The OPSN and its stakeholders have been in active dialogue with the Federal Ministry of Industry, Trade and Investment, and other critical agencies, advocating for business-friendly policies that foster enterprise growth, protect jobs, and enhance national productivity.

The Organised Private Sector Nigeria (OPSN) comprising NACCIMA, MAN, NECA, NASSI and NASME commends President Bola Ahmed Tinubu for having suspended the implementation of certain provisions of the Financial Reporting Council (FRC) Act 2023, which imposed financial caps and additional compliance dues on private companies.

Engr Jani Ibrahim, the National President of NACCIMA/Chairman OPSN, expressed gratitude on behalf of the private sector business, in a statement on Thursday.

The statement reads:” This action comes as a timely relief to the organised private sector members, including the Micro, Small and Medium Enterprises (MSMEs), many of whom had expressed deep concerns about the financial and administrative burden posed by the mandatory levies and reporting obligations under the current FRC framework.

The OPSN and its stakeholders have been in active dialogue with the Federal Ministry of Industry, Trade and Investment, and other critical agencies, advocating for business-friendly policies that foster enterprise growth, protect jobs, and enhance national productivity.

We therefore commend the efforts of the Government for this timely decision, which is a proactive and responsive measure that supports the Federal Government’s commitment to improving the ease of doing business and sustaining investor confidence.

The suspension provides a critical window for stakeholders to revisit the framework and ensure that future implementations of financial reporting obligations are transparent, equitable, and sensitive to the realities and legitimate concerns of Nigerian businesses.

The OPSN urges continued engagement between regulatory institutions and the private sector to co-create regulatory policies that drive economic growth without stifling entrepreneurship.

We remain committed to constructive dialogue and collaboration that will advance Nigeria’s economic transformation agenda.”

• 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.”

• 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.