New Roadmap Guides Businesses Towards COP28-Aligned Sustainability
A groundbreaking roadmap designed to help organizations seamlessly integrate sustainability practices into their operations, in line with COP28 outcomes, has been unveiled by The Governance Platform. The roadmap, based on insights from the newly launched book "Sustainability and COP28: What It Means for Boards," co-authored by Professor Fabian Ajogwu, SAN, and Dr. Onajite Newton,was presented at a recent executive breakfast...
NECA Calls on Nigerian Government to Embrace Pro-Business Policies for Economic Revival
The Nigeria Employers’ Consultative Association (NECA) is urging the Federal Government to adopt innovative policies that stimulate growth and development within the private sector. This appeal was made by NECA's Director-General, Mr. Adewale Oyerinde, during a press conference announcing the upcoming Nigeria Employers' Summit. Themed "Economic Renaissance: Harnessing Government Reforms and Private Sector Agility," the summit is scheduled for June...
Lagos State Invests N25 Million in Naijabrand Chick Trade Fair to Empower Local Businesses
The Lagos State Government has announced a N20 million investment in the upcoming Lagos State Tourism Naijabrand Chick Trade Fair. The funds will be used to secure booths for small-scale vendors who might otherwise be unable to participate due to financial constraints. This initiative, led by the Ministry of Tourism, Arts and Culture, aims to empower businesses of all...
NCDMB Executive Secretary Refutes Claims of Bad Investments, Highlights Profitable Ventures
The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Ogbe, has dismissed allegations of mismanagement of funds and unprofitable investments. In a recent statement, he highlighted the board's rigorous investment evaluation process and showcased successful projects that have generated substantial returns. Ogbe's remarks come in response to earlier accusations by the Minister of State for Petroleum...
National Minimum Wage Negotiations in Nigeria: A Deep Dive into the Challenges
The ongoing negotiations to review Nigeria's National Minimum Wage Act of 2019 face significant challenges. These stem from the complexities of balancing workers' needs, economic realities, and the interests of various stakeholders. The Importance of the National Minimum Wage: The National Minimum Wage is a crucial instrument to ensure fair compensation, reduce poverty, and promote economic growth. However, periodic reviews are...
UK Invests $85 Million in Nigeria’s Manufacturing Sector, Boosting Clean Energy
The United Kingdom's (UK) Manufacturing Africa program has attracted a significant $85 million investment in Nigeria's manufacturing sector since 2020. This was announced by Deputy British High Commissioner, Jonny Baxter, at a ceremony funding three Nigerian clean energy companies to expand renewable energy access. Manufacturing Africa, a UK government initiative, aims to drive sustainable manufacturing growth across the continent by...
Nationwide Strike Cripples Nigerian Economy, Demands Wage Increase and Tariff Reversal
Nigeria experienced a significant economic disruption on Monday as the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) launched a nationwide strike. The strike, triggered by a disagreement with the Federal Government over the new minimum wage and electricity tariff, resulted in the shutdown of key sectors, including power, banking, ports, hospitals, schools, and government offices. The labor unions,...
CBN Reverses 0.5% Cybersecurity Levy on Electronic Transactions
The Central Bank of Nigeria (CBN) has withdrawn its directive to banks and financial institutions regarding the implementation of a 0.5% cybersecurity levy on electronic transactions. The decision follows a directive from the House of Representatives and the federal government to suspend the levy. The levy, initially mandated under the Cybercrime (Prohibition, Prevention, etc.) (Amendment) Act 2024, was intended to...
Nigerian Food and Beverage Industry Grapples with Harsh Economic Conditions
The Association of Food, Beverages and Tobacco Employers (AFBTE) has raised alarm over the detrimental impact of Nigeria's harsh economic climate on the food and beverage industry. During their 45th Annual General Meeting in Lagos, the association's President, Chinedum Okereke, highlighted the challenges faced by businesses due to recent government policies. Okereke pointed to the abrupt removal of fuel subsidies...
Multiplicity of Taxes Threatens Nigeria’s AfCFTA Gains, Warns MAN
The Manufacturers Association of Nigeria (MAN) has raised concerns that the burden of multiple taxes on the manufacturing sector could hinder Nigeria's ability to fully benefit from the African Continental Free Trade Area (AfCFTA). In a presentation at the Chartered Institute of Taxation of Nigeria's (CITN) annual tax conference, MAN Director General, Segun Ajayi-Kadir, emphasized the negative impact of overlapping...
