Patronage of Second-Hand Clothing Threatens Employment for Over One Million Nigerian Tailors

The smuggling of second-hand clothing into Nigeria poses a significant threat to the livelihoods of approximately one million five hundred thousand Nigerian tailors. Mr. Alok Bhardwaj, Managing Director of Sunflag Nigeria Ltd., conveyed this critical statistic to the Minister of State for Industry, Trade and Investment, Sen. John Enoh, during a recent visit to the…

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Africa Energy Bank to take off Q1: 2025

Exciting developments are on the horizon with the anticipated launch of the Africa Energy Bank (AEB) set for the first quarter of 2025. Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum Resources, has announced that this significant financial institution will be headquartered in Nigeria’s capital, Abuja. With a deadline of January 28, 2025, for its…

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Lagos State Launches Industrial Policy 2025-2030

The Lagos State Government has unveiled its new Industrial Policy (2025-2030) to foster a sustainable industrial environment. Commissioner for Commerce, Folashade Ambrose presented the policy during the Lagos State Industrial Policy Consultative Assembly at Alausa Ikeja. Ambrose emphasized the need to realign industrial strategies with modern economic trends, sustainability, and global competitiveness. The policy aims…

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“In a country where 129 million are living below the poverty line amid harsh economic conditions, importers will inevitably pass this new fee of 4% FOB costs on to consumers, further straining the budgets of millions of struggling households. And industries that import their raw materials whose duties are only 5%, the customs agency will now charge importers an extra 80% of the duty amount as administrative fees.” – Bukola Saraki, former Senate President.

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