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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.

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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.

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CBN introduces money market instrument NOFR

The introduction of NOFR positions Nigeria alongside global benchmarks such as SOFR in the United States, SONIA in the United Kingdom, €STR in the Eurozone, and TONA in Japan, while also complementing Africa’s JIBAR benchmark in South Africa.

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The Central Bank of Nigeria, in collaboration with the Financial Markets Dealers Association on Friday announced the introduction of the Nigerian Overnight Financing Rate (NOFR) as a new benchmark for the country’s money market.

The disclosure was contained in a press statement issued by the CBN’s Acting Director of Corporate Communications, Hakama Sidi-Ali.

According to the statement, the introduction of NOFR positions Nigeria alongside global benchmarks such as SOFR in the United States, SONIA in the United Kingdom, €STR in the Eurozone, and TONA in Japan, while also complementing Africa’s JIBAR benchmark in South Africa.

The apex bank explained that the new rate aligns Nigeria with global standards for short-term interest rate benchmarks and is expected to improve pricing efficiency in the money market

“NOFR was developed to align Nigeria with global best practices in short-term interest rate benchmarks.

It is expected to improve price discovery and transparency while promoting consistent pricing of money market instruments,” it added.

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FCCPC says didn’t ban MTN, Glo, Airtel data loans

The Commission introduced the DEON Consumer Lending Regulations in July 2025, aimed at curbing “the excesses of abusive service providers whose practices had generated persistent consumer harm and undermined confidence in the market.”

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The Federal Competition and Consumer Protection Commission (FCCPC) has clarified that it didn’t banned MTN, Glo, Airtel including Vitel Wireless from offering airtime borrowing and data advance services in Nigeria.

The Commission made the clarification in a statement on Friday, dismissing what it called a wave of misinformation, stating unequivocally that “those claims are incorrect,” stressing that “the Commission has not prohibited airtime borrowing or data advance services, and no directive was issued preventing consumers from accessing lawful telecom value-added services.”

The clarification comes amid growing public concern over alleged service disruptions and rising complaints in the telecom sector.

The FCCPC explained that its intervention in the space followed numerous consumer complaints involving opaque charges, unexplained deductions, aggressive recovery practices, poor disclosure standards, and inadequate accountability within segments of the digital lending and advance-services market.

To address these issues, the Commission introduced the DEON Consumer Lending Regulations in July 2025, aimed at curbing “the excesses of abusive service providers whose practices had generated persistent consumer harm and undermined confidence in the market.”

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MTN Suspends Xtratime , data credit

Xtratime allows subscribers to borrow airtime or data and repay on their next recharge, a service widely used by millions of Nigerians, particularly during periods of financial constraints.

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MTN Nigeria has announced the temporary suspension of its airtime and data credit service, Xtratime, in compliance with new regulatory requirements governing digital lending in the country.

The company disclosed this in a corporate notice filed with the Nigerian Exchange Group, NGX, on Thursday.

Xtratime allows subscribers to borrow airtime or data and repay on their next recharge, a service widely used by millions of Nigerians, particularly during periods of financial constraints.

In the notice signed by the Company Secretary, Uto Ukpanah, MTN said the suspension is necessary to align with the Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations, 2025.

Despite the suspension, MTN assured subscribers that alternative channels for purchasing airtime and data remain available, including banking applications and USSD platforms.

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