Business
BREAKING: President Tinubu To Overhaul Multiple Taxes, Other anti- Investments Policies
‘I have a message for our investors, local and foreign: our government shall review all their complaints about multiple taxation and various anti-investment inhibitions.”
That’s President Bola Ahmed Tinubu, in his inaugural speech today, in Abuja.
Tinubu was sworn in as Nigeria’s 16th President, by the Chief Justice of Nigeria, Kayode Ariwoola, at the Eagle’s Square, Abuja.
Stressing on his administration’s economic thrusts, he said : ” We shall ensure that investors and foreign businesses repatriate their hard earned dividends and profits home.
He also said , ” on the economy, we target a higher GDP growth and to significantly reduce unemployment.
” We intend to accomplish this by taking the following steps:
First, budgetary reform stimulating the economy without engendering inflation will be instituted.
Second, industrial policy will utilize the full range of fiscal measures to promote domestic manufacturing and lessen import dependency.
Third, electricity will become more accessible and affordable to businesses and homes alike. Power generation should nearly double and transmission and distribution networks improved. We will encourage states to develop local sources as well.
JOBS
My administration must create meaningful opportunities for our youth. We shall honour our campaign commitment of one million new jobs in the digital economy.
Our government also shall work with the National Assembly to fashion an omnibus Jobs and Prosperity bill.
” This bill will give our administration the policy space to embark on labour-intensive infrastructural improvements, encourage light industry and provide improved social services for the poor, elderly and vulnerable,” he said.
Tinubu’s Profile
Tinubu started out as a technocrat; a seasoned accountant.
During his sojourn abroad, he worked for American companies Arthur Andersen, Deloitte, Haskins & Sells and GTE Services Corporation.
And upon his return to Nigeria in 1983, he joined Mobil Oil as an auditor.
He rose through the ranks to become an executive of the company.
He began to make inroads into the political Hall of Fame in 1992 when he was elected senator representing Lagos West Senatorial District in the short-lived third National Assembly.
He then joined forces with the National Democratic Coalition (NADECO), a coalition of democrats demanding the military government led by General Sani Abacha to step down for the acclaimed winner of the 12 June 1993 election, the deceased Chief MKO Abiola.
After four years in exile, Tinubu returned to the country in 1998 to contest the governorship election in Lagos – his home state – as Nigeria prepared for a transition to democratic rule.
A two-term governor, Tinubu prides himself as the brain behind the transformation of Lagos from the doldrums to one of the largest economies in Africa.
And so do many of his allies who vigorously campaigned for his presidency based on this accomplishment.
He was behind the creation of the Lagos Free Zone, Ibeju Lekki.
Business
AfCFTA : Nigerian Goods In High Demand In Africa, says Minister
On a trade mission to Botswana with about 11 Nigerian businesses, one of them immediately got an order of 6,000 T-shirts to be supplied there.
The Minister of Trade, Industry and Investment, Dr Jumoke Oduwole, has said that Nigerian goods continue to remain competitive and, in particular, high demand on the continent.
The minister disclosed this yesterday in Abuja at the 2026 Third Quarter meeting of the African Continental Free Trade Area (AfCFTA) Central Coordination Committee (CCC).
She said, ” I think that a lot of Nigerians have the perception that Nigerian goods are not competitive on this continent. Nigerian entrepreneurs have shown that they can compete anywhere in the world, and are doing particularly well in the rest of Africa, and this is demonstrated by our non-oil exports, which have gone up exponentially, and it’s due to the exports of Nigerian goods across the African continent
She said on a trade mission to Botswana with about 11 Nigerian businesses, one of them immediately got an order of 6,000 T-shirts to be supplied there.
Business
After South Africa, Kenya Cracks Down on Foreign Traders, Retailers
Ruto directed authorities to begin shutting down small businesses operated by foreign nationals from September 7, saying hawking and small-scale retail should be reserved for Kenyans.
Kenya is beginning a crackdown on foreign nationals operating small retail shops and engaging in hawking, after President William Ruto directed authorities to shut down such businesses from September 7.
Ruto announced this on September 2 while addressing micro, small and medium-sized enterprises, MSME. traders at State House in Nairobi.
He said foreigners should not compete with Kenyans in businesses such as hawking and small retail, while foreign investment was welcome in activities requiring greater capital.
Ruto directed authorities to begin shutting down small businesses operated by foreign nationals from September 7, saying hawking and small-scale retail should be reserved for Kenyans.
He said the government would take administrative action while the Parliament of Kenya considers the proposed Local Content Bill, 2025.
He also directed National Assembly Majority Leader Kimani Ichung’wah and Trade Cabinet Secretary Lee Kinyanjui to accelerate the bill’s passage through Parliament.
Business
NAFDAC Goes After Chinese Logistics Firms Over Products Counterfeiting
Chinese people (counterfeiters) own the logistics companies which they used to bring these (fake goods) things.” NAFDAC said it has been shutting down the logistics companies.
The National Agency for Food and Drug Administration and Control (NAFDAC) has revealed that Chinese counterfeiters now living in Nigeria are behind the proliferation of fake goods in Nigeria.
NAFDAC’s Director of Investigation and Enforcement, Martins Iluyomade disclosed that recent investigations found Chinese counterfeiters, previously operating externally, have set up plants and logistics channels inside the country.
How They Operate
He said, “Before, to fake a product, you needed to go to China to bring it. Now, you don’t need to go. They are here (in Nigeria) with us. They are the ones who will identify the product that will be moving, send it to their country (China), and then come here and distribute it to our people (Nigerians) without having to travel, thereby worsening the production, distribution and sale of adulterated, harmful and unwholesome products.
Iluyomade, describing it as a “new trend making it (fake goods situation) look this serious,” noted that NAFDAC discovered the “Chinese people (counterfeiters) own the logistics companies which they used to bring these (fake goods) things.” NAFDAC said it has been shutting down the logistics companies.
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