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Economy

Petrol to sell at N340 per litre from March, 2022

—-as FG removes fuel subsidy February, 2022
Eyewitness reporter

Nigerians should brace for more challenges ahead as the Premium Motor Spirit(PMS) otherwise known as petrol would now be sold for between N320 to N340 per litre from March 2022.

The increment is as a result of full deregulation of the downstream sector of the petroleum industry when the prices of the product will now be determined by market forces of demand and supply and which will automatically give way to the total removal of the controversial petroleum subsidy.
The Group Managing Director(GMD) of the Nigerian National Petroleum Corporation(NNPC), Malam Mele Kyari, dropped the hint during his presentation at the World Bank Nigeria Development Update, November 2021 edition titled “Time for Business Unusual” in Abuja yesterday.

According to him, the law provides that by the end of February 2022, the nation should be out of the subsidy regime.

“There will be no provision for it(subsidy) legally in our system, but I am also sure you will appreciate that government has a bigger social responsibility to cater for the ordinary and therefore engage in a process that will ensure that we exit in the most subtle and easy manner,” he said.

However, to cushion the expected pains that will attend the subsidy removal on petroleum, the Federal government said it will initiate a social intervention programme which is a monthly remittance of  N5,000 stipend to between 30 million and 40 million vulnerable Nigerians.
The Minister of Finance, Budget and National Planning, Zainab Ahmed,  who made this disclosure, said that ahead of the target date of mid-2022 for the complete elimination of fuel subsidies, the Federal Government was working to cushion the impact on Nigerians.
 “We are working with our partners on measures to cushion the potential negative impact of the removal of the subsidies on the most vulnerable at the bottom 40 per cent of the population.

“One of such measures would be to institute a monthly transport subsidy in the form of cash transfer of N5,000 to between 30 to 40 million deserving Nigerians.

“I agree with the report that with the expansion of social protection policies during the pandemic, the government has an opportunity to phase out subsidies such as the petroleum subsidy while utilising cash transfers to safeguard the welfare of poor and middle-class households.

“Towards this end, we intend to accelerate our structural reforms, particularly in the power sector, in governance, in business environment to unlock the huge potentials of the economy, scale-up social safety net and deepen financial inclusion to reduce poverty and inequality gaps.”

However, on the hike in prices of cooking gas, Kyari said that it was a demand and supply issue as there was a global crunch on supply of gas and many countries were now threatened by lack of supply in December.

He added that the product was not under any subsidy regime and therefore irrespective of where it was produced, would follow the global trend.

He, therefore, assured that the company was working on increasing local production to meet the needs of consumers.

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Economy

We haven’t stopped Customs, FIRS, NUPRC, others from deducting cost of revenue collection at source – FG

Funso OLOJO
The Federal government has debunked the widely- held insinuation that it has stopped the standard practice of revenue – generating agencies such as the Federal Inland Revenue Service (FIRS), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigeria Customs Service (NCS) to deduct their cost of collection at source.
In a statement issued by the Federal Ministry of Finance and signed by Mohammed Manga, Director of  Information and Public Relations in the ministry, at no point did the Minister of Finance and the Coordinating Minister of Economy, Wale Edun, announced the discontinuation of such practice.
“We categorically state that these reports are inaccurate and misleading.
“At no point during his remarks at the Nigeria Development Update (NDU) programme hosted by the World Bank did the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announce or imply any change to the existing policy on the cost of collection deductions.
“For the avoidance of doubt, there has been no policy change regarding the deduction of costs of collection at source by revenue-generating agencies. The current framework remains in effect.
“What is underway are ongoing policy discussions in line with the directives of His Excellency, President Bola Ahmed Tinubu, to review cost of collection structure.
“These discussions are part of broader efforts to enhance transparency, efficiency, and value-for-money in public financial management.
“However, no final decision has been made on this matter.
“The Ministry assures all stakeholders and the public that revenue operations continue uninterrupted and that any future adjustments will be guided by due process, stakeholder engagement, and clear communication.
“We urge media organisations to seek clarification from official sources before publishing information that may cause unnecessary confusion.
“The Ministry appreciates the continued support of Nigerians as we work collectively to build a stronger, more transparent, and sustainable economy” the statement concluded
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Economy

Le Look Nigeria marks 40 years of ingenious local fabric branded bags on October 1st

Gloria Odion 
All is set to mark the 40 years anniversary of Le Look Nigeria Limited, makers of Le look Bags brands.
According to the founder and Chief Executive Officer(CEO), Chief Mrs. Chinwe Ezenwa, arrangements have been concluded to hold the event on October 1, 2025 at Federal Palace Hotel, Lagos.
The event with morning and award night sessions is themed: “Legacy of Resilience: Empowering Entrepreneurs for Africa’s Economic Future.”
Ezenwa added:”Le Look 40th Anniversary is a milestone that celebrates resilience, creativity, and the power of Nigerian enterprise.
“Founded in 1985, Le Look has grown from a small women-led business into a proudly Nigerian manufacturer, exporting unique, locally crafted bags to international markets.
“Over four decades, we have stayed true to our mission of:
Strengthening local manufacturing;
creating jobs and transferring skills;
opening doors for women and youth in enterprise;
supporting Nigeria’s non-oil export drive and the AfCFTA agenda.
“This anniversary is more than a celebration—it is a call to sustain entrepreneurship in Africa’s fast-changing economy,” she noted.
With expected over 300 distinguished guests, including senior government officials, private sector leaders, development partners, and entrepreneurs across generations;
the day will feature keynote address and fireside conversations with veteran entrepreneurs as well as panel sessions on business longevity.
 Other features are African Continental Free Trade Agreement(AfCFTA) readiness;
Youth and women forums on inclusive business practices
Exhibitions by government and trade agencies will be part of the activities.
Le Look Nigeria Limited has grown to a global brand with the Le Look Bags Academy built in Abuja, Enugu and Lagos.
Le Look is a manufacturer of afro-centric luxury-life style branded bags inspired by African culture and sensibility.
These handbags are crafted from African prints in celebration of the rich African heritage with international and modern fashion flair.
The company offers multiple product categories, including ready-to-wear, handbags, Apple-support products and other carry-on unique and durable accessories.
“Our partnership with designers in Africa has catalysed the resurgence of retailing locally made goods across the continent,” Ezenwa said.
According to her,  “Through our studio in Lagos, we provide on- the-job training, school tuition and health care benefits.
“Our philosophy is simple-to be the first and foremost African luxury brand with global reach”, she added.
Over the years, Le Look Bags Academy has partnered  international and government institutions to promote trade and build capacities for the continent.
The Nigerian Export Promotion Council (NEPC) last year partnered  Le Look Nigeria Limited to boost Nigeria’s non-oil exports and empower local artisans, particularly women and youth in Lagos. This collaboration,  includes the launch of an export skills acquisition center and a fashion innovation hub to equip individuals with skills in bag-making and international trade to meet growing global demand for handcrafted bags.
Also, UNDP Nigeria  is in  partnership with Le Look Bags Academy, to launch a training program designed to equip unemployed youth with limited formal education, primarily women, with practical skills in bag-making as a sustainable livelihood mechanism.
Le Look Bags Academy serves as the leading hub for mastering bag-making and digital technology skills.
The academy provides a unique, personalized approach to equipping learners with the necessary skills to succeed in the dynamic global landscape.
Le Look Nigeria Limited is the first Small and Medium Enterprise (SME) to receive the Authorized Economic Operator (AEO) certificate from the Nigeria Customs Service (NCS).
As a certified AEO, Lelook benefits from trade facilitation, reduced costs, and improved efficiency in its export and import activities, supporting Nigeria’s goal of becoming a leading trade hub.
 Le Look Nigeria is No 0001 under the AFCFTA guided trade Initiative to receive the Certificate of Origin to trade across Africa
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Economy

Tinubu orders take-off of National Single Window in Q1 2026

Funso OLOJO 

President Bola Ahmed Tinubu has given a marching order to the National Single Window (NSW) Steering Committee to ensure the platform becomes fully operational by the first quarter of 2026.‎

The directive was delivered during Tuesday’s fifth steering committee meeting at the State House, Abuja.

President Tinubu was represented by his Chief of Staff, Femi Gbajabiamila.‎

Gbajabiamila said the recent Tax Reform Acts, signed into law in June, underscored the urgency of accelerating reforms and pursuing Nigeria’s $1 trillion economy target.‎

He highlighted the importance of financial and trade reforms in achieving national economic transformation.‎

“It’s important that we continue to stay focused on this project. So that at the end of the day, we meet our timelines and achieve the results the President expects.‎

“As you all are aware, the project is one of the transformative initiatives of Mr. President which we collectively must ensure is effectively and commendably implemented,” Gbajabiamila said.‎

He emphasised the role of a unified electronic platform in simplifying Nigeria’s import and export operations.‎According to him, the NSW will boost investment and trade revenues, improve transparency, and strengthen Nigeria’s global business credibility.‎

Gbajabiamila urged all agencies to refine their targets and Key Performance Indicators (KPIs) to meet the Phase 1 deadline.‎“I do expect that since the last meeting of the steering committee which was held on the 8th April, 2025, all stakeholders have operated and actively progressed with all the required KPIs and set targets to ensure that we go live with phase 1 in Q1 2026 as was previously scheduled,” he said.‎

Minister of Finance and Coordinating Minister of the Economy, Wale Edun described the progress as encouraging but stressed the need for swift execution.‎

He urged a shift from strategy to concrete implementation, calling the project complex but transformational.‎

Edun urged the committee to improve collaboration and resolve final hurdles to meet the rollout timeline.‎

Minister of Industry, Trade and Investment Jumoke Oduwole also charged the committee to work diligently and meet the Q1 2026 deadline without fail.

Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), thanked the President for consistently supporting the project.‎

“Thank you on behalf of the steering committee. We thank you for the relentless support that you have given to us.”‎

“And to all my colleagues here, we can see that the reward for hard work is more work.

“When we started last month, it is now law; the single window is now in the law.”‎

He asked committee members to stay focused on the mission ahead.‎

The Director of the National Single Window (NSW) Project, Tola Fakolade, gave a brief overview of the steering committee’s progress toward implementing the project.

“All second quarter 2025 key project milestones have been successfully achieved. And the customisation of the Single window platform has commenced,” he said.

He gave assurances that the committee would meet up with the timelines.

The National Single Window project is a Federal Government initiative to streamline trade processes by creating a centralised electronic platform for importers and exporters.

It is a digital trade facilitation platform expected to accelerate economic growth and facilitate cross-border transactions.‎

Launched in April 2024, the NSW seeks to consolidate all agencies involved in imports and exports onto a unified electronic portal.‎

It is expected to reduce trade costs, cut delays, and enhance transparency and efficiency at Nigerian ports.‎

Committee members include representatives from the Ministry of Trade and Investments, the Ministry of Finance, FIRS, and the Nigeria Customs Service.

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