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

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.

The Dangote Petroleum Refinery and Petrochemicals has appointed David Bird, the former head of Oman’s Duqm Refinery, as its new Chief Executive Officer.
A report by S&P global on Friday said, Bird heads the refinery’s petroleum and petrochemicals division in a strategic move to overcome production challenges and advance its next wave of expansion.
Effective from July 2025, the former Shell head of operations at its Balau Pokom refinery stepped in as CEO of the Dangote Group’s fuels and petrochemicals business, which commissioned the world’s largest single-train refinery last year.
The CEO participated at the just concluded Dangote Leadership Development Program Graduation Ceremony.
Business
Trump Imposes 15% tariff on Nigerian Imports
Under the revised tariff schedule:15% tariffs now apply to Nigeria, Angola, Ghana, South Korea, Turkey, Japan, Israel, Norway, and several others.10% tariffs target countries such as the Falkland Islands, the United Kingdom, and others not explicitly listed.

US President Donald Trump has approved a 15 percent import tariff on Nigeria and dozens of other countries.
The White House announced the implementation of the new reciprocal tariff rates on Thursday.
In April, Trump imposed a 14% tariff on Nigerian imports, citing the need for fairer trade terms.
That move was followed by a 90 – day grace period to allow time for bilateral trade negotiations, pushing the final decision deadline to August 1.
However, the majority of talks failed to result in new trade agreements.
As a result, the new tariff rates are now being implemented, with Nigeria among dozens of countries facing increased duties under the revised plan.
African countries, including Nigeria, were unable to secure individual trade deals with the United States despite urgent efforts from both sides.
During the negotiation window, Trump also reintroduced travel restrictions targeting several African nations. Though Nigeria was initially exempt, it was later added to the list as the policy evolved.
Under the revised tariff schedule:15% tariffs now apply to Nigeria, Angola, Ghana, South Korea, Turkey, Japan, Israel, Norway, and several others.10% tariffs target countries such as the Falkland Islands, the United Kingdom, and others not explicitly listed.
Tariffs climb to 18% for Nicaragua, 19% for countries like Indonesia and Pakistan, and 20% for countries like Indonesia and Pakistan, and 20% for Bangladesh, Vietnam, and others.
10% tariffs target countries such as the Falkland Islands, the United Kingdom, and others not explicitly listed.Tariffs climb to 18% for Nicaragua, 19% for countries like Indonesia and Pakistan, and 20% for Bangladesh, Vietnam, and others.
More severe penalties include 25–41% tariffs for countries like India, South Africa, Iraq, and Syria.
Switzerland faces a steep 39% duty, while Laos and Myanmar are hit with 40%.Syria tops the list at 41%.
Meanwhile, negotiations are still ongoing with China, Washington’s main trade rival.
Canada is facing a 35% tariff, while Mexico was hit with a trio of levies, including a 50% duty on metals. Brazil, previously under a 10% tariff, was slapped with an additional 40% charge on Thursday, bringing its total to 50%.
Business
EU accuses online giant Temu of selling ‘illegal’ products
EU regulators believe Temu is not doing enough to protect European consumers from dangerous products and that it may not be acting sufficiently to mitigate risks to users.

The European Union accused Chinese-founded online shopping giant Temu on Monday of breaking the bloc’s digital rules by not “properly” assessing the risks of illegal products.
AFP reports that TEMU, wildly popular in the European Union despite only having entered the continent’s market in 2023, Temu has 93.7 million average monthly active users in the 27- country bloc.
EU regulators believe Temu is not doing enough to protect European consumers from dangerous products and that it may not be acting sufficiently to mitigate risks to users.
Evidence showed that there is a high risk for consumers in the EU to encounter illegal products on the platform,” the European Commission said in its preliminary finding.
It pointed to a mystery shopping exercise that found consumers were “very likely to find non-compliant products among the offer, such as baby toys and small electronics.”
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