Business
LCCI, NIXIN Reel Actions to Boost Nigeria’s Paper Industry
He condemned the current tariff regime, which imposes duties on plain paper imports but allows for the importation of printed materials duty-free.
The Lagos Chamber of Commerce and Industry (LCCI) has called on the Federal Government to provide policy support and incentives to boost local paper manufacturing in Nigeria.
The Chairman, LCCI, Printing Publishing and Allied Group (PPA), Gabriel Okonkwo, stressed the urgent need for government intervention in the paper manufacturing sector to revive local production and reduce Nigeria’s dependence on imports.
During a meeting with stakeholders at NIXIN Paper Mill, Okonkwo highlighted policy inconsistencies that have continued to undermine local manufacturers.
He condemned the current tariff regime, which imposes duties on plain paper imports but allows for the importation of printed materials duty-free.
“This unfair policy has created a lopsided competitive environment that favours foreign manufacturers over local producers.
“This has led to a situation where it’s cheaper to print books and other materials abroad and import them, rather than produce them locally,” he added.
As a result, a significant number of printing jobs are being outsourced to other countries, depriving our local industry of business opportunities.
If local manufacturers can provide high-quality paper at competitive prices, it would reduce our reliance on imports, conserve foreign exchange, create jobs, and contribute significantly to the economy,” Okonkwo said.
He pointed out that Nigeria’s large population, especially its student demographic, offers a massive market for paper products, calling on support for local paper manufacturers to produce at scale and competitive prices.
Reinforcing his call for increased confidence in local capacity, Okonkwo pointed to recent developments with the electoral body as a case in point. “INEC didn’t even believe we could produce ballot papers locally until recently.
It’s time we began to believe in and invest in our own,” Okonkwo stressed.
As part of NIXIN Paper Mill’s commitment to the nation’s self-sustenance, the paper mill is concentrated on increasing production capacity, improving product quality, and expanding its product line to meet the growing demands of the Nigerian market, thereby reducing the country’s dependence on foreign paper products and contributing to the growth of the local economy.
The Managing Director of NIXIN Paper Mill, Eric Wang, highlighted the potential of Nigeria’s paper industry, comparing it with his hometown in China, with a population of just 300,000, supporting a paper factory that consumes over 20,000 tons monthly.
In contrast, Nigeria, with a population exceeding 200 million, recorded only 70,000 to 75,000 tonnes per month, a figure he believes should be much higher given the country’s educational and commercial demands.
“We see that over 80 percent of Nigeria’s educational and printing materials are imported from Asia,” Wang stated.
Business Manager, NIXIN, Williams Sun, echoed that Nigeria significantly underutilized its local paper production capacity, with many orders still going to countries like India and China.
He emphasized the significant investment NIXIN has made of over $60 million and expressed frustration over the lack of returns, noting that one year into operations, the expected market response has yet to materialize.
Sun urged the government to support investors and take steps that will attract more players into the publishing and paper production space, which is critical for building a self-sufficient industry.
Business
NTA didn’t introduce VAT on charges collected by banks — NRS
The Nigeria Revenue Service (NRS) wishes to address and correct misleading narratives circulating in sections of the media suggesting that Value Added Tax (VAT) has been newly introduced on banking services, fees, commissions, or electronic money transfers.
Photo: NRS chairman, Zacch Adedeji
The Nigeria Revenue Service (NRS) has clarified that the Nigeria Tax Act (NTA) did not introduce VAT on banking charges, nor did it impose any new tax obligation on customers in this regard.
In a statement made available to newsmen and signed by Dare Adekanmbi, Special Adviser on Media to the NRS chairman, Zacch Adedeji, the service said the claims are incorrect.
According to the NRS, VAT has always applied to banking services and was not introduced by the Nigeria Tax Act.
The statement reads:
“The Nigeria Revenue Service (NRS) wishes to address and correct misleading narratives circulating in sections of the media suggesting that Value Added Tax (VAT) has been newly introduced on banking services, fees, commissions, or electronic money transfers.
This claim is categorically incorrect.
“VAT has always applied to fees, commissions, and charges for services rendered by banks and other financial institutions under Nigeria’s long-established VAT regime.”
Business
LIRS gives employers Jan 31 deadline for filing 2025 tax returns
The Executive Chairman of LIRS, Dr Ayodele Subair, who gave the directive on Thursday, reminded employers that the obligation to file annual returns is in line with the provisions of the Nigeria Tax Administration Act 2025.
The Lagos State Internal Revenue Service(LIRS) fixed statutory deadline of January 31, 2026, for all employers of labour in the state to file their annual tax returns for the 2025 financial year.
The Executive Chairman of LIRS, Dr Ayodele Subair, who gave the directive on Thursday, reminded employers that the obligation to file annual returns is in line with the provisions of the Nigeria Tax Administration Act 2025.
Subair explained that employers are required to file detailed returns on emoluments and compensation paid to their employees, as well as payments made to service providers, vendors, and consultants, and to ensure that all applicable taxes due for the 2025 year are fully remitted.
He emphasised that the filing of annual returns is a mandatory legal obligation and warned that failure to comply would attract statutory sanctions, including administrative penalties, as prescribed under the new tax law.
Business
Nigeria To Review Inflation Reporting First Time In 15 years
The agency said the expected spike in December inflation did not reflect actual price movements in the economy but was largely a statistical distortion caused by the rebasing of the Consumer Price Index.
Nigeria’s National Bureau of Statistics (NBS) has announced plans to revise its inflation reporting methodology.
This followed concerns that December’s year-on-year figure may be artificially inflated due to the impact of last year’s rebasing exercise.
The agency said the expected spike in December inflation did not reflect actual price movements in the economy but was largely a statistical distortion caused by the rebasing of the Consumer Price Index.
Reuters reported that the rebasing, the first in 15 years, adopted December 2024 as the index reference point.
Officials explained that the change is likely to exaggerate the year-on-year inflation figure for December without accurately capturing prevailing market trends.
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