Economy
Lagos Illustrates Digital Expansion Plans With $22m FDI Commitments
By Adedapo Adesanya
The Lagos State Government has secured about $22 million in Foreign Direct Investment (FDI) commitments to expand digital infrastructure across the state, in a move aimed at strengthening its position as Nigeria’s leading technology and innovation hub.
The investment was facilitated through the Lagos State Infrastructure Maintenance and Regulatory Agency (LASIMRA) and is expected to accelerate the deployment of fibre optic networks, improve broadband penetration and support smart-city development initiatives.
Speaking recently during the 2026 Ministerial Press Briefing held in Alausa, Ikeja, the Special Adviser to the Governor on Infrastructure, Mr Olufemi Daramola, disclosed that LASIMRA attracted foreign direct investment commitments worth about $22 million targeted at the rollout of high-capacity fibre optic infrastructure across Lagos State.
He said the development aligns with the government’s broader strategy to expand the state’s digital economy and enhance technology-driven growth in Africa’s most populous commercial centre.
Mr Daramola explained that the agency also facilitated additional investments for the deployment of about 30,000 kilometres of 28-way fibre duct infrastructure along strategic corridors across the state, building on the existing 3,000 kilometres of fibre already installed.
He noted that the expansion would significantly improve internet connectivity, boost broadband access and strengthen operations within Lagos’ rapidly growing digital ecosystem.
Beyond foreign investment inflows, he revealed that LASIMRA recorded a 300 per cent increase in revenue generation during the review period, driven by improved permit processing systems, enhanced regulatory compliance and the introduction of digital workflow platforms.
He further disclosed that the agency is advancing the Automated Telecom Infrastructure Registration System (TIRS), a digital platform designed to automate infrastructure registration, improve compliance monitoring and accelerate permit approvals for telecom operators.
“As part of its smart-city agenda, Lagos has deployed Geographic Information System (GIS) technology for mapping and monitoring fibre routes, telecommunications masts and towers, while also advancing the rollout of 5G-enabled smart poles across the state,” he said.
Mr Daramola added that the ongoing initiatives are aimed at building a resilient and future-ready digital infrastructure ecosystem capable of attracting further investments, fostering innovation and supporting long-term economic growth.
This marks the latest government move in tech following its plans to expand the city’s data centre capacity to over 250 megawatts (MW) by 2030 as part of efforts to strengthen the digital infrastructure ecosystem.
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.
