Economy
Iran Assists Nigeria on Job Creation
By Dipo Olowookere
Federal Government’s initiative on labour and job creation received another boost recently with an offer by Iran to key into Nigeria’s efforts through diverse cooperation in vocational skills acquisition programmes.
This was made known when the Iranian Ambassador to Nigeria, Mr Morteza Zarchi, visited the Minister of Labour and Employment, Mr Chris Ngige, in his office recently.
According to the Minister, “This marks the beginning of a robust labour and job related relationship between the two countries. Nigeria and Iran share a lot in common and here is an opportunity for us to explore this for the benefit of the two countries.”
Expressing the appreciation of the Federal Government to an offer by Iran to build vocational skills centres in major cities in Nigeria, locally train and sponsor some of the trainees to Iran, the Minister restated the unwavering commitment of the Buhari administration to job creation and fair labour practices, urging the Iranian Ambassador to relay the great opportunities of investment offered by the 2017 budget back home to the Iranian business community.
“Nigeria is an investment haven, a destination, contrary to publications in some international media. We have our challenges just like many other countries, but Nigeria is generally peaceful and investment friendly. Having heard our President present the 2017 budget, I appeal to you to invite the Iranian business community, tell them about the friendly investment climate in Nigeria; ask them to exploit the fertile opportunities in our construction, manufacturing, agriculture, trade and even real estate.”
The Minister further requested Iran to cooperate with Nigeria on International Labour Migration in order to make it possible for Nigerians with skills in various vocations to legally work in the country, adding that Nigeria was already working with the ILO in that direction.
Making his presentation, Mr Morteza Rahimi Zarchi expressed confidence in the efforts being made by Nigeria to steer her economy out of recession, applauding significant steps taken by the Buhari administration.
“I am very happy that one of the most important issues raised by President Muhammadu Buhari in his budget speech was the creation of jobs in the country. I will be very happy that in these last days of 2016, I can raise up some issues concerning the joint co-operation between our two countries in this sector,” he said.
He recalled that Nigeria and Iran have similar challenges and requested for closer co-operation to further explore common grounds and boost labour, trade and industry in the two countries.
“I have made a lot of contacts with people coming from Nigeria, and with different relevant authorities on labour related matters. I am very confident that through the exchange of views, we can activate some of these grounds. Iran is ready to create vocational skills centres in different cities in Nigeria and train those to be recruited. Some can travel to Iran for training in various vocational programmes which we run.”
He further said his country would assist in expanding job creation activities in Nigeria through the transfer of production and managerial skills as well as capital inflow to stimulate small and medium scale industries.
By Adedapo Adesanya
Oil prices climbed about 2 per cent to a one-month high on Tuesday after the US reportedly reimposed a naval blockade on Iran, which will reduce oil flows from the region through the Strait of Hormuz.
Brent futures rose by $1.43 or 1.7 per cent to settle at $84.73 per barrel, while the US West Texas Intermediate (WTI) crude increased by $1.20 or 1.5 per cent to $79.34 a barrel.
Brent closed at its highest since June 12, and WTI at its highest since June 15. The closing price increase kept Brent in technically overbought territory for a second day in a row for the first time since March.
Before the Iran war, about 20 per cent of global oil supplies flowed through the strait.
US President Donald Trump stepped back from a proposal to charge a 20 per cent fee to guard the Strait of Hormuz as part of the conflict with Iran, saying he would instead seek investment deals with Gulf states.
US forces had carried out waves of attacks for the third night after Iran said it had closed the strait. President Trump on Monday reinstated a blockade of Iranian shipping and proposed the fee, but hours before the fee was to take effect, the American President said the strait was open to all shipping traffic except that of Iran.
The renewed attacks have fed doubts that a memorandum of understanding signed last month will lead to a permanent halt in the war that has disrupted global energy supplies and stoked inflation fears.
Data showed that US consumer inflation slowed more than expected in June as energy prices retreated, but financial markets still expect an interest rate hike from the Federal Reserve.
The Federal Reserve Chairman Kevin Warsh on Tuesday vowed to “do my job” if challenged by President Trump, who has said he wants the US central bank to cut interest rates and boost economic growth.
The American Petroleum Institute (API) estimated that crude oil inventories in the US fell by 564,000 barrels in the week ending July 10. In the week prior, US crude oil inventories fell by 399,000 barrels.
Although commercial crude oil inventories excluding the SPR have been falling rapidly for three months now, shedding just over 60 million barrels over the last twelve weeks, US crude inventories are only down 9.2 million barrels so far this year. The US Energy Information Administration (EIA) will release its report later on Wednesday.
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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