Business
Must -Do By FG, Pvte Sector To Achieve $1 Trillion Economy in 2030
The Lagos State Government has said there is a need to optimise the tax collection process to be able to achieve the Federal Government’s $1 trillion economy target by the year 2030.
The Special Adviser to Lagos State Government on Public Private Partnerships, Mrs. Bukola Odoe, stated this at the 2024 Annual Workshop/ Awards of the Commerce and Industry Correspondents Association of Nigeria (CICAN) held in Lagos on Thursday.
Odoe addressed the ongoing discussions surrounding the proposed new tax bill in the National Assembly, and said there was for a balanced approach to tax collection that fosters economic growth and development in a fair and equitable manner.
Represented by Consultant and Financial Analyst, Lagos State Office of Public Private Partnerships, Mr. Adefisoye Adekunle, she said enhancing tax collection processes not only boosts revenue generation but also contributes to sustainable economic progress, supporting the realization of national economic targets.
“We need to focus and optimize our collection process, make it simpler, make it easier in such a way that people with a small Phone, Android can access, you can access your tax, and you can pay without any stress.”
She espoused the importance of fiscal policy in the context of national development, emphasising that sustainable revenue generation is indispensable for progress.
She pointed out the significance of non-oil taxes for states that lack control over oil revenue. She underscored the need for prudent financial management by states for the benefit of their citizens.
She further expressed her support for a bill that aims to streamline and update tax laws, ensuring that taxes are levied appropriately and collected efficiently.
She highlighted the proposed integration of technology in tax administration to simplify processes and enhance compliance.
She said the anticipated amendment of the current VAT Acts is in alignment with the proposed bill.
She also emphasised the pivotal role of infrastructure sustainability in facilitating tax reforms, advocating for the automation of revenue collection processes in Nigeria to improve effectiveness and transparency.
“There is a saying that there is no budget without revenue. When you look at the key sectors of Nigeria’s economy, health care, road infrastructure development, power, and education, anything you can talk about, we need money to do most of these things.
There is a need to automate the revenue collection process in Nigeria and sub-national”
The National Chairman of CICAN, Mr Charles Okonji, expressed deep worry over the sector’s poor health, noting that even government interventions have failed to address the challenges.
“The repercussions are evident, with many multinational corporations relocating to neighbouring countries due to unfavourable business conditions,” he stated.
The lack of sustained policies and strategies across different administrations could impede progress towards achieving such a significant economic milestone by 2030.
Okonji stressed the critical role of production in a nation’s greatness, saying without a vibrant private sector driving innovation and economic growth, Nigeria risks falling behind in the global market.
“It is imperative for policymakers and stakeholders to collaborate on effective strategies that will rejuvenate the private sector and attract investments that will propel Nigeria towards prosperity.”
He explained that the theme for this year’s event, “Manufacturing: $1 trillion GDP target by 2030: Realities & Possibilities,” was in line with the numerous hurdles faced by the industry.
“The ambitious target, however, also raises concerns, especially with the potential disruptions caused by the intermittent changes in government leadership in Nigeria.
The lack of sustained policies and strategies across different administrations could impede progress towards achieving such a significant economic milestone by 2030.
“Despite these challenges, the confidence expressed in the capabilities of the experts present at the event is reassuring.
It reflects a collective determination to navigate the complexities and uncertainties surrounding the manufacturing sector.
Okonji emphasized the importance of stakeholder engagement and collaboration, particularly with CICAN.
He underscores the need for unity and advocacy to drive meaningful change.
“By involving key industry players and leveraging their collective voice to influence government decisions, there is a greater likelihood of shaping policies that not only support local businesses but also contribute to the overall growth and sustainability of the manufacturing sector in Nigeria”, he said.
Business
BUA Group’s Long Service Awards: Rabiu Splashes N30bn on Staff
Five employees received N1 billion ($691,000) each, while another five were awarded N500 million ($345,000). Several others went home with N100 million ($69,000), and dozens more received sums ranging from N5 million ($3,450) to N20 million ($13,810), ensuring the rewards extended beyond senior staff and reflected the breadth of the workforce.
•Abdul Samad Rabiu
Abdul Samad Rabiu, the Chairman of BUA Group, on Saturday, Dec. 13, 2025, shared $20.7 million (about N30 billion )in cash rewards to staff for their long -service and loyalty across the conglomerate.
The payouts were announced at the BUA Night of Excellence Long Service Awards held at Eko Hotel & Suites in Victoria Island, Lagos.
The annual event, which brought together staff across BUA Group and its subsidiaries, was designed to recognize years of service, loyalty and day-to-day contributions that often go unnoticed outside company walls.
At the ceremony, Rabiu approved cash awards spanning multiple levels of the organization.
Five employees received N1 billion ($691,000) each, while another five were awarded N500 million ($345,000). Several others went home with N100 million ($69,000), and dozens more received sums ranging from N5 million ($3,450) to N20 million ($13,810), ensuring the rewards extended beyond senior staff and reflected the breadth of the workforce.
The awards build on a pattern that employees say has become familiar at BUA.
Business
GTCO Unveils First-Ever Holiday Edition of Food & Drink Festival, Scheduled for December 20–21, 2025
Guaranty Trust Holding Company Plc (GTCO Plc) has launched the inaugural Holiday Edition of its renowned GTCO Food & Drink Festival, Africa’s largest culinary event.
The two-day festival is scheduled for December 20 and 21, 2025, at the GTCentre in Oniru, Victoria Island, Lagos.
This special edition marks a festive expansion of the annual festival, blending African culinary excellence with family-oriented holiday experiences and support for small businesses.
Unlike previous editions, it shifts focus from chef masterclasses to immersive attractions tailored for the holiday season.
Segun Agbaje, Group Chief Executive Officer of GTCO Plc, highlighted the event’s significance: “The GTCO Food & Drink Festival is a powerful platform that aligns with our mission to fuel enterprise, promote African creativity, and connect communities through meaningful lifestyle experiences.
The Holiday Edition gives us an exciting opportunity to celebrate the festive season while supporting thousands of food entrepreneurs who form the backbone of our economy.”
Record-Breaking SME ParticipationTrue to its commitment to empowering local businesses, GTCO continues its free vendor participation model.
For this edition:
– Over 4,000 applications were received.
– 213 Nigerian-owned food SMEs were selected—nearly double the number from recent editions.
– Vendors will offer diverse, affordable culinary options, providing a high-traffic platform to boost visibility and sales during the holidays.
The surge in participation highlights the festival’s role in driving SME growth and inclusive economic development.
The 2025 Holiday Edition introduces tailored attractions:-
**Christmas Village**: A curated marketplace with handcrafted gifts, seasonal delicacies, artisanal products, and holiday entertainment.
– **Large Children’s Play Zone**: Immersive games and activities for families.
– **Street Food Hub**: Showcasing Nigeria’s vibrant street food diversity.
– **Live Entertainment**: High-energy DJ sets from top Nigerian performers.
The event aligns with GTCO’s corporate social responsibility goals, promoting community impact, SME support, and Nigeria’s creative economy.
Admission is free and open to the public, emphasizing accessibility to world-class experiences.
For more details, visit the official site at [foodanddrink.gtcoplc.com](https://foodanddrink.gtcoplc.com/).
Business
BOI, NCGC sign N10bn loans for women in business
BOI said that the programme would support women-led enterprises across manufacturing, ICT, digital marketing, ecommerce, healthcare, education, renewable energy, processing, waste management, and the creative industries.
• Image of a business woman/ BOI
Nigeria’s push for inclusive economic growth gained momentum on Wednesday as the Bank of Industry (BOI) and the National Credit Guarantee Company (NCGC) launched a N10 billion loan guarantee programme aimed at improving access to finance for women-owned businesses.
The agreement, signed through a Memorandum of Understanding (MoU) in Abuja, represents one of the major gender focused credit support initiatives introduced in recent years.
The BOI Managing Director, Dr Olasupo Olusi and the Managing Director of NCGC, Mr Bonaventure Okhaimo, signed the MoU on behalf of their respective institutions.
The scheme, known as GLOW, meaning Guaranteed Loans for Women, provides for a 25 per cent guarantee by NCGC on BOI loans.
This arrangement is expected to reduce lender risk and create easier access to affordable credit for women entrepreneurs at concessionary interest rates, the two organisations said.
BOI said that the programme would support women-led enterprises across manufacturing, ICT, digital marketing, ecommerce, healthcare, education, renewable energy, processing, waste management, and the creative industries.
Olusi said the initiative was designed to address long-standing barriers that prevent women from accessing growth capital.
He said GLOW was structured to offer concessionary pricing at seven per cent, flexible collateral options and capacity building support, noting that these measures were intended to help close gender financing gaps within the MSME sector.
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