Economy
Ambode Tasks Investors At LFTZ On CSR
By Modupe Gbadeyanka
Lagos State Government at the weekend charged investors in the Lekki Free Trade Zone (LFTZ) corridor to step up their Corporate Social Responsibilities (CSR) to the host communities as that is one of the ways to secure the multi-billion dollars investment in the corridor.
The Government said the administration of Governor Akinwunmi Ambode was passionate about the investment in the corridor as it is the future hub of commerce and industry in Africa.
Executive Director, Finance and Administration, Lekki Worldwide Investments Limited, Mr Popson Jaiyesimi who spoke at a 3-day workshop on “Communication and Team Skills in Effective Interfacing on Community Service and Relations” for Stakeholders in the LFZ communities at the La Campagne Beach Resort, Lekki, Lagos, said CSR had become so critical that it could not be neglected by investors willing to secure their investments.
“We have a strategic plan to move Lekki Worldwide Investments limited forward and one of the things we identified is how to get the investors and the communities talking and we decided that there should be a workshop of information sharing between the investors and the communities. We are just the moderators.
“The governor is quite keen on this project because Lekki Free Trade Zone is the future of Nigeria businesses and it is a product of research. The fundamental thing is to make sure that there is security and it comes when the communities are walking in tandem with the investors.
“This is to keep them talking because when you keep the people around the table, they share their fears and sometimes, you find out that it is just miscommunication as there is no issue at all,” he said.
Mr Jaiyesimi added that the state government had understudied the Niger Delta crisis and what led to the agitation, saying that government would find a way out to address the needs of the people in Lekki in order to ensure the projects in the area were not truncated.
“We have found out that we need to get it right, because we have multi-billion dollars investments in that corridor and government has spent so much money in compensation and investment in the corridor. We are interested in knowing what the investors are putting down as Corporate Social Responsibilities to the communities,” he said.
Mr Jaiyesimi stressed that coordinated effort of all stakeholders in matters of CSR was required to ensure that the goal of the Lagos megacity was achieved, thereby guaranteeing prosperity for investors and communities.
“Numerous research findings have shown that CSR requires communication and teamwork for effective interfacing and relationship with host communities; guaranteeing safety and security for business,” he said.
He added that community development projects through CSR must meet people’s hierarchy of needs for lasting appreciation and goodwill, saying that impact assessment was a requirement for sustainability of any community project.
Mr Jaiyesimi stated that government had done a need assessment of the communities and found out that what was paramount among their needs was employment for their children by the investors, but lamented that in some cases their children were not qualified for the jobs.
According to him, conscious efforts should be made by the investors to educate and train children from the host communities on the skills and competency they needed to be gainfully employed in their establishments.
Also speaking, Mr Gokil Rajan, Operational Head, Lekki Free Trade Zone said that part of its CSR to the communities was in the area of ensuring health, hygiene and sanitation, saying that the organisation had reduced open defecation in schools through construction of toilets.
He stated that the lives of about 10,000 students had been touched while 36 schools in the Lekki corridor had been provided with toilets which had helped in curbing open defecation.
Group General Manager, Corporate Relations, Dangote Oil Refining Company Limited, Mr Yinka Akande, said the importance of community keying into investors’ projects in Lekki could not be over-emphasized as any investor willing to make impact must relate with the host communities in order to secure the project.
He said failure to cooperate with the host communities could impede the project, with the investors losing large chunks of their investments.
A community leader in the area, Ayodele Olayinka said the over 200 communities in the Lekki corridor fully supported government’s effort to develop the LFTZ as it would impact positively on the lives of people in the area.
Olayinka, who is the Chairman, Abomiti Zone in Parcel ‘B’ however, appealed to the state government to give them the land which had been earmarked for them after they were made to relinquish their original land, while describing the LFTZ development as a laudable project.
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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