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.
The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.
The Presidency says a man identified as Prince Adeniyi Adeyemi Matthew allegedly created and operated fake government agencies, forged appointment letters, and falsely claimed to have been appointed by Femi Gbajabiamila.
According to the statement:
The Office of the Chief of Staff discovered the alleged scheme after complaints from the Nigerian Investment Promotion Commission (NIPC) that an unauthorized body was operating in a way that conflicted with its functions.
The Chief of Staff petitioned the Department of State Services and the Nigeria Police Force in October 2025 to investigate alleged forged appointment letters.
The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.
Investigators allege Adeyemi operated from an office in the Federal Secretariat Complex, held meetings with diplomats, and sought diplomatic support to obtain U.S. visas for members of the alleged organization.
Police reportedly recovered forged documents and other exhibits during searches of his office and residence.
The investigation allegedly found that Adeyemi operated 34 bank accounts, including several in the names of fictitious organizations, and used forged documents to open a Central Bank of Nigeria account.
The Presidency says no government funds were paid into that account.
Police charged Adeyemi and two others before the Federal High Court on multiple counts, including forgery, impersonation, and obtaining by false pretence. The case is scheduled for hearing on July 27.
The Presidency also denied claims that Gbajabiamila appointed Adeyemi, stating that appointments to federal offices are issued through the Office of the Secretary to the Government of the Federation, not the Office of the Chief of Staff.
Current status
The Presidency maintains that:
the agencies in question are fictitious,
the appointment letter was forged,
Adeyemi is an impostor,
and the allegations against him should be resolved by the court.
As the case is pending before the court, the allegations remain subject to judicial determination.
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Business
CBN revokes 46 MFBs’ licences
According to the revocation order, the action became necessary because of one or more of: insufficient assets to meet liabilities; closure of operations without the CBN approval; and inactivity and cessation of financial intermediation.
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MFBs).
CBN’s Ag. Director of Communications, Mrs. Hakama Sidi-Ali disclosed that the revocation becomes effective today.
She emphasised that the revocation was in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
“The revocation was approved by the Governor of the Central Bank of Nigeria, Mr. OlayemiCardoso, following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions,” she said.
According to the revocation order, the action became necessary because of one or more of: insufficient assets to meet liabilities; closure of operations without the CBN approval; and inactivity and cessation of financial intermediation.
Others were: failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses.
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