Economy
Lagos Assures Business Owners Easy Access to Funds
By Dipo Olowookere
Those who intend to invest or set up businesses in Lagos State have been assured ease access to funds. This assurance was given by the state Governor, Mr Babajide Sanwo-Olu, at the closing ceremony of the 2019 edition of Lagos International Trade Fair on Sunday.
The Governor, who was at the Tafawa Balewa Square (TBS), venue of the fair last Sunday, said his administration will continue to work hard to make the metropolis the preferred destination of choice for investment and commercial activities.
According to him, Lagos remains the largest market in Africa for any discerning investor being the commercial, industrial and financial hub of Nigeria and the economic gateway of Sub-Saharan Africa boasting of a population of 22 million people.
“To underscore the State’s attraction as the preferred investment destination, financial closure worth $629million for the development of the Lekki Deep Seaport was secured about two weeks ago. This move which, no doubt, would catalyse the speedy delivery of the Port project is a manifestation of the confidence of investors in Lagos State,” he said.
Mr Sanwo-Olu expressed his determination to preserve the legacies of his predecessors by supporting the growth of the local economy, improving the Ease of Doing Business, providing easy access to finance, repositioning the Public Service to better support businesses and accelerating infrastructure interventions.
“My charter is to see that Lagos State continually maintains her pride of place as the numero uno Nigerian State and the land of golden opportunities for all and sundry within and outside Nigeria,” the Governor stated.
He empathised with the exhibitors at the fair for the inconveniences of erecting and dismantling their stalls every year, revealing that government is not unmindful of the urgent need for a permanent ultra-modern trade fair and exhibition complex.
“We are currently exploring all avenues towards providing this structure in the state for the use of our teeming businesses”, the Governor assured.
The Governor also promised to continue harnessing public-private machinery in developing new business opportunities in manufacturing, agriculture and agro-processing, renewable power, oil and gas, transportation, as well as affordable housing development to mention but a few.
Calling on discerning investors to partner with his government in creating value and enhancing business prosperity in Lagos, Mr Sanwo-Olu maintained that the Lekki Free Zone offers unique benefits and incentives to local and foreign investors.
He also applauded the President of LCCI, Mr Babatunde Ruwase, and council members for an impressive and successful trade fair which as well attended despite the socio-economic climate occasioned by the current border closure.
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.
