Economy
FG, Sahara Group Launch Advisory Team to Promote SDGs
By Dipo Olowookere
A renewed drive for public-private sector collaboration is set to commence in Nigeria as Acting President, Prof. Yemi Osinbajo inaugurates the Private Sector Advisory Group (PSAG) on Sustainable Development Goals (SDGs) on Tuesday, February 28, 2017.
The PSAG aims at mirroring the Global Private Sector Advisory Group which was established by United Nations Sustainable Development Fund (UNSDGF) in New York to effectively achieve the SDGs as a result of the numerous challenges faced during the implementation of the Millennium Development Goals.
The PSAG in Nigeria will provide the Global PSAG with guidance and strategic support to achieve hitch-free implementation of SDGs in Nigeria. This will ultimately create a platform for more impactful and home-grown sustainable models and solutions to achieve the SDGs.
Speaking on the initiative, Adejoke Orelope-Adefulire, Senior Special Assistant to the President on SDGs, said the PSAG would help the nation address and solve development issues sustainably. “The Public Private Partnership (PPP) for Sustainable Development marks a new dawn in the implementation of pro-poor projects and programmes in Nigeria,” she said.
Tonye Cole, Executive Director and Co-Founder Sahara Group, said the PSAG would galvanise ideas and initiatives from various stakeholders to achieve accelerated and inclusive development across the nation. “We strongly believe that the achievement of the PSAG objectives will not only improve the global SDG ranking of Nigeria, it will also improve the standard of living across the nation through the provision of sustainable solutions to basic problems,” said Cole, who represents Sahara Group on the Global PSAG board of the UNSDGF.
The Nigerian Private Sector Advisory Group is made up of 13 key partners who share high commitment in achieving the 17 SDGs and also have a track record of laudable milestones in the area of implementation of Corporate Social Responsibility projects.
Some of these key partners include but are not limited to: Growing Businesses foundation (GBF), Lagos Business School (LBS), Sahara Group Limited, British American Tobacco Nigeria (BATN), Nigerian Economic Summit Group (NESG), PricewaterhouseCoopers Ltd. (PwC), Google, Unilever Nigeria, Airtel Nigeria, GT Bank, General Electric (GE), Dangote Group, Coco-Cola, Channels Television, Chamber of Commerce- Lagos/Kano, National Association of Small Scale Industrialists (NASSI) and NASME. As the work progresses, the number of organizations that make up the PSAG are expected to increase to accommodate others that are keen on contributing their quota towards achieving the SDG’s in Nigeria.
Stakeholders working under the aegis of the PSAG will collaborate on identifying areas of common interest to achieve the establishment of vibrant public-private partnerships in Nigeria.
The Group will work closely with the Office of the Senior Special Adviser to the President on SDGs to ensure seamless implementation of adopted development projects across the nation.
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.
