Business
‘FG Should Review Policy On Local Content’
The Nigerian Economic Sum
mit Group (NESG) has called on the Federal Government to review policy direction on local content for the country to enhance economic growth.
The Chairman, NESG Board Committee on Research and Publication, Dr Adedoyin Salami, made the call at the 22nd edition of the Nigerian Economic Summit (NES) on Monday in Abuja.
The Tide source reports that the theme of the summit is “Made-in-Nigeria’’.
Salami, who presented a paper on “the State of Nigerian Economy’’, said the review of the policy on local content would promote the production of ‘Made-in-Nigeria’ goods and services.
He said ‘Made-in-Nigeria’ goods and services would promote export value and discourage import value.
“We should learn to produce and patronise ‘Made-in- Nigeria’ goods because it is not a choice if we must create a global competitive economy.
“The call for ‘Made-in- Nigeria’ goods and services is a call to create and sustain a productive economy,’’ he said.
The expert said that absence of policy framework in all the sectors had contributed to the slow growth of the economy.
He, however, advised the government to articulate all road maps from the sectors and produce a development plan.
“There are road maps in various sectors- agriculture, education etc.
“These road maps need to be brought together and articulated and joined together into a development plan.
“It needs to be joined together so that the private sector can understand and take its lead from it. That is an imperative that should be achieved before the end of this year,’’ he said.
Salami further said that the Strategic Implementation Plan (SIP) of the Federal Government was a good plan, but that it lacked guidelines on how the investors could come in.
“Also, it doesn’t guide the economy on what our national preferences and what the development paths are going to be.
“A lot is said about diversification but let me put it in courtesy that Nigeria has 46 economic sectors, suggesting a decent level of diversification.
“It is not about diversification; it is about reducing the level of concentration on oil and output from key sectors that the economy depends on.
“Once you take agriculture, oil and gas, ICT, real estate and trade, other sectors are not vibrant and that cannot be good enough to boost the economy,’’ he said.
On the state of the economy, Salami said that the economy needed to come up with certain imperative such as global competitiveness and productivity, inclusive growth and value addition to address the economic crisis.
According to him, the current economy and business conditions are far from the ideal.
He said that the condition, however, offered a nation an opportunity to revitalise and to re-engineer the economy.
“As an economist, in those days, the worse scenario which economists feared most was stagflation- where you have stagnated growth, couple with rising cost.
“Our position is worse than that; what we have is an economy that is sinking in size. This year, it has sunk by one and half per cent, when you combine both quarter one and quarter two.
“It is sinking this year but the problem didn’t start this year, it started in 2013 and since then, the rate of growth has been slow and now it is contracted.
“Nigeria economy is driven by two impulses: it is driven by international events – things outside our control and those things that we do,’’ he said.
The official said that international events were not favourable to the country and have also affected the economy negatively.
In a concerted effort to tackle racketeering and reduce inflated transportation costs in the Nigeria’s seaports, Trucks Transit Parks Ltd. (TTP) has trained Licensed Customs Agents and Freight Forwarders on the use of its Ètò electronic call-up system.
The training was held recently at Customs Processing Centre (CPC) Auditorium, Apapa, Lagos, in collaboration with the Nigeria Customs Service (NCS) and supported by the leadership of the Joint Association of Licensed Customs Agents and Freight Forwarders (JALCAFF), Apapa Command.
Speaking at the event, Comptroller Babatunde Olomu expressed appreciation to TTP for facilitating the training and emphasized the need for customs agents to take personal ownership of the Ètò booking process.
“I want to thank TTP for this impactful training. I encourage all customs agents to begin doing their own bookings directly. By doing so, they can take back power from the unscrupulous elements exploiting their lack of knowledge, selling tickets at highly inflated prices,” Olomu declared.
He noted that empowering agents with hands-on training was key to dismantling racketeering networks that have plagued access to the ports and frustrated efficient logistics processes.
Also speaking, the Chairman, Apapa Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA), Chief Emeka Chukwumalu, said the engagement was critical to the ongoing push to reduce cargo transportation costs and ease business operations at the Apapa Port.
According to a freight forwarder, “The training is basically for us to have awareness of the operations of the Ètò call-up system through TTP. We also want to brainstorm on ways to reduce the high cost of cargo transportation in Apapa Port.
“This training opened our eyes to how simple it is to book tickets ourselves. We now know the right steps to follow and how to avoid falling victim to fraudsters.”
Earlier, Head of Operations at TTP, Mr. Irabor Akonoman, talked on common misconceptions about ticket pricing, reaffirming that the cost of Ètò bookings had remained consistent since its inception.
“The official price remains the same since inception. What people are paying higher amounts for is the manipulation by racketeers”.
Towards strengthening small businesses and promoting a more supportive regulatory environment, the Nigeria Employers’ Consultative Association (NECA) says it will hold the 2025 edition of its flagship MSMEs Fair on Tuesday (May 6, 2025).
The event, themed, “Galvanising MSMEs for Economic Growth and Stability”, will take place at NECA House in Lagos.
According to NECA’s Director-General, Mr Adewale Smatt Oyerinde, the fair seeks to provide micro, small, and medium enterprises with essential tools, resources, and strategic networks to thrive in Nigeria’s challenging business climate.
He emphasised the vital role MSMEs play in national development, describing them as the “lifeblood of Nigeria’s economy.”
Oyerinde noted that the fair is designed to offer entrepreneurs practical solutions to navigate economic uncertainties, regulatory hurdles, and business scalability issues.
A major attraction of this year’s event is the keynote address by the CEO of FATE Foundation, Mrs. Adenike Adeyemi, a prominent advocate for MSME development.
She is expected to share transformative insights on innovative strategies for sustaining and growing small businesses in Nigeria.
A unique feature of the fair will be interactive sessions with key regulatory bodies. Entrepreneurs will engage directly with agencies responsible for licensing, compliance, taxation, and business registration.
NECA said these sessions aim to demystify bureaucratic processes and foster a more enabling business environment.
It also said the fair will provide a platform for entrepreneurs to exhibit their products and services, connect with potential investors, and explore new markets.
It added that participants would gain critical knowledge on digital transformation, access to finance, and strategies for sustainable business growth.
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· NECA stressed that the fair aligns with its broader mission of promoting enterprise development and economic resilience.
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· “By empowering MSMEs with the right support and information, the organisation aims to stimulate job creation, innovation, and long-term economic stability”, NECA said.
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· The 2025 MSMEs Fair is expected to attract a wide range of stakeholders, including financiers, tech experts, regulators, and industry leaders, all united in advancing the growth of Nigeria’s MSME sector.
The Lagos State Commissioner for Transport, Mr Oluwaseun Osiyemi, says over two million passengers have been transported on the Blue Line Rail since its launch, while state-run buses move an average of 42,000 commuters daily.
Osiyemi, who disclosed this during the Year 2025 Ministerial press briefing held at the Bagauda Kaltho Press Centre, Alausa, on Tuesday, noted that the Lagos State Transport Policy, launched in May 2024, was now in its implementation phase, focusing on inclusivity, safety, affordability, and sustainability.
“On rail development, Phase One of the Blue Line (Marina to Mile 2) has served over two million passengers, with Phase Two (Mile 2 to Okokomaiko) in progress.
“Phase One of the Red Line (Agbado to Oyingbo) is now operational with eight stations and additional rolling stocks procured, while Phase two (Oyingbo to link Blue Line at National Theatre) is underway”, he said.
The Commissioner said in the state-owned bus operations, over 60 million commuters have been served since 2019, with daily ridership exceeding 40,000.
He also said plans were on to deploy new buses with Quality Bus Corridors under construction, adding that the Abule=Egba Bus Terminal had also been commissioned.
“For water transport, 15 locally-built Omibus Ferries have been launched and are in operation, with the Ijegun Egba Terminal now open.
“The OMI EKO project, in partnership with the French Development Agency (AFD), will deliver 25 terminals and 78 electric ferries.
“Over 280,000 passengers have used ferry services in the past year, and 12 boats have been upgraded to meet safety standards”, he said.
On road infrastructure and traffic management, the Commissioner said 49 junction improvement projects had been completed, including ongoing ones at Ikorodu, Iju, as well as Allen-Opebi-Toyin axis.
He added that solar-powered Traffic Signal Lights, road markings covering 67.9km, new medians, laybys, and 3,941 parking lots had also been provided.
Additionally, Osiyemi announced that the deployed Automatic Number Plate Recognition cameras had detected over 470,000 traffic violations and that the Vehicle Inspection Service issued over one million roadworthiness certificates.
He also said that the Lagos State Drivers’ Institute trained more than 32,000 drivers in the past 13 months.
The event marked the second anniversary of Governor Babajide Sanwo-Olu’s second term, showcasing major strides in the transport sector under the THEMES+ agenda.
Nkpemenyie Mcdominic, Lagos