Economy
BRICS: Tinubu Dedicated to Empowering MSMEs—Shettima
By Adedapo Adesanya
The Vice President, Mr Kashim Shettima, has said President Bola Tinubu is very passionate about empowering Micro, Small and Medium Enterprises (MSMEs) for the development of the nation’s economy.
The VP spoke on Tuesday on the sidelines of the BRICS Trade Fair in Johannesburg, South Africa, during his tour of exhibition stands.
“It is a known fact that the empowerment of the MSMEs is key to empowering our youth and women towards contributing to the nation’s economic development.”
Speaking further about the commitment of President Tinubu towards empowering the MSMEs, he said “the President is a very compassionate leader, and in the coming months, there will be changes in the fortunes of Nigeria.”
Explaining the economic impact of the growth of MSMEs on the economy, Mr Shettima said “this will have positive impacts which will enable them to support their families and add value to the nation.”
The Vice President commended the organizer’s of the trade fair, which had about 180 exhibitors from various sectors of the economy. He stressed that the exhibitions would, in the long run, serve the purpose of galvanising investment and trade in the continent.
He took time to inspect Nigeria’s exhibitions and lauded the investments of Nigerians in South Africa.
He said, “I am quite impressed by the investment Nigerians are making in South Africa. This is the harbinger of greater things to come. I can say that Nigerians are active in the digital economy, they are active in fashion, and they are equally active in mining.
“I am quite glad that quite a number of our countrymen are doing well and are willing to partner with the home nation for the greater glory of the African continent.”
While praising Rose Bank, a Nigerian investment outfit in South Africa for the funding of a cassava project worth N40 billion, the Vice President affirmed that “it is game a changer with the cassava value chain with its huge economic benefits. We hope that it will be reflected in other parts of the country.”
The BRIC South Africa & The SA BRICS Business Council (SABBC) is organising the Trade Fair in collaboration with the Department of Trade Industry and Competition on the sidelines of the ongoing 15th BRICS Summit.
The exhibition is expected to serve as a platform for showcasing products and services from the BRICS countries as well as business-to-business interaction aimed at increasing intra-BRICS trade and investments.
Nigeria’s High Commissioner to South Africa, Ambassador Muhammad Haruna Manta, the Consul-General, Ambassador Andrew Idi and other senior government officials accompanied the Nigerian Vice President to the Trade Fair.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
