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Nigerian Government Seeks Strategic Investment to Aid Economic Sectors Recovery

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The federal government of Nigeria has recently stated its preparedness to partner with potential investment partners in critical sectors of the nation’s economy to expedite recovery.

Some of the areas, the government said includes; domestication of production of key commodities through Backward Integration Programs, driving the growth of Micro, Small and Medium Enterprises (MSMEs), especially through access to finance and markets; and cultivating investments particularly through improving the ease of doing business in the country.

Disclosing this in Lagos at JCI Africa and Middle East Senate Association (AMESA) Conference, themed; “building emerging leaders for Africa and the Middle East,” the Minister of Industry, Trade and Investment, Adeniyi Adebayo, said the country remains the best investment destination in Africa.

Speaking on the topic, “Opportunities and potentials of trade and investments in Nigeria,” Adebayo, noted that the country’s overall policy thrusts are built around three thematic areas of focus.

He said, “With the nation’s BIP, the ministry has intensified efforts to increase local production, increase job opportunities and provide foreign exchange through the domestication of identified priority products namely Automobiles, Palm Oil, Dairy, Sugar, Cassava Starch and Cotton, Textiles and Garments.

“For Automobiles, our focus is on boosting activities around the local assembly of vehicles and auto component manufacturing by providing fiscal incentives, stimulating demand through targeted government patronage and establishment of consumer credit schemes and to improve economies of scale.”

“For Sugar, through the provision of fiscal incentives, import quota allocations, physical infrastructure for irrigation and foreign exchange to operators, we are driving the production of Sugar. For Oil Palm, we are intensifying efforts to facilitate investments across the value chain to increase the local production of Crude Palm Oil (CPO) and its derivatives.

“For Cassava Starch, we are focused on bringing in large-scale investors to increase the production of cassava starch. For Cotton, Textiles and Garments, our strategy here is to improve the cost competitiveness of textile production and leverage Special Economic Zones (SEZs) for garment production for export, ”he added.

Explaining the reason for the birth of the policy drive, the Minister stated the key areas are targeted at meeting

Adebayo further said that the development of Micro Small and Medium Enterprises (MSMEs) and addressing the challenges of poor packaging, labelling and quantity of manufactured goods by MSMEs would mitigate the rejection of made in Nigeria products and ensure sustainability in the global market.

The Minister also listed other areas the government is working to make Nigeria investment friendly, including the National Action Committee on the AfCFTA, enactment of the CAMA Act, Special Agro-processing Zones (SAPZs).

“I would like to reiterate that potential investors should make use of all the investment resources and guides provided by the Nigerian Investment Promotion Council (NIPC), such as the Book of States which consist of the competitive advantages and the key investment opportunities in each of Nigeria’s 36 States and the Federal Capital Territory (FCT) and the “iGuide Nigeria”, an online investment guide to help investors make better-informed decisions about investing in Nigeria.

“I would like to conclude this address by saying that we are open to strategic collaboration with potential investment partners in all the areas I have touched on in this speech,” he added.

On his part, the Governor of Lagos State, Babajide Sanwo-Olu who was represented by the Commissioner for Agriculture, Abisola Olusanya stressed the need for governments to focus investment on the youths as they remain the force for the future of the nation’s economic recovery.

“Going by the theme of this conference “Building Emerging Leaders for Africa and the Middle East”, it has become evident that both the African continent and the Middle East region need now more than ever, to invest in as well as build the capacity of young adults and youths to meet up with the challenges of the 21st century as well as future demands.

“Investing in the youths and their leadership potentials as well as helping the younger generation build their leadership capacity from now will help lay a structure and solid foundation upon which our development in Africa and the Middle East will thrive,” he said.

 

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China Introduces Instant Tax Refunds for Foreign Tourists to Boost Shopping Experience

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China Introduces Instant Tax Refunds for Foreign Tourists to Boost Shopping Experience

China has revamped its tax refund policy for foreign tourists, shifting from a refund-upon-departure model to a more convenient refund-upon-purchase system, according to the State Taxation Administration (STA).

The STA announced on Tuesday that under the new system, foreign visitors can now claim Value Added Tax (VAT) rebates instantly at designated tax-free stores. This change allows tourists to use their refunded amount immediately for additional shopping, enhancing their overall experience in China.

Previously, VAT rebates could only be withdrawn upon departure, but with the new policy, tourists will be able to access their refunds in real-time during their stay. The policy, which was initially tested in cities like Shanghai, Beijing, and Guangdong, has now passed all operational requirements and will be rolled out nationwide.

The STA emphasized its dedication to improving policy guidance and simplifying refund procedures to better serve international visitors.

Li Xuhong, Vice-President and Professor at the Beijing National Accounting Institute, welcomed the change, stating that the nationwide implementation would raise China’s tourism service standards. “It will foster a friendly, efficient, and convenient tourism environment,” Xuhong added.

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Nigeria Reaffirms Commitment to One-China Policy Amid Taiwan’s Trade Office Claims

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Nigeria Reaffirms Commitment to One-China Policy Amid Taiwan's Trade Office Claims

Rep. Jaafaru Yakubu, Chairman of the House of Representatives Committee on China-Nigeria Parliamentary Relations, has reiterated Nigeria’s firm commitment to the One-China Policy, following recent comments by Taiwan’s Trade Mission Head in Nigeria, Andy Yih-Ping Liu.

Speaking in Abuja on Tuesday, Yakubu firmly declared that Nigeria continues to recognize Taiwan as an integral part of the People’s Republic of China. He rejected Liu’s claim that Taiwan was not part of China, labelling it as “propaganda” aimed at undermining the strong diplomatic ties between Nigeria and China.

“For the record, United Nations General Assembly Resolution 2758, adopted in 1971, recognised the People’s Republic of China as the sole legitimate representative of all of China, including Taiwan,” Yakubu stated. “The One-China Policy remains the cornerstone of China-Nigeria relations.”

He emphasized that since Nigeria and China established diplomatic ties in 1971, the country has consistently upheld this principle. “Efforts by Taiwan’s trade office to challenge this stance are futile and will not succeed,” Yakubu added.

Yakubu criticized Liu’s comments as an attempt to draw Nigeria into China’s internal matters, accusing the Taiwanese official of deliberately sowing discord and provoking a diplomatic rift. “Nigeria’s relationship with China is built on mutual respect and non-interference in each other’s political matters,” he said.

In response to Liu’s claim that China acted as a bully, Yakubu pointed to the positive trajectory of Nigeria-China relations. “Contrary to these baseless assertions, Nigeria has enjoyed a mutually beneficial partnership with China, yielding tangible results for both nations. Since 1971, our ties have grown significantly.”

He highlighted the strategic nature of the partnership, referencing the elevation of the relationship to a Comprehensive Strategic Partnership during the 2024 FOCAC Summit in Beijing. “Today, Nigeria stands as China’s second-largest trading partner in Africa, with bilateral trade surpassing 20 billion dollars,” Yakubu noted.

Furthermore, Yakubu praised China’s role in Nigeria’s infrastructural development, with investments in sectors such as rail networks, roads, ports, power stations, and water treatment facilities.

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Shettima Warns Media Against Romanticising National Challenges

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Shettima Warns Media Against Romanticising National Challenges

Vice President Kashim Shettima has cautioned Nigerian media practitioners against the growing tendency to romanticise serious national issues, describing the trend as a dangerous departure from the media’s constitutional duty of promoting truth and accountability.

Represented by his Special Adviser on Special Duties, Modibbo Umar, the Vice President issued the warning on Tuesday while delivering a speech at the 17th LEADERSHIP Conference and Awards held at the Old Banquet Hall of the State House, Abuja.

“We must resist the temptation to romanticise serious national issues or frame them in ways that distort public understanding,” Shettima said. “Doing so only weakens the fabric of our democracy and derails our collective efforts at nation-building.”

The Vice President’s remarks came as stakeholders in governance, business, and civil society gathered to reflect on the theme of the event, “Challenges and Opportunities in Nigeria’s Fiscal Federalism.” The conference provided a platform for thoughtful engagement on some of the country’s most pressing issues, with a focus on the responsibilities of leadership at all levels.

Shettima also used the occasion to commend LEADERSHIP Newspapers Group for its consistent contributions to national discourse and its commitment to celebrating excellence in leadership.

“I commend LEADERSHIP Newspaper for the vision to convene this vital discourse and for shining the light on those who have chosen to lead with courage and competence. May we never tire of striving for a better Nigeria,” he said.

The annual LEADERSHIP Conference and Awards continues to be a major event that brings together influential voices to deliberate on national progress and honour individuals and institutions making meaningful impact in society.

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