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Must -Do By FG, Pvte Sector To Achieve $1 Trillion Economy in 2030

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The Lagos State Government has said there is a need to optimise the tax collection process to be able to achieve the Federal Government’s $1 trillion economy target by the year 2030.

The Special Adviser to Lagos State Government on Public Private Partnerships, Mrs. Bukola Odoe, stated this at the 2024 Annual Workshop/ Awards of the Commerce and Industry Correspondents Association of Nigeria (CICAN) held in Lagos on Thursday.

Odoe addressed the ongoing discussions surrounding the proposed new tax bill in the National Assembly, and said there was for a balanced approach to tax collection that fosters economic growth and development in a fair and equitable manner.

Represented by Consultant and Financial Analyst, Lagos State Office of Public Private Partnerships, Mr. Adefisoye Adekunle, she said enhancing tax collection processes not only boosts revenue generation but also contributes to sustainable economic progress, supporting the realization of national economic targets.

“We need to focus and optimize our collection process, make it simpler, make it easier in such a way that people with a small Phone, Android can access, you can access your tax, and you can pay without any stress.”

She espoused the importance of fiscal policy in the context of national development, emphasising that sustainable revenue generation is indispensable for progress.

She pointed out the significance of non-oil taxes for states that lack control over oil revenue. She underscored the need for prudent financial management by states for the benefit of their citizens.

She further expressed her support for a bill that aims to streamline and update tax laws, ensuring that taxes are levied appropriately and collected efficiently.

She highlighted the proposed integration of technology in tax administration to simplify processes and enhance compliance.

She said the anticipated amendment of the current VAT Acts is in alignment with the proposed bill.

She also emphasised the pivotal role of infrastructure sustainability in facilitating tax reforms, advocating for the automation of revenue collection processes in Nigeria to improve effectiveness and transparency.

“There is a saying that there is no budget without revenue. When you look at the key sectors of Nigeria’s economy, health care, road infrastructure development, power, and education, anything you can talk about, we need money to do most of these things.

There is a need to automate the revenue collection process in Nigeria and sub-national”

The National Chairman of CICAN, Mr Charles Okonji, expressed deep worry over the sector’s poor health, noting that even government interventions have failed to address the challenges.

“The repercussions are evident, with many multinational corporations relocating to neighbouring countries due to unfavourable business conditions,” he stated.

The lack of sustained policies and strategies across different administrations could impede progress towards achieving such a significant economic milestone by 2030.

Okonji stressed the critical role of production in a nation’s greatness, saying without a vibrant private sector driving innovation and economic growth, Nigeria risks falling behind in the global market.

“It is imperative for policymakers and stakeholders to collaborate on effective strategies that will rejuvenate the private sector and attract investments that will propel Nigeria towards prosperity.”

He explained that the theme for this year’s event, “Manufacturing: $1 trillion GDP target by 2030: Realities & Possibilities,” was in line with the numerous hurdles faced by the industry.

“The ambitious target, however, also raises concerns, especially with the potential disruptions caused by the intermittent changes in government leadership in Nigeria.

The lack of sustained policies and strategies across different administrations could impede progress towards achieving such a significant economic milestone by 2030.

“Despite these challenges, the confidence expressed in the capabilities of the experts present at the event is reassuring.

It reflects a collective determination to navigate the complexities and uncertainties surrounding the manufacturing sector.

Okonji emphasized the importance of stakeholder engagement and collaboration, particularly with CICAN.

He underscores the need for unity and advocacy to drive meaningful change.

“By involving key industry players and leveraging their collective voice to influence government decisions, there is a greater likelihood of shaping policies that not only support local businesses but also contribute to the overall growth and sustainability of the manufacturing sector in Nigeria”, he said.

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MTN Group says it’s under US investigation

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South African mobile operator MTN Group said Monday it was under US investigation over its activities in Iran and Afghanistan, at a time of icy ties between Washington and Pretoria.

Africa’s biggest telecoms company is already facing court challenges in South Africa by Turkey’s Turkcell, which accuses it of winning the Iranian market through corruption.

In 2006, MTN was chosen over Turkcell to become the 49 percent minority shareholder in Iranian government-controlled mobile phone carrier Irancell.

MTN had been made aware of a US Department of Justice (DoJ) grand jury investigation relating to its former subsidiary in Afghanistan and Irancell, the company said in a statement.

“MTN is cooperating with the DoJ and voluntarily responding to requests for information,” said the statement accompanying the group’s financial results.

Grand juries typically decide whether or not to formally lay charges in a case and take it to trial.

The South African multinational is also facing a court case in the United States from US veterans wounded in Iraq and Afghanistan, as well as relatives of soldiers killed in action, the statement said.

“The plaintiffs’ complaints allege that MTN supported anti-American militias in Iraq and Afghanistan .

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UBA Secures N5bn BoI MSME fund for disbursement to key sectors

The facility provides a maximum loan amount of N5 million per obligor, with a three-month moratorium on principal repayments, ensuring businesses have ample time to stabilise before they begin to service the loans.

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•GMD/CEO UBA), Oliver Alawuba.

United Bank for Africa (UBA) Plc, has secured a N5 billion loan facility from the Bank of Industry (BOI), to boost key sectors of the economy and support the growth of sustainable and viable businesses in the country, especially the micro, small, and medium enterprises (MSMEs) owned by women.

The facility disbursed through the Federal Government’s MSME Fund, is designed to stimulate key sectors of the economy, while offering affordable financing to support businesses, with a primary focus on Green Energy, Education, Healthcare, and Women-Owned Enterprises.

UBA’s Group Managing Director/CEO, Oliver Alawuba, who spoke about the facility emphasised the bank’s commitment to fostering economic growth by empowering MSMEs, which he described as the “livewire of any developing economy.

He said, “At UBA, we recognize the pivotal role MSMEs play in driving economic development, and how they make up a sizeable portion of what drives our economic growth.

It is in this vein that we have decided not to rest on our oars by facilitating initiatives dedicated to empowering businesses with the financial support they need to thrive.”

Alawuba maintained that, “by offering loans at a competitive 9% interest rate with a three-year tenor, we are removing the traditional barriers that hinder SME growth in Nigeria and Africa. And by this, our message to business owners is simple: Don’t let this once-in-a lifetime-opportunity elude you.

”The facility provides a maximum loan amount of N5 million per obligor, with a three-month moratorium on principal repayments, ensuring businesses have ample time to stabilise before they begin to service the loans.

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CPPE Proposes Policy Action to Reduce Food Prices

Dr Muda Yusuf, the Director/CEO of CPPE, noted that while progress has been made in moderating headline and core inflation, the persistence of food and month-on-month price increases highlights unresolved structural weaknesses.

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The Centre for the Promotion of Private Enterprise (CPPE) says that a coordinated mix of monetary, fiscal, and structural interventions will be required by the Central Bank of Nigeria, and the Ministry of Finance to consolidate recent drops in inflation and steer the economy toward sustained stability.

CPPE suggested in reaction to the July 2025 inflation reported by the NBS

The headline inflation declined for the fourth consecutive month, easing from 22.22% in June to 21.88% in July, a deceleration of 0.34%Month-on-month food inflation also moderated, falling from 3.25% in June to 3.12% in July, while core inflation posted marginal declines year-on-year (-0.03%) and a sharp slowdown month-on-month, from 3.46% to 0.97%.

Dr Muda Yusuf, the Director/CEO of CPPE, noted that while progress has been made in moderating headline and core inflation, the persistence of food and month-on-month price increases highlights unresolved structural weaknesses.

“The July 2025 inflation figures present a mixed outlook for the Nigerian economy, with notable improvements in key indicators but lingering risks that demand policy attention,” he said.

These developments reflect a gradually stabilising macroeconomic environment, supported by exchange rate stability, improved investor confidence, and the lingering impact of import duty waivers on key staples such as rice, maize, and sorghum.

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