also important in spurring development of local industries.