Economy
FG Lauds Lagos’s Friendly Business Environment
By Dipo Olowookere
Federal Government on Thursday described Lagos State as a true model of the vision of improving on the ease of doing business and turning Nigeria into one of the easiest and most attractive places for investors in the world.
Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah, who stated this in Lagos after a meeting with Governor Akinwunmi Ambode, said the state, as the commercial capital of the country, stands in a vantage position to drive the goal of government to improve World Bank ranking of Nigeria on the ease of doing business.
Speaking with Government House correspondents after the meeting, Mr Enelemah said both the Federal Government and the State Government were willing to collaborate on strategic areas to achieve the overall goal of growing the economy.
He said, “We basically have been talking about creating enabling environment for investments and ease of doing business and the area where we have strong convergence between Lagos State and the Federal Government.
“Governor Ambode and I have been discussing how to collaborate very strongly to make Lagos State a true role model in line with our vision of making Nigeria one of the easiest and most attractive places to do business and you will agree with me that there is no better place to start than Lagos State, particularly when you have a Governor who is committed to it and as he puts it to us, it is like preaching to the converted.
“So, what we have done today is to agree on modalities on working together to achieve the targets that we have set for ourselves both in ease of doing business ranking of the World Bank, in terms of some of the areas where we know that we should improve upon like tourism for instance, by making sure that people who want to visit Nigeria come in seamlessly; in terms of making it easy for people in Lagos State who are, as the Governor puts it, paying the taxes by making life easier and better for them.”
Giving details, the Minister said his office would be collaborating with the Office of Transformation under the Governor’s office, as well as the Presidential Enabling Business Environment Council, to achieve the overall objectives.
He also assured that the Federal Government would not hesitate to impose import restrictions where necessary to avoid Nigeria from being a dumping ground, while concerted efforts would be put in place to check negative trade practices, especially for the benefit of the Small and Medium Enterprises (SMEs).
Also speaking, Governor Ambode recalled that in the last few months, the State Government had been engaging the business community on ease of doing business, saying that the meeting with officials of the Federal Government was in sync with the vision of his administration to achieve the very best in driving investment.
“What has been happening in the last two years is that on our part, we have tried as much as possible to provide an enabling environment for businesses to thrive in Lagos but again the indices that indicate that we are improving on ease of doing business is not really looking too good and we believe strongly that if 70 per cent of businesses or these indicators are actually coming from Lagos State, there is a need for us to quickly create a convergence between the efforts of the Federal Government and the State Government to make sure that we improve the business environment and that is what we have been discussing in the last few weeks as well as today.
“Moving forward, we have also engaged the office of the Vice President to see that there is a convergence in all our efforts to make sure that if possible, people should come to Lagos and start their business the same day.
“We want a situation whereby construction permit is given to people within the shortest possible time; we want to ensure that people who pay their taxes actually have the benefit of what they are paying for and in doing that, if we get in right in Lagos, it is very clear that Nigeria has gotten it right and that is why we are meeting,” Governor Ambode said.
The Governor expressed optimism that the current efforts would bring about major improvements on the business environment, adding that such would go a long way in growing the Gross Domestic Product (GDP) of Nigeria.
By Adedapo Adesanya
Nigerians, after facing respite with reduced price of premium motor spirit (PMS), known as petrol, in recent weeks, are now faced with a new challenge as the product retails for as high as N930 per litre in Lagos and higher in other parts of the country.
While Business Post gathered in Lagos that it retails for N930 per litre, it is selling as high between N950 and N970 per litre, depending on the filling stations in Abuja and northern parts of the country.
Our correspondents gathered from three filling stations, including Mobil, AP, and Northwest, that prices were around N930 per litre.
The new price regime followed an announcement by Dangote Refinery temporarily halting the sale of petroleum products in Naira, which is a result of a price war brought on by the deregulation of the downstream sector.
The $20 billion refinery based in Lagos said the sales of its products in Naira have exceeded the value of Naira-denominated crude it has received from the Nigerian National Petroleum Company (NNPC) Limited.
“This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in US Dollars,” the company said in a statement earlier in March 2025
“As a result, we must temporarily adjust our sales currency to align with our crude procurement currency,” the company explained.
Over the last few months, the price war between the NNPC and Dangote reduce prices to as low as N830 per litre— easing pressure on Nigerians.
However, with oil prices rising in the international market, the landing cost of imported petrol has increased to a high of N885 per litre last week.
On February 26, 2025, the $20 billion refinery owned by Africa’s richest man and industrialist Aliko Dangote slashed the ex-depot price of petrol from N890 to N825 per litre.
Under the new arrangement, customers purchased the petrol at N860 per litre at selected outlets in Lagos, N870 in the South-West, N880 in the North, and N890 in the South-South and South-East.
Almost immediately, the NNPC reduced its retail price from N945 to N860 in Lagos, with a similar price reduction reflected at NNPCL outlets in other states of the Federation.
Now, with the cost of landing cost increasing imported petrol costs, Dangote Refinery will be seeking to play its card to cover its margins.
Recall that last month, the NNPC suspended the Naira-for-crude deal with private refiners, including Dangote Refinery, fuelling its suspension of the sale of petrol in local currency.
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By Dipo Olowookere
The Nigerian Naira had a good outcome at the parallel market segment of the foreign exchange (FX) market on Monday, buoyed by a decline in the demand for FX.
There was a public holiday yesterday in Nigeria, which continues today to mark the end of Ramadan, a 30-day fast observed by Muslims across the globe.
The holiday ease the pressure on the local currency on Monday as most of the forex hawkers were at home for the Eid al-Fitr.
Business Post reports that the Naira gained N5 against the United States Dollar during the trading session to close at N1,550/$1 compared with the preceding session’s value of N1,555/$1.
This newspaper gathered that a few FX traders out for business yesterday did not have much to do because of the holiday declared by the federal government.
“It was a quiet day for us today (Monday. We did not see many customers to buy Dollars from us. It is the usual occurrence when there is a public holiday. We hope things will return to normal from Wednesday,” a forex trader, Mr Abubakar Ahmed, who spoke with Business Post, said.
The official market, known as the Nigerian Autonomous Foreign Exchange Market (NAFEM), did not open for business because of the Eid al-Fitr celebration.
It last opened its doors for business last Friday, when it gained 65 Kobo or 0.04 per cent against the greenback to quote at N1,538.26/$1, in contrast to Thursday’s exchange rate of N1,538.91/$1.
The appreciation happened as the Central Bank of Nigeria (CBN) boosted forex liquidity to stabilize the market with about $1 billion last month.
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