Economy
Lagos to Boost GDP Through Entertainment
By Modupe Gbadeyanka
Governor Akinwunmi Ambode of Lagos State on Tuesday revealed plans of his administration to leverage on the vast economic opportunities in entertainment, tourism and arts sectors, among others to grow the Gross Domestic Product (GDP) of the state and promote talents in the state to compete globally.
Speaking at Lagos House, Ikeja when he received artistes who performed at the One Lagos Fiesta (OLF), who were on a thank-you-visit, Governor Ambode said the creative industry remains a veritable platform to grow the economy, and that government would tap into it and use it to positively engage the bulging youths in the state.
The OLF, which is an annual end of the year revue put together by the state government, held simultaneously in five different locations across the state from December 24, 2016 to January 1, 2017, and it was adjudged to be very successful with participation of A-list artistes from different genres of music.
The Governor, who thanked the artistes for their partnership with the state government, said the OLF was a platform put together by his administration to majorly create awareness about the potentials inherent in the entertainment industry, especially in using it to grow the economy and positively develop talents that abound in the country.
He said according to statistics, the State recorded the lowest crime rate during the period of the OLF, saying that the artists contributed significantly in keeping the city secured and scale up the international rating of the state as a safe place.
He recalled the Project T.H.E.S.E (Tourism, Hospitality, Entertainment, Sports for Excellence) which was part of campaign promises to Lagosians, saying that his administration remained committed to using the initiative as well as the OLF to grow the economy of the state.
“We have a bulging youth population dynamics in Lagos. 66 per cent of our population are below the age of 35 and if two third are of below 35, it means there is an economy in that age bracket that government is not seeing. The OLF was used to test run how to bring people together.
“The issue now is beyond OLF, how do we now take that opportunity to become a catalyst for this partnership? On my part, I want to reiterate my commitment. This is an area I love which is underutilized for the societal development of the country.
“Government is now willing to use your industry to grow its GDP because so far entertainers are working, we would have more visitors coming to Lagos; they will stay in our hotels; they will buy clothes; they will go out in the night and buy our drinks and the ultimate thing is that more taxes come in for the state.
“So, there is a concentric cycle around the energy of entertainers and so what I want is a structured framework.
“What is it that we should do as government to grow the industry? Why should we go and be doing video shoot in South Africa for instance? I want a win-win partnership not just to use artistes and dump them till another December. I want a year-round partnership that is built around a framework,” Mr Ambode told his guests.
Going forward, the Governor tasked artistes to come up with a structured framework to grow the economy, while government will provide infrastructures and initiatives to help the sector.
“The challenge for our artistes now is to come up with a framework of how government can intervene. We are willing to support and we are willing to draw up a programme to support you but how do you want to fuse into that to make Lagos the entertainment hub in Africa? That is the challenge but I want to thank you for honouring us,” the Governor said.
Many of the big names in the entertainment industry including Queen Salawa Abeni, Adewale Ayuba, Tiwa Savage, Adekunle Gold, Sir Shina Peters, Sound Sultan among others, lauded Governor Ambode for the OLF initiative and his commitment to grow the industry.
Other notable names who were part of the delegation included Folarin Falana (Falz), M.I Abaga, Patoranking, Obesere, Tony Tetuila, Dr Sid, Idris Abdulkareem, Aramide, CDQ, Sulaimon ‘Atawewe’ Adio, Reekado Banks, Humblesmith, Dammy Krane among others.
By Adedapo Adesanya
The chief executive of HBM Nigeria Plc (formerly Lafarge Africa), Mr Lolu Alade-Akinyemi, said the cement producer is expected to add 4.5 million tonnes to its production capacity by January 2027.
HBM Nigeria Plc is positioning itself for stronger long-term competitiveness, market leadership and job creation as it accelerates expansion projects.
The transition to HBM Nigeria marks a new phase of growth, driven by operational excellence, sustainability, innovation, and infrastructure development, while maintaining its long-standing commitment to Nigeria’s construction sector.
Mr Alade-Akinyemi, speaking recently in Lagos, said the ongoing expansion of the company’s Ashaka and Sagamu plants would significantly boost local production, create employment opportunities, and support businesses across its value chain.
“We recently announced the expansion of the Sagamu plant in Ogun State and the Ashaka plant in Gombe State. Hopefully, in January 2027, we will commission both plants, adding 4.5 million tonnes to our capacity. Traditionally, building a new plant takes about three years, but this is one of the benefits of belonging to the Huaxin Group,” he said.
According to him, the projects will generate employment, create opportunities for young people and women, strengthen local suppliers and contractors, and contribute further to Nigeria’s economic growth.
“There are many vacancies we are trying to fill in Sagamu and Ashaka. Beyond direct employment, we are creating opportunities for small businesses, developing suppliers and supporting local contractors. This is an exciting period because it will deliver significant benefits to Nigeria,” he said.
Mr Alade-Akinyemi noted that while the company’s corporate identity had changed following its acquisition by Huaxin Building Materials Group, its core values and commitment to customers, host communities, employees and shareholders remain unchanged.
He said HBM Nigeria traces its roots to 1959 as West African Portland Cement Company (WAPCO), with its first cement plant commencing operations in Ewekoro, Ogun State, in 1961.
Since then, he said, the company has grown into one of Nigeria’s leading building solutions providers with integrated plants in Ewekoro, Sagamu, Ashaka and Mfamosing.
He added that the company, which became publicly listed in 1979, has continued to expand through acquisitions and transformation while maintaining high product quality, innovation and responsible operations.
Highlighting the strengths of its parent company, Alade-Akinyemi described Huaxin Building Materials as a globally recognised building materials manufacturer founded in 1907 and headquartered in Wuhan, China, with operations across 16 regions in China and 14 countries worldwide.
He said Huaxin’s engineering expertise and focus on research and development would strengthen HBM Nigeria’s operations and help close engineering skills gaps in the country.
“As HBM Nigeria, we are strategically positioned for long-term competitiveness and stronger market leadership while reinforcing our commitment to supporting Nigeria’s infrastructure development and economic progress after more than six decades of industry leadership,” he said.
He also said sustainability would remain central to the company’s operations, noting that it had introduced lower-carbon products and continued to invest in environmentally friendly production processes.
By Adedapo Adesanya
The Federation Account Allocation Committee (FAAC) distributed about N2.550 trillion from the revenue generated by the nation in June 2026 to the three tiers of government after its July meeting in Abuja.
A statement signed by the Director of Press in the Office of the Accountant General of the Federation, Mr Bawa Mokwa, “The N2.550 trillion total distributable revenue comprised N1.809 trillion in distributable statutory revenue and N740.724 billion in distributable Value Added Tax (VAT) revenue.”
It was gathered that a total gross revenue of N4.500 trillion was available in June 2026, with deductions for the cost of collection amounting to N160.744 billion, and transfers and refunds at N1.789 trillion.
According to a communiqué after the gathering, gross statutory revenue of N3.700 trillion was received in June 2026, N1.049 trillion higher than the N2.651 trillion received in the preceding month, while gross revenue of N799.746 billion was generated from VAT, N56.058 billion higher than the N743.688 billion recorded in May 2026.
It was stated that from the N2.550 trillion total distributable revenue, the federal government received N923.438 billion, the state governments got N838.208 billion, while the local government councils were given N591.390 billion, with N197.610 billion allocated to the benefiting states as 13 per cent of mineral derivation revenue.
From the N1.809 trillion distributable statutory revenue, the federal government went away with N849.366 billion, states shared N430.810 billion, local councils took N332.136 billion, while the benefiting states got N197.610 billion as derivation revenue.
From the N740.724 billion distributable VAT earnings, the central government got N74.072 billion, the states received N407.398 billion, and the local government councils were allocated N259.253 billion.
The communiqué further stated that in June 2026, collections from Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties (SDT), Petroleum Royalties, Gas Flare Penalties, Rent, Mineral Oil Royalties (MOR), Value Added Tax (VAT), Import Duty, and Common External Tariff (CET) Levies increased significantly, while Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Mineral Royalties, and Fees declined considerably. Excise Duty recorded only a marginal increase.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) says the rollout of electronic invoicing (e-invoicing) will strengthen tax compliance, curb revenue leakages and improve transparency in tax administration as it moves to fully digitise the country’s tax system.
The Project Lead for the NRS e-Invoicing Project, Mr Mohammed Bawa, stated this at the DigiTax E-Invoicing Compliance Breakfast Session held in Lagos on Wednesday.
The event, organised by DigiTax, an NRS-accredited e-invoicing platform, formed part of efforts to support the agency’s ongoing education and sensitisation campaign on the e-invoicing mandate.
Mr Bawa said the initiative aligns with global trends in tax digitisation and is expected to help improve Nigeria’s tax-to-GDP ratio, which remains one of the lowest in Africa.
According to him, the system will provide the NRS with greater visibility into transactions across sectors, formalise activities within the informal economy and standardise invoice formats nationwide using globally recognised invoice schemas.
He added that e-invoicing would improve operational efficiency for both businesses and tax authorities while supporting the NRS’ transition from manual and electronic tax administration processes to a fully automated system-to-system interaction model.
Mr Bawa noted that the legal framework for implementation is backed by the Nigeria Tax Administration Act, which prescribes penalties for non-compliance.
He disclosed that the NRS has completed onboarding large taxpayers and is preparing to enforce compliance with defaulting entities.
According to him, medium taxpayers are expected to begin compliance in the third quarter of 2026, while onboarding of emerging taxpayers will commence in 2027, with full adoption targeted for all taxpayers by the end of 2028.
Mr Bawa urged taxpayers yet to be onboarded onto the platform to begin the process and work with accredited service providers to ensure compliance.
On his part, Country Director of DigiTax Nigeria, Mr Olumide Akinsola, urged businesses to look beyond their internal systems and assess the compliance status of suppliers and counterparties.
He warned that businesses whose suppliers fail to transmit invoices through the MBS platform risk losing eligibility to claim Value Added Tax (VAT) input credits on such transactions, describing the resulting supply chain exposure as a significant commercial risk that many organisations have yet to quantify.
Mr Akinsola also announced the launch of DigiTax’s white paper, The State of E-Invoicing Readiness in Nigeria, which examines compliance adoption trends and the readiness gap across different taxpayer segments.
He added that DigiTax operates in Nigeria, Kenya, Zambia and the United Arab Emirates (UAE), noting that experience from those markets shows businesses that integrate early are better positioned to avoid disruptions when enforcement begins.
