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Afreximbank Makes Nigeria Permanent Regional Office

President Bola Tinubu, represented by the Secretary to the Government of the Federation, Dr. George Akume, highlighted the AATC’s strategic importance, its pivotal role in shaping Africa’s economic future, and its potential impact on the continent’s trade and investment landscape.

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The African Export-Import Bank (Afreximbank) says its goal to make Nigeria permanent regional office, has been achieved with its just commissioned $120 million Afreximbank African Trade Centre (AATC) in Abuja.

The President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah, said , noting that the project, which began in November 2021 in Abuja, has brought a three-decade-old aspiration to fruition.

“This project marks the first of seven planned Afreximbank African Trade Centres (AATCs) across Africa, including Kampala, Uganda, Harare, Zimbabwe, Cairo, Egypt, Yaoundé, Cameroon, Tunis, Tunisia, and Kigali, Rwanda,” he said.

He emphasized that the project’s an initiative that aims to accelerate intra-African trade, deepen regional integration and foster economic transformation across the continent with a potential to advance the country’s ambition of emerging as the regional hub.

He added , this AATC in Abuja has been a 41 -month journey—one built on hope and determination. Like the other centres, it will serve a multi-purpose function: as a hub for fostering deeper regional and continental integration.

Oramah expressed gratitude to the Federal Government for its unwavering support, describing the bank’s relationship with Nigeria as mutually beneficial and cordial.

“Over the last three decades, successive governments have extended unflinching support to Afreximbank—responding positively to capital calls, providing an enabling environment for smooth operations, and offering strong domestic policy support that helped implement numerous development programmes in Nigeria.

“With these, we expect to create a sizable network of AATCs that will serve as lighthouses guiding the interconnections and flow of trade and investment within continental Africa and between Africa and the Caribbean,” he added.

At the commissioning of the centre, the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, praised Afreximbank for its strategic foresight, describing the Abuja AATC as a “vital infrastructure” for the successful implementation of the AfCFTA.

She noted that as Nigeria positions itself as a key player in Africa’s economic landscape, the AATC is expected to catalyze investment, local entrepreneurship, and export promotion.

President Bola Tinubu, represented by the Secretary to the Government of the Federation, Dr. George Akume, highlighted the AATC’s strategic importance, its pivotal role in shaping Africa’s economic future, and its potential impact on the continent’s trade and investment landscape.

Meanwhile, the Abuja AATC comprises two interconnected nine-storey towers.

One tower features world-class commercial A-grade office spaces, a trade and exhibition centre, a conference centre, a technology and SME incubator, a Digital Trade Gateway and a trade information services hub.

The adjoining tower boasts a 148-room business hotel, seminar and meeting rooms, a wellness centre, a restaurant and other ancillary facilities.

These features are designed to provide a comprehensive ecosystem for trade and business activities, catering to the diverse needs of African businesses.

It also host office spaces for local and international financial institutions and policy organisations, ensuring a complete support system for trade and business activities.

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Nigerian govt suspends implementation of 15% petrol import duty

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The Nigerian government has suspended the planned 15 per cent import duty on premium motor spirit (PMS) and automotive gas oil (diesel). The announcement was made by George Ene-Ita, spokesperson for the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), in a statement on Thursday.

The regulator urged Nigerians to avoid panic buying, assuring that there is adequate supply of petroleum products nationwide.

“It should also be noted that the implementation of the 15 percent ad valorem import duty on imported premium motor spirit and diesel is no longer in view,” NMDPRA stated.

The statement added that both domestic and imported supplies of petrol, diesel, and other petroleum products are sufficient to meet demand, especially during the peak period. The authority warned against hoarding, panic buying, or unwarranted price increases, and affirmed that it would continue to monitor supply and distribution closely.

President Bola Ahmed Tinubu had approved the 15 per cent import duty last month to encourage the use of products from Dangote Refinery. While some stakeholders supported the move as a boost for local refining, critics argued it could increase fuel prices and worsen economic hardship for Nigerians.

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NAFDAC’s Ban on sachets alcohol: the economy repercussions, by MAN

The Association emphasised that the ban would likely lead to the “Loss of over N1.9 trillion in investments, primarily from indigenous Nigerian companies.

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The Manufacturers Association of Nigeria (MAN) has said that the government’s move to ban the production and sale of alcoholic beverages packaged in sachets and small PET bottles, effective December 31, 2025, will have severe repercussions on the economy.

” This announcement by the NAFDAC, in our view, is counterproductive and threatens to disrupt the economy significantly at a time when it is beginning to stabilise,” said the Association through its Director-General, Ajayi-Kadir.

The Association emphasised that the ban would likely lead to the “Loss of over N1.9 trillion in investments, primarily from indigenous Nigerian companies.

• Mass retrenchment of over 500,000 direct employees and approximately 5 million indirect employees through contracts, marketing, and logistics.”

Ajayi-Kadir said that the earlier directive from the Ministry of Health for a one-year extension, which included the consideration and validation of the draft National Alcohol Policy by stakeholders, should have been taken into account before any significant announcement from another government body.

“We believe that a consultation with whether through a public hearing or focused meetings with relevant parties in the alcohol beverage industry, should have been conducted by the appropriate Senate Committee before an outright ban was imposed.

This approach was successfully followed by the House of Representatives in the recent past,” he stated.

Ajayi-Kadir highlighted that issues related to the ban on alcohol in sachets and small PET bottles were addressed by a broad committee that included all stakeholders, along with NAFDAC representatives, who validated the National Alcohol Policy in October 2025. The committee made the following key recommendations:

• Develop multi-sectoral action plans.- Strengthen enforcement by law enforcement agencies

• Establish licensed liquor stores/outlets in Local Government Areas nationwide.

• Increase monitoring and compliance checks by NAFDAC, FCCPC, and others to ensure product quality and safety.

• Regulatory bodies should focus more on regulation, monitoring, and educational campaigns to inform stakeholders and the public about the dangers of underage alcohol consumption and its sale in motor parks.

• Conduct educational campaigns in secondary schools across the country to raise awareness among students about the dangers and issues related to alcohol abuse.

Furthermore, we would like to note that the unfounded and untested claim of abuse by minors has been challenged by several independent studies conducted by the government.

The industry has proactively launched campaigns promoting responsible alcohol consumption to discourage underage abuse, resulting in expenditures exceeding one billion Naira on media outreach across the nation, which has effectively just underage drinking.

Ajayi-Kadir also stressed that the Senate’s directive for an outright ban is unjust and does not reflect the industry’s true conditions, as it seems the upper chamber has only considered NAFDAC’s perspective.

NAFDAC was part of the validation organised by the Ministry of Health, and it should have presented its views to the Committee and the Ministry during that process, rather than circumventing these channels and approaching the National Assembly without consulting other stakeholders.

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Following Lagos, FG moves to ban single-use plastics

In his inaugural address, the SGF, George Akume, stated that the initiative aligned with Nigeria’s commitment to global environmental standards.

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The Federal Government has commenced the process to ban single-use plastics, inaugurating a committee to steer the policy.

Lagos government began fully enforcement ban on single-use plastics (SUPs), including styrofoam packs, plastic straws, disposable cups, plastic cutlery, and nylons less than 40 microns thick, on July 1, 2025.

The Office of the Secretary to the Government of the Federation (SGF) , yesterday , set up an Inter-Ministerial Committee on the Ban of Single-Use Plastics (SUPs).

Earlier, the Federal Executive Council (FEC) during its meeting on June 25, 2024, approved the ban , specifically targeting Polyethene Terephthalate (PET) bottles, styrofoam food packs, plastic shopping bags, sachet water packaging, and plastic straws.

In his inaugural address, the SGF, George Akume, stated that the initiative aligned with Nigeria’s commitment to global environmental standards.

He said: “The FEC decision was in line with the Federal Government’s efforts to tackle various health and environmental challenges, especially those caused by single-use plastic products and therefore, approved the ban in the country of polyethene terephthalate (PET) bottles, styrofoam, plastic bags, sachet water and straw, which has become an environmental sanitation challenge.”

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