Business
Customs 4% FOB will Worsen Economic Conditions – Saraki
Saraki noted that with Nigeria’s annual imports estimated at N71 trillion, the new 4 percent customs administration charge on FOB value will come to N2.84 trillion

Bukola Saraki, Nigeria’s former senate president has called on the federal government to reconsider plans to implement the 4 percent free-on-board (FOB) levy initiated by the Nigeria Customs Service (NCS).
Saraki, in a post on X Saturday criticised the development, stressing that it would add to the burden of many Nigerians who are already reeling from a cost-of-living crisis.
The former senate leader also knocked the NCS for its rising operational costs which he estimated at “over $1.5 billion annually” in a country where 129 million are living below the poverty line amid harsh economic conditions. “Importers will inevitably pass these costs on to consumers, further straining the budgets of millions of struggling households,” Saraki said.
“This new fee of 4% is not even restricted to luxury goods but across all imports, so even for industries that import their raw materials whose duties are only 5%, the customs agency will now charge importers an extra 80% of the duty amount as administrative fees,” he added.
Saraki noted that with Nigeria’s annual imports estimated at N71 trillion, the new 4 percent customs administration charge on FOB value will come to N2.84 trillion.
Business
Nigeria’s economy grows 3.7% in H1- Stanbic IBTC report
Muyiwa Oni, Head of Equity Research, West Africa at Stanbic IBTC Bank, said that the estimated 3.7 percent year-on-year GDP growth aligns with expectations for annual growth of 3.5 percent.

• President Bola Tinubu
The Nigerian economy grew by 3.7 percent in the first half of 2025, driven by improved business conditions and increased oil production.
This was revealed in the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) report compiled by S&P Global and released on Tuesday.
Earlier, the World Bank estimated that Nigeria’s economy would grow by 3.6 percent in 2025, higher than the 3.4 percent recorded in 2024, despite shifts in global trade dynamics.
This projection is lower than the Central Bank of Nigeria’s estimate of 4.17 percent and the ambitious 5.5 percent GDP growth forecasted by the Nigerian Economic Summit Group in January.
Muyiwa Oni, Head of Equity Research, West Africa at Stanbic IBTC Bank, said that the estimated 3.7 percent year-on-year GDP growth aligns with expectations for annual growth of 3.5 percent.
He said, “Insights from the monthly PMIs and crude oil production data from the Nigerian Upstream Petroleum Regulatory Commission suggest an economy that grew by an estimated 3.7 per cent y/y in H1 2025, supported by higher crude oil production and improved growth in manufacturing and services, while agriculture continues to lag its long-term average growth rate of 3.6 per cent.”
Business
Lagos Declares Manufacturing, Selling, Distributing single-use Plastics a Crime
Wahab called on the public, particularly business owners, food vendors, and market traders, to cooperate with the government to ensure a cleaner, safer, and more sustainable Lagos.

• Tokunbo Wahab
The Lagos State Government has announced the commencement of full enforcement of the ban on the use and distribution of Single-Use Plastics (SUPs) across the state, effective July 1, 2025.
Mr. Tokunbo Wahab, the Commissioner for the Environment and Water Resources, made the announcement on Tuesday during a media briefing held at Alausa, Ikeja.
He emphasized that offenders will be prosecuted in line with the State’s Environmental Laws.
Wahab stated that the decision to enforce the ban follows an 18-month transition period granted to residents, manufacturers, and vendors to adjust and adopt more sustainable alternatives.
“The decision to ban Single-Use Plastics in Lagos was not arbitrary. It was an existential one, influenced by multiple factors,” he said.
Wahab explained that Lagos, a coastal city situated below sea level with the smallest land mass in the country—just 3,575 square kilometers—houses about 10 percent of Nigeria’s population.
“That alone is a recipe for environmental crisis. We did not just wake up whimsically and choose to ban styrofoam food packs in 2024.
We had always stated that within the next 12 months, all single-use plastics would follow.
Now, nearly 18 months later, we believe ample time has been given for all to transition. Enforcement starts July 1, and heavens will not fall.
Banned Items and Reasons
Styrofoam Packs: Banned due to their non-biodegradable nature and harmful environmental impact.
Plastic Straws: Prohibited to reduce plastic waste and promote eco-friendly alternatives.
Disposable Plastic Cups and Cutleries: Banned to curb single-use plastic pollution.
Lightweight Nylon Bags: Outlawed because they are not reusable or biodegradable, contributing significantly to environmental degradation.
Wahab called on the public, particularly business owners, food vendors, and market traders, to cooperate with the government to ensure a cleaner, safer, and more sustainable Lagos.
Business
BREAKING: Dangote refinery Reduces petrol price from N880 to N840 per litre

….New rate takes effect from June 30.
The Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit, popularly known as petrol, from N880 to N840 per litre.
Anthony Chiejina, the Spokesman for the Dangote Group, confirmed the price adjustment on Monday night.
Chiejina said the new rate took effect on June 30.
He said, “PMS price has been reduced from N880 to N840 per litre effective 30th June,.
Recall that Dangote refinery hiked the price of petrol to N880 as tension escalated during the 12-day crisis between Israel and Iran, raising the price of crude oil to almost $80 per barrel.
Also, marketers anticipated that there would be a new price regime from Monday.
Dangote’s partners like MRS, Heyden and AP are expected to adjust their pump prices soon.
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