Economy
13,548 Youths to Benefit from Lagos Agribusiness Project
By Adedapo Adesanya
Not less than 13,548 youths will benefit from the Lagos State Government collaborative project with the International Institute of Tropical Agriculture (IITA) and the Africa Projects Development Centre (APDC) which will boost agriculture value chains in the state.
This disclosure was made by the state’s Commissioner for Agriculture, Ms Abisola Olusanya, at the opening ceremony of the Young Africa Works Agribusiness Internship Orientation Training at the Lagos State Agricultural Development Authority, Oko-Oba, Agege on Monday.
She explained that the participants would be trained to build skills and secure fulfilling work opportunities within the agriculture value chains.
She said that the Young Africa Works Project of the IITA was a strategic approach to agribusiness training to arouse the interest of youths and teenagers in the agricultural space to enable them to make a decent living out of it.
“I am particularly delighted to be in your midst today on the occasion of the opening ceremony of the Young Africa Works Agribusiness Internship Orientation Training being implemented by the IITA and the Africa Projects Development Centre (APDC) in partnership with the Lagos State government.
“I have been told that the Young Africa Works-IITA Project is an innovative approach to agribusiness training and start-up for Nigeria’s young people which is focused on improving the livelihoods of youths and teenagers.
“The training will impart in them the needed skills to do viable agribusiness within their communities.
“I have also been reliably informed that IITA seeks to provide skills to over 40,000 youths and enable 242,724 young women and men to secure dignified and fulfilling work in agricultural value chains in a five-stage model within a period of five years.
“Specifically, for Lagos State, a total of 13,548 youths including 3,120 secondary school students are expected to participate in this programme,” the commissioner said.
Ms Olusanya said that the state government was particularly interested in the partnership as it was in tune with the goal of recruiting more youth, teenagers and women into the agricultural space in order to replace the ageing farmers.
She said the partnership was also in tune with goals to increase food production, create employment opportunities, alleviate poverty, and boost income generation in the state.
The commissioner noted that programmes such as the Lagos Agripreneurship Programme (LAP), the Lagos Food Production Center, the Schools’ Agricultural Programme (SAP), the Summer School Programme, the World-Bank assisted FADAMA and APPEALS Projects had been carrying out series of trainings.
She said that such programmes had provided training especially for the youth and women to ensure increased food security in the state and reduce its level of dependence on other states for food.
“When we talk about food security, we are talking along the lines of production, linkages to the consumers, productivity required of our farming community such that they also see sustainability around what they do.
“They can be motivated to put in more investment within that space such that the financial sector will be able to support, and in the process, we will see a bigger and more holistic food system in the state and country at large.
“This training and capacity building programme is a step in the right direction and it is in line with Governor Babajide Sanwo-Olu’s T.H.E.M.E.S Agenda where agriculture constitutes a major part of making Lagos a 21st Century economy.
“What we see is that we have a huge population of youthful people, most of whom are not gainfully employed and with the skill set deficiency required especially in a space like agriculture.
“With this initiative to train over 40,000 people in Lagos, Kano and Kaduna, specifically 13,548 in Lagos, we believe that we should be able to close the gap around the deficits we have in our food supply system,” she said.
The commissioner said that the initiatives of the state government had indeed provided different platforms for youth engagement through training, capacity building and empowerment in different agriculture value chains.
This, she said, was contributing to job creation, youth empowerment and poverty alleviation.
Ms Olusanya further commended the novel strategy being offered by the combined efforts of the International Institute of Tropical Agriculture (IITA)/Africa Projects Development Centre (APDC) to train the youths.
“The Lagos State Ministry of Agriculture is, therefore, delighted to be a part of this laudable programme as it is very much in line with our aims and objectives.
“You can be rest assured of the support of the Lagos State government at all times,” she said.
By Adedapo Adesanya
The United Kingdom via the British High Commission in Abuja has launched two flagship economic reform programmes – the Nigeria Economic Stability & Transformation (NEST) programme and the Nigeria Public Finance Facility (NPFF) -as part of efforts to support Nigeria’s economic reform and growth agenda.
Backed by a £12.4 million UK investment, NEST and NPFF sit at the centre of the UK-Nigeria mutual growth partnership and support Nigeria’s efforts to strengthen macroeconomic stability, improve fiscal resilience, and create a more competitive environment for investment and private-sector growth.
Speaking at the launch, Cynthia Rowe, Head of Development Cooperation at the British High Commission in Abuja, said, “These two programmes sit at the heart of our economic development cooperation with Nigeria. They reflect a shared commitment to strengthening the fundamentals that matter most for our stability, confidence, and long-term growth.”
The launch followed the inaugural meeting of the Joint UK-Nigeria Steering Committee, which endorsed the approach of both programmes and confirmed strong alignment between the UK and Nigeria on priority areas for delivery.
Representing the Government of Nigeria, Special Adviser to the President of Nigeria on Finance and the Economy, Mrs Sanyade Okoli, welcomed the collaboration, touting it as crucial to current, critical reforms.
“We welcome the United Kingdom’s support through these new programmes as a strong demonstration of our shared commitment to Nigeria’s economic stability and long-term prosperity. At a time when we are implementing critical reforms to strengthen fiscal resilience, improve macroeconomic stability, and unlock inclusive growth, this partnership will provide valuable technical support. Together, we are laying the foundation for a more resilient economy that delivers sustainable development and improved livelihoods for all Nigerians.”
On his part, Mr Jonny Baxter, British Deputy High Commissioner in Lagos, highlighted the significance of the programmes within the wider UK-Nigeria mutual growth partnership.
“NEST and NPFF are central to our shared approach to strengthening the foundations that underpin long-term economic prosperity. They sit firmly within the UK-Nigeria mutual growth partnership.”
By Aduragbemi Omiyale
A strategic partnership aimed at accelerating the growth, digital capacity, and sustainability of Nigeria’s 40 million Micro, Small and Medium Enterprises (MSMEs) has been signed by MTN Nigeria and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
The collaboration will feature joint initiatives focused on digital inclusion, financial access, capacity building, and providing verified information for MSMEs.
With millions of small businesses depending on accurate guidance and easy-to-access support, MTN and SMEDAN say their shared platform will address gaps in communication, misinformation, and access to opportunities.
At the formal signing of the Memorandum of Understanding (MoU) on Thursday, November 27, 2025, in Lagos, the stage was set for the immediate roll-out of tools, content, and resources that will support MSMEs nationwide.
The chief operating officer of MTN Nigeria, Mr Ayham Moussa, reiterated the company’s commitment to supporting Nigeria’s economic development, stating that MSMEs are the lifeline of Nigeria’s economy.
“SMEs are the backbone of the economy and the backbone of employment in Nigeria. We are delighted to power SMEDAN’s platform and provide tools that help MSMEs reach customers, obtain funding, and access wider markets. This collaboration serves both our business and social development objectives,” he stated.
Also, the Chief Enterprise Business Officer of MTN Nigeria, Ms Lynda Saint-Nwafor, described the MoU as a tool to “meet SMEs at the point of their needs,” noting that nano, micro, small, and medium businesses each require different resources to scale.
“Some SMEs need guidance, some need resources; others need opportunities or workforce support. This platform allows them to access whatever they need. We are committed to identifying opportunities across financial inclusion, digital inclusion, and capacity building that help SMEs to scale,” she noted.
Also commenting, the Director General of SMEDAN, Mr Charles Odii, emphasised the significance of the collaboration, noting that the agency cannot meet its mandate without leveraging technology and private-sector expertise.
“We have approximately 40 million MSMEs in Nigeria, and only about 400 SMEDAN staff. We cannot fulfil our mandate without technology, data, and strong partners.
“MTN already has the infrastructure and tools to support MSMEs from payments to identity, hosting, learning, and more. With this partnership, we are confident we can achieve in a short time what would have taken years,” he disclosed.
Mr Odii highlighted that the SMEDAN-MTN collaboration would support businesses across their growth needs, guided by their four-point GROW model – Guidance, Resources, Opportunities, and Workforce Development.
He added that SMEDAN has already created over 100,000 jobs within its two-year administration and expects the partnership to significantly boost job creation, business expansion, and nationwide enterprise modernisation.
By Adedapo Adesanya
The Nigerian Exchange (NGX) Limited is seeking review of the controversial Capital Gains Tax increase, fearing it will chase away foreign investors from the country’s capital market.
Nigeria’s new tax regime, which takes effect from January 1, 2026, represents one of the most significant changes to Nigeria’s tax system in recent years.
Under the new rules, the flat 10 per cent Capital Gains Tax rate has been replaced by progressive income tax rates ranging from zero to 30 per cent, depending on an investor’s overall income or profit level while large corporate investors will see the top rate reduced to 25 per cent as part of a wider corporate tax reform.
The chief executive of NGX, Mr Jude Chiemeka, said in a Bloomberg interview in Kigali, Rwanda that there should be a “removal of the capital gains tax completely, or perhaps deferring it for five years.”
According to him, Nigeria, having a higher Capital Gains Tax, will make investors redirect asset allocation to frontier markets and “countries that have less tax.”
“From a capital flow perspective, we should be concerned because all these international portfolio managers that invest across frontier markets will certainly go to where the cost of investing is not so burdensome,” the CEO said, as per Bloomberg. “That is really the angle one will look at it from.”
Meanwhile, the policy has been defended by the chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, who noted that the new tax will make investing in the capital market more attractive by reducing risks, promoting fairness, and simplifying compliance.
He noted that the framework allows investors to deduct legitimate costs such as brokerage fees, regulatory charges, realised capital losses, margin interest, and foreign exchange losses directly tied to investments, thereby ensuring that they are not taxed when operating at a loss.
Mr Oyedele also said the reforms introduced a more inclusive approach to taxation by exempting several categories of investors and transactions.
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