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CBN exclusion of textile materials from forex market has grave implications for businesses in the fashion—LCCI
Lagos Chamber of Commerce and Industry LCCI has said that the recent pronouncement by the Central Bank of Nigeria [CBN] on the exclusion of all forms of textile materials from the forex market, in both official and unofficial windows, has grave implications for businesses in the fashion, tailoring, fashion accessories and garment industry in the country. In a release made available to Businessnewsreport.com.ng the Chamber said “this industry is one of the fastest growing industry and has created amazing opportunities for many young Nigerians to express their creativity and innovation. The sector is estimated at N5 trillion, creating about 500,000 jobs.
“The industry provides significant value addition to fabrics, whether imported or domestically produced. The policy contemplation of the CBN will put all of these at risk. Trading in textiles is also a major economic activity in the country, both in the northern and southern part of the country. It is a market that responds to changing tastes and fashion trends in the country and beyond. Hundreds of thousands of women and men make a living in the marketing of textiles. The policy makers cannot afford to ignore this segment of economic players. The traders are the bridge between the producers and the consumers. It is therefore very important for policy makers take into account the full ramifications of the consequences of policies and collateral outcomes”.
According to LCCI “today Nigeria is clearly the leader in Africa as far as the fashion industry is concerned. Currently the range of fabrics produced by the Nigerian textile industry cannot support the fashion industry in terms of the quantity and quality. This vibrant industry should not be sacrificed on the altar of textile industry regeneration. This submission is not to diminish the importance of textile industries in anyway or the significance of industrialisation. It is to underscore the importance of a strategic approach to industrialisation. The starting point is to strengthen the capacity of domestic industries, enhance their competitiveness, and reduce their import dependence as espoused in the Nigeria Industrial Revolution Plan [NIRP]. More importantly the power issue needs to be addressed. It is almost impossible to achieve rapid industrialisation without resolving the issue power and the deficit in key infrastructures.
“Textile production is energy intensive. This is a high energy cost environment and it is very difficult for any energy intensive sector to survive. The textile industry has been a beneficiary of several fiscal incentives and protectionist measures over the years, yet it has remained in stagnation. Some of them have even gone into receivership as they could not repay their loans. The lesson is that we should deal with the fundamental issues of production competitiveness in our economy. The textile industry needs to be saved from the excruciating burden of high operating and production cost. Meanwhile, and in the spirit of the executive order of the President, all uniforms of military and paramilitary institutions should be made from Nigeria produced textiles. This is a low hanging fruit that could be explored while the issue of high production cost is being addressed. Compelling the citizens to pay exorbitantly for systemic inefficiency is not an appropriate policy option. Such disposition imposes high welfare cost on the citizens, promotes unethical practices in the economy, promotes the growth of underground economy, leads to loss of revenue to government, and results in job losses. It is an economic management model that is repressive and not sustainable.
“The key to sustainable industrialisation is to focus on competitiveness, anchored on resource-based industrialisation. Robust incentives and concessions should be made available to our industrialists. The move to create special economic zones in the six geopolitical zones in the country is a step in the right direction. The bank of Industry has also done a great deal to provide funding for industries, textiles inclusive. But we need to deal with the fundamentals. In the meantime, as we progress to the next level of the Buhari administration, policy coordination and collaboration among the economic ministries and agencies is imperative. There should be collaboration and coordination between the CBN, the Finance Ministry, Budget and Planning and Trade and Investment on trade policy issues. The boundaries of monetary policy need to be properly defined. Exclusion of sectors from the forex market is not a monetary policy issue. It is trade policy matter.
“Monetary policy is about managing liquidity [or money supply] to influence the direction of credit, exchange rate and inflation. Trade policy formulation is not within the remit of the CBN. It is an inter-ministerial responsibility involving the Finance, Budget and Planning, Industry, Trade and Investment Ministries. The fiscal policy document clearly outlines import and export prohibition lists. The tariff book also defines the various tariff measures applicable across sectors and range of products with relevant HS codes. An import adjustment tax is imposed on selected products to protect local industries. The tariff regime typically has a life span of seven years to ensure stability and consistency. The private sector would like to see minimum policy shocks as the administration steps into the next level.”
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Customs seizes multi million-naira petroleum products in Adamawa
The Nigeria Customs Service under ‘Operation Whirlwind’ has seized petroleum products worth N181.6 million in eight weeks between the Nigeria and Cameroon borders.
ACG Kolapo Oladeji, national coordinator of Operation Whirlwind, disclosed this at a news conference on Thursday in Yola. Mr Oladeji said the seizures were made across various smuggling flashpoints in Adamawa in 55 separate operations.
“This operation is geared towards energy and food security to foster economic growth in line with the core mandates of the President of the Federal Republic of Nigeria, Bola Tinubu. In line with these mandates, the Operation Whirlwind Zone ‘D’ had repositioned all its machinery across the area of its responsibilities and ensured that the border became airtight,” he said.
He warned the smugglers to stop such acts and solicited the continued support and cooperation of all stakeholders in the state’s socioeconomic development. “We will ensure that the supply chains of these economic wreckers are truncated in accordance with enabling laws. This fight has no doubt helped in transforming the nation’s economy and strengthening the security of our borders,” he said.
He further said that the seized petroleum products would be auctioned to the public. Abidemi Adewumi-Aluko, assistant legal adviser of the attorney general of the federation, described the auction as a symbol of reclaiming resources to ensure that the benefit of petroleum remained in Nigeria. She said that such offences attracted life imprisonment because they threatened national security. NAN
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Chevron to join Nigeria oil licence auction, plans rig deployment in 2026
Chevron said on Friday it will participate in Nigeria’s next oil licensing round and plans to deploy a drilling rig in late 2026 as it seeks to expand operations in Africa’s top energy producer.
Jim Swartz, chairman and managing director of Chevron Nigeria/Mid-Africa Business Unit, said the company aims to grow its footprint in Nigeria, citing improved regulatory clarity under the Petroleum Industry Act, PIA.
“We will participate in the next licensing round. Our intention is to continue to grow in Nigeria,” Swartz told reporters after meeting the upstream regulator. Nigeria’s licensing rounds are part of efforts to attract investment and boost output after years of underinvestment. The 2025 round will offer 50 fields through a digital platform, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said. TotalEnergies has also expressed interest in joining an auction.
Chevron recently agreed to acquire a 40% stake in two offshore exploration licences, PPL 2000 and PPL 2001, from TotalEnergies and is seeking regulatory approval to accelerate development.
Swartz said it plans to bring in a rig in late 2026 to drill a newly discovered resource near Agbami and extend leases on existing assets. Swartz added that Chevron had recorded no oil theft or sabotage in the past year, the longest period without disruptions in its Nigerian operations, a sign of improved security in the sector. Reuters
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Don’t patronise touts, immigration personnel available 24/7—CGIS
Comptroller General of the Nigeria Immigration Service NIS, Kemi Nandap, on Friday urged Nigerians to shun touts and middlemen when applying for passports or other immigration services, insisting that the Service operates round-the-clock channels to assist citizens directly and transparently.
Nandap made the call in Abuja while delivering the keynote address at the fourth-quarter Nationwide Sensitization Campaign against corruption and for improved service delivery.
The campaign, themed “Innovating for Transparency and Efficiency: Strengthening Service Delivery and Combating Corruption Through Reforms,” highlights the NIS’ ongoing efforts to modernize its operations and eliminate corrupt practices.
Addressing participants, the Immigration chief said the era of relying on agents or informal handlers should be over, as the Service has put in place fully digital, citizen-focused systems that allow applicants initiate and track their processes from the comfort of their homes.
She stressed that the NIS has functional 24-hour call lines, an active call centre, constantly monitored emails and social-media channels, all designed to ensure citizens are attended to promptly and without intermediaries.
“You don’t have to go to a tout, you don’t have to go to an agent. You can sit in the comfort of your home and apply for most of our facilities. Once you avoid putting yourself at the mercy of someone, you stay in control of your application and can always reach us at any time”, she stated.
Nandap noted that recent reforms, including automated passport application processes, biometric-based verification, expanded digital architecture and streamlined service-centre operations, have significantly reduced delays, improved transparency and minimised opportunities for extortion.
She explained that passport processing timelines have improved across multiple commands following the rollout of automated scheduling and digital communication platforms.
The Comptroller General also emphasized that transparency remains the foundation of effective immigration management.
She highlighted enhanced internal audits, stricter enforcement of ethical codes and redesigned workflows as key elements of the NIS’ anti-corruption strategy.
With digital payments and automated checkpoints reducing cash interactions, she said the Service is committed to stamping out malpractice at all levels.
Nandap further disclosed that the NIS has deepened collaboration with sister agencies, civil-society groups, international partners and the diplomatic community to align operations with global border-management standards.
These partnerships, she said, are helping to harmonise processes, promote accountability and support ongoing reforms.
She appealed to citizens to familiarise themselves with official procedures, follow approved channels and use the Service’s feedback platforms—including suggestion boxes, hotlines and online desks—to report challenges or offer recommendations. “We are here for Nigerians. Tell us how to serve you better,” she said.
The Immigration CG also paid tribute to officers who lost their lives in the line of duty in Mogolu, Tuga, Tula and Niger State, calling their deaths a painful reminder of the risks faced daily by immigration personnel.
She urged Nigerians and officers alike to embrace positive change, adding that sustainable reform depends on individual commitment and collective responsibility. “The change we want starts with each and every one of us,” she said.
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