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
FG Announces New Procurement Policy Shift Favouring Local Manufacturing

The Federal Executive Council (FEC) has approved a “Nigeria First Policy” aimed at prioritising the use of locally made goods and services in all government procurements.
The Minister of Information, Mohammed Idris, made the disclosure saying that the policy seeks to domesticate all government processes.
The Nigerian government expects that with the new policy, local manufacturers will get priority in the provision of goods and services.
“No procurement of foreign goods or services already available locally shall proceed without justification, and where there is an exceptional need for these services to procure from outside, there must be a waiver to be obtained, written waiver to be obtained by the Bureau of Public Procurement (BPP),” Mr Idris said.
“Where no viable local option exists, contracts must include provisions for technology transfer, local production or skills development.
For example, the provision of portal allocations under the sugar master plan should take into consideration participants’ backwards integration plans and investment in Nigeria and ensure compliance with the Master Plan.
“The MDAs have also been directed to immediately conduct an audit of all procurement plans and submit revised versions in line with these directives. Breaches will attract sanctions, including cancellation of procurement processes by such MDAS, and indeed disciplinary action against responsible officers,” the minister noted.
The federal cabinet approved these proposals on Monday and the office of the Attorney General of the Federation has been directed to prepare an Executive Order to be issued by President Bola Tinubu.
This is a major shift in government policy, Mr Idris added. “It puts Nigeria – not foreign companies, not imports – at the heart of our national development.”Once signed into law, Mr Idris said, the legislation will “foster a new business culture that will be bold, confident, but also very, very Nigerian, and it aims at making the government invest in our people and our industries by changing how the government spends money, how we procure and how we also build our economy.”“Going forward, Nigerian industry will take precedence in all procurement processes,” the minister said.
This is a major shift in government policy, Mr Idris added. “It puts Nigeria – not foreign companies, not imports – at the heart of our national development.
”Once signed into law, Mr Idris said, the legislation will “foster a new business culture that will be bold, confident, but also very, very Nigerian, and it aims at making the government invest in our people and our industries by changing how the government spends money, how we procure and how we also build our economy.”
Where local supply falls short, contracts will be structured to build capacity domestically, according to Mr Idris. “Contractors will no longer serve as intermediaries sourcing foreign goods where local factories die. I take the example of the sugar industry.”
“For example, we still have so much importation of sugar coming into this country, yet we have the Nigerian sugar council that was set up to look inward to see how sugar production can be produced, you know, for the benefit of Nigerians.
President Tinubu has proposed that we will no longer just sit there and allow importation to come into this country where there is the capacity for production of these commodities locally.
Now, as I said, the president has proposed the following directives, and all of them have been approved by the Federal Executive Council.”
President Tinubu has proposed that we will no longer just sit there and allow importation to come into this country where there is the capacity for production of these commodities locally. Now, as I said, the president has proposed the following directives, and all of them have been approved by the Federal Executive Council.”
Business
Dangote Group Sponsors Nasarawa Trade Fair
The fair is a collaboration between NASSI and the Nasarawa State Chamber of Commerce Agriculture and Industries.

The Dangote Group is sponsoring the 2025 Nasarawa Trade Fair Exhibition, which officially opens this Wednesday in Lafia, the state capital.
The Theme for this year’s Fair is: Investing in Nasarawa’s Future: Fostering Economic Development Through Mineral and Agricultural Cottage Industrialisation
The trade fair, according to the Chairman of the Nigeria Association of Small-Scale Industrialists (NASSI), Nasarawa State Chapter, Nidan Sambo Manasseh, will be declared open by the state governor, Abdullahi Sule.
He said the fair is a collaboration between NASSI and the Nasarawa State Chamber of Commerce Agriculture and Industries.
Business
Rite Foods Drags Mamuda Beverages to Court Over Products Semblance
Justice Nwite has scheduled a hearing for May 28, where the court will deliberate on Mamuda Beverages’ objection to the case and determine whether Rite Foods’ lawsuit can proceed.

Rite Foods Ltd, the manufacturer of Fearless Energy Drinks, has filed a N1.6 billion lawsuit against Mamuda Beverages Nig. Ltd, producer of Pop Power Energy Drinks, citing trademark infringement and unauthorized replication of its product design.
The lawsuit seeks both damages and an injunction to prevent Mamuda Beverages from continuing to manufacture energy drinks that bear a striking resemblance to Rite Foods’ registered products.
In the writ of summons filed on April 14 before Justice Emeka Nwite of the Federal High Court in Abuja, Rite Foods claims that Mamuda Beverages has violated its intellectual property rights by introducing a nearly identical design for its Pop Power Energy Drinks.
The plaintiff alleges that the defendant has copied its distinctive bottle design, ornamental features, and brand identity, leading to consumer confusion.
Rite Foods Ltd, stated that its Fearless Energy Drinks feature a unique 500ml plastic bottle design incorporating a lion head logo, a specific shape, and color scheme, all of which were officially registered under the Patents and Designs Act on August 24, 2020.
The plaintiff argues that Mamuda Beverages’ 330ml Pop Power Energy Drinks replicate the shape, color, and overall aesthetic of the Fearless brand, with some consumers referring to it as “small Fearless” due to its resemblance.
The lawsuit demands an order of perpetual injunction restraining Mamuda Beverages, its distributors, and associates from further infringing on Rite Foods’ trademark, including manufacturing, distributing, or selling energy drinks that imitate its design.
The plaintiff also seeks N1 billion in damages for losses incurred due to the alleged unlawful use of its registered design, as well as N60 million in legal costs.
Previous injunction Rite Foods had previously secured an injunction against Mamuda Beverages in January 2025 before Justice Inyang Ekwo, restraining the defendant from continuing the production and distribution of Pop Power Energy Drinks.
The parties later reached a settlement agreement , which required Mamuda Beverages to alter elements of its product design to ensure differentiation from Fearless Energy Drinks.
However, Rite Foods claims that Mamuda Beverages has since violated the terms of the settlement, reintroducing a “remodeled” version of the Pop Power Energy Drinks that remains substantially identical to the original design.
This alleged breach prompted the fresh lawsuit, as Rite Foods insists that court intervention is necessary to protect its exclusive rights over its registered trademark and product design.
Mamuda Beverages has responded with a preliminary objection, urging the court to dismiss the case because the lawsuit constitutes an abuse of the court process.
The defendant argues that the matter was already litigated and resolved in an earlier consent judgment, rendering the court functus officio—a legal principle preventing the relitigation of settled disputes.
Justice Nwite has scheduled a hearing for May 28, where the court will deliberate on Mamuda Beverages’ objection to the case and determine whether Rite Foods’ lawsuit can proceed.
-
Business1 day ago
Rite Foods Drags Mamuda Beverages to Court Over Products Semblance
-
Business2 days ago
Dangote Says Oil Cabals Still Fighting Against His Refinery
-
Business1 day ago
Apprehension Over Hints of Facebook, Instagram Accounts Closure in Nigeria By Meta
-
Entertainment1 day ago
“Free my guy”, Davido calls for the release of VeryDarkMan
-
Business1 day ago
Dangote Group Sponsors Nasarawa Trade Fair
-
News1 day ago
#FreeVDM: Protesters storm GTBank Abuja headquarters, demand VeryDarkMan’s release
-
Crime1 day ago
JUST IN: Bandits Attack Three Bauchi Villages, Kill Many Villagers, professional Hunters
-
Business8 hours ago
FG Announces New Procurement Policy Shift Favouring Local Manufacturing