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USTC Cautions Lagos on Impact of Single-Use Plastic Ban on SMEs

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Single-Use Plastic

By Adedapo Adesanya

The United States-Nigeria Trade Council (USTC)  has said that the sudden prohibition of single-use plastic containers by the Lagos State Government would have an impact on the state’s economy, as it will become a huge financial burden on Small and Medium Scale Enterprises (SMEs).

The President of the council, Mr Titus Olowookere, called the attention of the state government to this in a statement in Lagos on Tuesday, appealing to the administration of Mr Babajide Sanwo-Olu to evaluate the ban’s economic consequences carefully.

On Sunday, the Lagos State Government suddenly announced a ban on single-plastic use with immediate effect.

This move, according to the critics, did not consider dialogue with businesses and other stakeholders before it was implemented.

Mr Olowookere also stressed the need to collaborate with stakeholders to formulate sustainable waste management strategies and foster entrepreneurship, economic advancement, and environmental sustainability.

He mentioned that while USTC acknowledges the importance of environmental conservation and sustainability, the sudden ban on single-use plastics is considered potentially problematic to small businesses.

“We firmly believe that this ban will have detrimental effects on Lagos state economy and exacerbate the unemployment crisis.

“We urge the government to reconsider this decision and take into account alternative solutions that promote entrepreneurship, sustainable consumption, and waste management,

“This ban directly affects not only industry workers but also countless small-scale entrepreneurs who depend on the plastic sector for their livelihoods.

“Furthermore, from an economic standpoint, the ban imposes an enormous financial burden on businesses, particularly Small and Medium-sized Enterprises (SMEs), as they are forced to find alternatives or invest in costly infrastructure to comply with the regulation.

“This additional expenditure, coupled with the already challenging business environment, will impede growth and hinder economic development, not only in Lagos but in Nigeria as a country,” he said.

The council advised that the Lagos State government encourage and promote effective waste management as a credible alternative to the ban.

According to Mr Olowookere, this will promote responsible consumer behaviour and support the transition towards eco-friendly alternatives.

He suggested that the state explore collaboration with industry stakeholders to foster the creation and acceptance of eco-friendly packaging alternatives, including materials that are biodegradable or compostable.

he expressed the council’s support for investing in recycling infrastructure.

“The establishment and expansion of recycling facilities will create new job opportunities and support the growth of a sustainable recycling industry in Nigeria.

“USTC advocates for collaboration between the Lagos State government, private sector entities, and civil society organizations to develop and implement waste management projects that drive entrepreneurship and job creation,” he added.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Economy

NNPC Denies Selling Substandard Petrol at Retail Stations

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NNPC fuel retail station

By Aduragbemi Omiyale

The Nigerian National Petroleum Company (NNPC) Limited has refuted claims that it sells substandard premium motor spirit (PMS), otherwise known as petrol, at its retail stations, especially in Lagos.

The state-owned oil company was reacting to a viral video, which said petrol bought at NNPC retail stations burns faster.

Reacting to this in a statement on Saturday, the Chief Corporate Communications Officer of the NNPC, Mr Olufemi Soneye, said the said fuel being talked about in the video may have been the product bought from a rival refinery in the country, Dangote Petroleum Refinery.

“It is important to emphasize that a significant percentage of Premium Motor Spirit (PMS) sold at NNPC retail stations in Lagos—where this deceptive video was created—is sourced from the Dangote Refinery, a strategic partner in promoting local production and energy security. Dangote Refinery adheres to strict industry standards, guaranteeing the quality of petroleum products supplied to our consumers,” a part of the statement said.

It, therefore, described the allegations in the viral video as “false and misleading,” adding that it is also “baseless and entirely unfounded” as it originated “from unverified and amateur research that lacks credibility, accuracy, and professional oversight.”

“NNPC reaffirms that its fuel is carefully formulated with one of the best compositions, ensuring optimal efficiency, durability, and environmental sustainability for consumers,” the company stated.

However, it warned that, “Henceforth, NNPC will take firm legal action against individuals or groups who intentionally spread falsehoods about our brand and operations. Those engaged in such malicious activities will be held fully accountable under the law.”

It lamented that the video was done by “economic saboteurs to misinform the public and tarnish NNPC’s reputation,” warning that it “will not tolerate deliberate misinformation designed to undermine our operations and mislead Nigerians.”

NNPC urged “the public to disregard such fabricated content and rely on verified sources for accurate information,” noting that it “remains steadfast in its mission to ensure fuel availability, affordability, and quality for all Nigerians while maintaining global industry standards.”

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Economy

Four Stocks Show Investors Love at NASD Valentine’s Day Trading

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NASD OTC exchange

By Adedapo Adesanya

Four price gainers lifted the NASD Over-the-Counter (OTC) Securities Exchange by 0.54 per cent on Friday, February 14.

Okitipupa Plc improved its share price by N11.29 to close at N124.18 per unit versus N112.89 per unit, Mixta Real Estate Plc appreciated by 34 Kobo to finish at N3.76 per share versus the preceding day’s N3.42 per share, Afriland Properties Plc went up by 62 Kobo to settle at N21.03 per unit compared with N20.41 per unit, and FrieslandCampina Wamco Nigeria Plc jumped by 5 Kobo to trade at N39.95 per share, in contrast to the preceding day’s N39.90 per share.

At the close of business, the market capitalization rose by N9.91 billion to N1.828 trillion from N1.818 trillion and the NASD Unlisted Security Index (NSI) increased by 17.49 points to 3,227.53 points from the 3,210.04 points recorded on Thursday.

During yesterday’s session, the volume of securities transacted by investors jumped by 1,001.3 per cent to 5.1 million units from the 465,820 units transacted in the previous trading day.

Also, the value of transactions surged by 1,025.4 per cent to N108.5 million from N9.6 million, while the number of deals went south by 10 per cent to nine deals from 10 deals recorded on Thursday.

Impresit Bakolori Plc finished the day as the most active stock by value (year-to-date) with 519.5 million units worth N504.3 million, trailed by FrieslandCampina Wamco Nigeria Plc with 7.4 million units valued at N293.2 million, and Geo-Fluids Plc with 9.3 million units sold for N44.8 million.

Similarly, Impresit Bakolori Plc ended the session as the most active stock by volume (year-to-date) with 519.5 million units worth N504.3 million, followed by Industrial and General Insurance (IGI) Plc with 69.6 million units sold for N23.6 million, and Geo-Fluids Plc with 10.7 million units valued at N51.2 million.

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Economy

Naira Stable at Official Market, NAFEM, Appreciates at Black Market

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sellers of Naira

By Adedapo Adesanya

The Naira was relatively stable against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, February 14, though it shed 10 Kobo or 0.01 per cent to sell at at N1,510.10/$1 compared with the previous day’s value of N1,510.00/$1.

However, it depreciated against the Pound Sterling in the official market during the trading day by N7.32 to quote at N1,879.42/£1 versus the N1,872.42/£1 it was sold at the previous session and lost N6.27 against the Euro to settle at N1,566.23/€1, in contrast to Thursday’s closing rate of N1,559.96/€1.

At the parallel market, the Nigerian Naira improved its value against the US Dollar yesterday by N5 to finish at N1565/$1 compared with the preceding session’s value of N1,570/$1.

As for the cryptocurrency market, it was positive on Friday after investors overlooked recent data that frustrated the landscape.

This week, the US data released showed increment in the Consumer Price Index (CPI). This shows the US Federal Reserve will likely wait till June before making changes to the current interest rate levels.

Over the last two weeks, the US Securities and Exchange Commission (SEC) has also acknowledged applications for Litecoin and Solana exchange traded funds (ETFs) — indicating that the SEC’s leadership under the Donald Trump administration has changed its tact to crypto-related listings.

Ethereum (ETH) expanded its value by 5.4 per cent to sell at $3,394.79, Solana (SOL) recorded a 4.4 per cent appreciation to end at $260.86, Cardano (ADA) jumped by 2.9 per cent to trade at $1.00, and Litecoin (LTC) saw a 2.6 per cent surge to quote at $116.78.

In addition, Bitcoin (BTC) appreciated by 2.1 per cent to settle at $1o4,978.31, Ripple (XRP) rose 0.7 per cent to $3.16,  Dogecoin (DOGE) increased by 0.6 per cent to finish at $0.3572, and Binance Coin (BNB) gained 1.6 per cent to sell for $710.31, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.

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