Business
Nigeria has been consistent in policy somersaults’ – Alimi Bello
IN 20 days time, the 35th Kaduna International Trade Fair will hold in the state. Dr. Abdul Alimi Bello is the President of Kaduna Chamber of Commerce, Industry, Mines and Agriculture, the organiser of the yearly exhibitions. He spoke with Vanguard about the thrust of this year’s edition, their preparations so far and what is new for local and international exhibitor, among other issues.
EXCERPT
What is the purpose of your visit today?
We want to thank you for the supports you have been giving the chamber in all its activities, particularly during its annual international trade fairs. We want to request for such continuous cooperation especially now that the chamber is coming up with a number of issues with the aim of promoting the business environment of our great community.
The purpose of our coming here today is to inform you about the preparations for the 35th Kaduna international trade fair. The preparations have commenced; the fair is scheduled to start from February 21st to 2nd march 2014, at the usual venue -Kaduna International Trade and Investment Centre, Zaria Road, Rigachikun.
Our theme for this year is ‘Agriculture Transformation. For Industrial Development: Public Private Partnership Approach. This theme was chosen by the Council of the chamber to reflect on the country’s over dependence on oil as more or less the only source of revenue sustaining our economy despite enormous potentials available in other areas particularly agriculture.
“We try as much as possible to always choose a theme that relates to the current realities. Recall that the theme of last year’s fair (34th) was on combating security challenges.
In arriving at a choice of this year’s theme, we considered the expressed concerns and discussions on the country’s over dependence on oil as more or less the only source of revenue sustaining our economy despite enormous potentials available in other areas particularly agriculture. It is therefore the position of the chamber that focus should shift to agriculture and industrialisation.
The opening ceremony for this year’s fair will be on Saturday February 22nd in honour of our exhibitors.
Our presence in your office today is to request for your usual support and cooperation by giving the trade fair activities the much needed publicity both before and during the trade fair periods.
Editors, on behalf of my team and the chamber, I once again thank you for your time and I hope we are going to have a mutual and rewarding relationship. Thank you very much.
What is the essence of the quiz competition and who are the targets?
You just said something about the future readers of your newspaper; that they are generations yet unborn. As a form of corporate social responsibility, what can the chamber do to create awareness among secondary school students in the 19 Northern states? So the essence of the quiz competition is our social responsibility for the educational sector of the economy in these states. It is supposed to add value to the educational sector.
This year’s competition will be the fourth in the series. We also have a one day seminar on the theme of the fair. At the seminar we are expecting General Theophilus . Y. Danjuma, retired; former minister of Defence, Prof Ango Abdullahi, former Vice Chancellor of Ahmadu Bello University/ former Special Assistant to the President on Food and Security. The event comes up on Monday February 24 at the conference Hall of the trade fair. On Tuesday 25th we intend to have interactive session with major stakeholders in the financial sector. It is scheduled to hold in the evening at Hamdala Hotel. Again, in evening of March 2, there will be a farewell dinner in honour of our exhibitors.
Most of the products at our intentional trade fairs are imported, why are you not using the platform to promoter domestic products?
I am happy the Chairman, Organising Committee, Alhaji Awwalu Markafi, is here. He shall respond to that question. He has been in contact with so many manufacturers locally and outside the county.
He has been working round the clock and I would like him to add a word. To a very large extent, you and I and other persons know the situation of the economy.
Generally, our market is flooded with foreign products and what you see at the trade fairs is a reflection of the economy.
Many people think trade fairs are platform to buy and sell. This is very wrong. In reality, trade fairs are forum where ideas are exchanged; it is a place where you explore investment opportunities that are available in a country; it gives you information about what is available here and there.
The chamber serves as bridge between our members, the government, manufacturers in Nigeria as well as those that are coming from outside the country. So, we are yet to be where we should be; a lot of the time, people see trade fairs as a place to display and sell items. We allow that to happen now because it adds glamour to the fair. If this feature is not there, people are not likely to come. So, your observation is very right. It is a reflection of our society.
What value will this year’s fair adds to the economy?
As you could see from the theme we have chosen this year, Agriculture Transformation for Industrial Development, it was deliberate because last year, for instance, the theme was combating security challenges because last year we were at the height of security challenges particularly to Boko Haram issue and it is our voice to look at the situation on ground and formulate the theme along that line to refuse at the reality on the ground. Having attained reasonable peace, what Nigerians are concerned today is go to farm. Generally in Kaduna and even in Maiduguri, Adamawa and Yobe before this time, the situation has been more or less normal for now.
A year ago, the situation was so bad that we postponed the fair. This year, we never have security issues. When you are bring local and international people to attend your fair you have to do everything possible to protect their lives and property. Coming back to the issue of the theme, there has been a lot of discussions on Federal Government’s Agric Transformation Agenda. Nigeria basically is an Agriculture society. We have the land which is fertile and we have the population. And in almost each state in the country, there is one resources or the other than can grow very well and meet the demand of local consumption and even exporting it to other countries.
There is no doubt about it. Every state has agric potentials. And now that there have been so much discussion on the Agric issue, we feel that we have to beyond these discussions by motivating Nigerians to go back to Agriculture. We believe if Agriculture is given the due attention and you have mass production, our commercial farming, I can tell you this country will be better. I can tell you even if you want to export; it is not everything you export.
That is why we feel if Agriculture is transformed it will lead to industrialisation. Kano and Kaduna are where a lot of tomatoes are produced. But these are perishable items and they need very few days to move them to the market. Now that we don’t have railway, they take them in vehicle to the market and by the time they get to the places like Lagos, half of the tomatoes would have spoil. This is because we do not have means of processing them in kano and Kaduna. We believe if we have to achieve agric transformation, we have to collaborate. Government have to collaborate with farmers and other stakeholders and look at how we can get a better result, particularly on the issues of production- how did you process what we produce? We all have the responsibility to more Nigeria forward.
Sometimes in the past, the multinationals like UAC were the first to go back into agriculture with a view for backward integration. I was part of the team that set up UAC farm. At that time, the manufacturing sector was competing in the open market. The then government asked what we can do to encourage the manufacturers. UAC had their farm in Kaduna state; Nestle in Niger and Nigeria Breweries. This led government to grant multinationals single digit loan to encourage the multinationals. You asked what happened. By the time the federal government established the commercial agricultural credit guarantee scheme, I asked the Minister of Agriculture what his focus is. He said the large scale farmers will access loan at single digit – but have we sat down to find out what affected the multinationals- why did all of them abandon their farms? What happened? This is deliberate.
When I was farming in UAC Farm, despite our serious mechanization and investment what we could get was three to four tons of maize per hectare but when we traveled to South Africa, a single farmer harvests 10 to 12 tons of maize per hectare, while we were struggling to harvest four tons and we are a member of WTO, World Trade Organisation. Why are we not getting 10-12 tons of maize per hectare? This is an example of areas where we need to give emphasis to, and be able to move forward. What is happening is a disease-reliance on a mono-economy.
How far are you collaborating with the Agric Minister, Dr. Adewunmi Adesina on agric transformation?
Well, I have a one on one discussion with him and I told him- I hope and I pray you would be able to take the Transformation Agenda to a peak of no return. This is because our country has been consistently in consistent in policy summersaults. Do you understand what I meant? If you stand for 5 to 10 minutes with Dr. Adesina , you will be convinced he has what it takes to transform this sector. I participated in some of his agenda and I am waiting for stakeholder’s meeting. Each time we write him, he gave us audience. In fact, what we have done in Kaduna chamber is not only to carry out annual international trade fair, we have introduced some other things so that we get engage in activities all round the year.
Agriculture fairs, which is another thing we will be doing. We shall invite you when it kicks off in the year. The minister is even looking forward to the actualisation of such fairs. I was in the southern part of Brazil recently. If you could recall, Brazil was one of the worst nations –their monetary policy, everything was bad. They used to be the highest debtor to the IMF. But now Brazil has a very strong economy. They are even creditor to IMF now. They borrow IMF money.
The farmer I slept in his house has an abattoir. On an average, he slaughters not less than 1000 heads of cattle’s a day. Do you think we cannot do it? We are coming to that one day. There are so many things we need to do. Whether we like it or not, we will be forced to go back to the farm and I kept on saying one thing -God has given us abundant land. There are just one or two things to do if only we put the interests of the national first above our personal interest. It is not that we can’t do it.
Do you still farm?
Yes, of course but not commercial farming. I manufacturer things that are agric related. I manufacture animal feeds.
What is your position on the current fertilizer policy?
On a serious note, we have policies that are never consistent. Let me tell you a typical example of what happened when we started UAC Farm. It was 5,000 hectares of land. In fact, fertilizerr applications were done by aircraft. What happened that time is that government controlled fertiliser. You pay your money in advance and when it comes to the time for planting they give you the fertilser. Either you go and collect it from Minna or Port Harcourt or else destination which government controls. We paid money this year around November /December against coming planting season. Did you know we have not gotten the fertilizer and here we are- we have spent a lot of money on land preparations? We have spent millions of naira and above waiting for fertiliser .
We can’t afford to fail to farm that year.
That is what we called window planting. There is a particular hectare you must cover for you to breakeven. If you invest, say, N5 million, you must be able to cover 2000 hectares and if you don’t and there is a period between which you must do your planting because rain in the north comes at a particular time. If you plant maize, it requires 140 days of consistent rain but if the rain stopped at a particular period in the year and the maize didn’t get enough water, you are in trouble. Count yourself as a loser-you have lost money.That is why the present minister of Agriculture took away fertilizer distribution from the government to the private sector.
Another thing you want to ask yourself is the level of nutrients in the soil. From our social study or Integrated Science, if you plant something here in Lagos or at Iseyin, it can grow but it requires a particular nutrient for tit to grow well. Soil has nutrients but not all soil has complete nutrient. That is why you have to find out which nutrient the soil is lacking and then you add fertilizer. But how many of take time to find out which nutrient is deficient in a particular soil, and what quantity is needed?
Not only that, the fund that government said they are making available to farmers- are they really available? They make the loans condition so difficult for farmers to access.
These are things we want to look at and that is why we are organizing the seminar; we want a situation whereby the next agric minister continues from where Adewunmi stops and not to somersault the policy he introduced. If we have consistent policy the banks will put their money in agric projects with the hope of getting their money back.
Annual trade fairs are still generalized where as in other parts of the world trade fairs are specialized. What are you doing to move away from generalized fairs?
Have you been to Kaduna International Trade Fair Complex? It is good you go there and see things yourself. The complex is second to none; it is sitting on 1,500 hectares of land we have built –in exhibition halls like those ones in Germany and China. One thing is that Gernmany and China are far older than Nigeria. We will get there someday; things are improving gradually and we will get there.
Business
FG earned N2.78trn from Company Income Tax in second quarter 2025—NBS
National Bureau of Statistics has said that Nigeria’s Company Income Tax rose sharply in the second quarter of 2025, hitting N2.78 trillion.
The figure represents a significant 40.27 per cent increase compared to the N1.98 trillion recorded in the first quarter of the year, reflecting both improved tax compliance and stronger corporate performance across key economic sectors.
The NBS report said that domestic company income tax payments accounted for the bulk of the revenue, contributing N2.31 trillion, while offshore collections stood at N469.36 billion during the period under review.
According to the NBS, the financial and insurance sector recorded the highest quarter-on-quarter growth, rising by an astonishing 772.29 per cent, driven by improved profitability among banks, fintechs, and insurance firms following robust half-year earnings.
This, according to NBS, was followed by wholesale and retail trade, as well as motor vehicle repair activities, which grew by 538.38%.
Activities of households as employers also surged by 526.79%, although their overall contribution to total company income tax remained negligible.
On the flip side, some sectors experienced sharp declines in company income tax remittances.
Activities of extraterritorial organizations and bodies dropped by –45.01%, while education, public administration, defence, and compulsory social security recorded declines of –26.61% and –18.17% respectively.
The contraction in these sectors, particularly education and public administration, highlights persistent structural and fiscal challenges confronting government-funded institutions.
In terms of contribution to total tax revenue, financial and insurance activities led with a dominant 44.13%, reflecting the sector’s continuing expansion and strong capital flows.
Manufacturing followed with 15.57%, bolstered by increased production output and improved supply chain activity.
Mining and quarrying ranked third, contributing 9.18%, supported by higher commodity prices and renewed interest in solid mineral development.
At the bottom of the contribution chart were activities of households as employers, which accounted for just 0.01%, as well as activities of extraterritorial organizations and bodies, and water supply, sewerage, waste management, and remediation services, each contributing 0.04%. Despite economic headwinds, year-on-year company income tax collection still rose by 12.66% when compared to Q2 2024, underscoring moderate but steady improvement in government revenue mobilisation.
Company income tax collection in the same period of 2024 rose by 150.83 per cent N2.47 trillion. In the first three months of the year, company income tax collection stood at N984.61 billion. According to the report, local payments in the period under review amounted to N1.35 trillion, while foreign CIT payments contributed N1.12 trillion. On a quarter-on-quarter basis, the agriculture, forestry, and fishing sectors exhibited the highest growth rate at 474.50%, followed by financial and insurance activities at 429.76%, and manufacturing at 414.15%.
Business
Lagos govt promises MSMEs continued visibility, market access
Lagos State government has reaffirmed its unwavering commitment to supporting micro, small, and medium enterprises (MSMEs) across the state through visibility, capacity building, and market access. Commissioner for Commerce, Cooperatives, Trade, and Investment, Folashade Ambrose-Medebem, made the pledge on Sunday at the closing ceremony of the 2025 Lagos International Trade Fair (LITF). The 38th edition of the event, organised by the Lagos Chamber of Commerce and Industry (LCCI), had its theme as “Connecting Business, Creating Value.”
Ms Ambrose-Medebem said every entrepreneur, regardless of scale, deserves an enabling environment to thrive and contribute meaningfully to the state’s economic prosperity. She said the state, through strategic investments in infrastructure, institutional reforms, and continuous engagement with the private sector, was building a Lagos that worked for business. The commissioner added that the state would continue to foster innovation, competitiveness, and sustainability.
“As a government, we remain steadfast in our commitment to making Lagos the preferred destination for commerce and enterprise. This fair has once again demonstrated the power of connection: connection between producers and consumers, investors and innovators, the government and the private sector, and local entrepreneurs and global brands. Every handshake, every conversation, every business card exchanged here is a building block toward the future we are creating, a future of prosperity that leaves no one behind,” she said.
The commissioner urged businesses to continue to connect, collaborate, and create value, saying, “In Lagos, we do not just trade goods; we trade ideas, build futures, and transform lives. “Together, let us continue to make Lagos not just a place of commerce, but a symbol of progress, innovation, and endless opportunity.” Gabriel Idahosa, president of LCCI, urged governments at all levels to continue addressing the issues of creating an enabling environment in the country.Mr Idahosa said focus should be on infrastructure, security, and implementing the right policies to address the key drivers of high inflation.
This, he said, was needed to fully harness the vast enterprising resources of domestic and foreign investors for the diversification of our economy and the welfare of our people. He pledged the commitment of the organised private sector to stand solidly behind the state in its quest to actualise its innovative initiatives on all fronts. NAN
Business
Jumia posts $17.7m pre-tax loss in Q3, down 1% in 12 Months
Jumia Technologies AG posts a $17.7 million loss before income tax in the third quarter of 2025, down 1% year-on-year from $17.8 million in the third quarter of 2024. The road to profitability has remained long as ecommerce continues to face uncertainties, including widening competition with rivals in the same industry. The e-commerce company revenue came in at $45.6 million compared to $36.4 million in the third quarter of 2024, representing a 25% year-over-year surge in the period. The company reported gross merchandise value of $197.2 million compared to $162.9 million in the third quarter of 2024, up 21% year-over-year. Excluding South Africa and Tunisia, physical goods GMV grew 26% year-over-year, Jumia revealed in the unaudited financials.
Jumia said in its report that the GMV growth was driven by supply and strong marketing execution, partially offset by lower corporate sales in Egypt. Excluding corporate sales, GMV in reported currency grew 37% year-over-year. Nigeria’s momentum accelerated, with order growth up 30% and GMV up 43% year-over-year, Jumia said. The e-commerce giant’s operating loss reduced by 13% year-over-year to $17.4 million compared to $20.1 million in the third quarter of 2024. The company’s adjusted earnings before interest tax depreciation and amortisation loss dropped by 17% to $14.0 million compared to $17.0 million in the third quarter of 2024.
Jumia reported a loss before income tax of $17.7 million, a slight reduction of 1% compared to $17.8 million in the third quarter of 2024. Liquidity printed at $82.5 million, a decrease of $15.8 million in the third quarter of 2025, compared to an increase of $71.8 million in the third quarter of 2024, which included the net proceeds from the August 2024 At-the-Market (ATM) offering, and a decrease of $12.4 million in the second quarter of 2025.
Its net cash flow used in operating activities settled at $12.4 million compared to net cash flow used in operating activities of $26.8 million in the third quarter of 2024 and $12.7 million used in the second quarter of 2025. The result includes a positive working capital contribution of $0.4 million.
Jumia reported that customers’ orders grew 34% year-over-year, driven by strong execution, enhanced product assortment, and healthy consumer demand across key categories. It said quarterly active customers ordering physical goods grew by 23% year-over-year, highlighting continued engagement and customer loyalty. As of September 30, 2025, the Company’s liquidity position was $82.5 million, comprised of $81.5 million in cash and cash equivalents and $1.0 million in term deposits and other financial assets, it said in the report Jumia’s liquidity position decreased by $15.8 million in the third quarter of 2025, compared to an increase of $71.8 million in the third quarter of 2024, which included net proceeds from the August 2024 At-the-Market (ATM) offering, and a decrease of $12.4 million in the second quarter of 2025.
Net cash used in operating activities was $12.4 million in the third quarter of 2025, compared to a net cash used of $26.8 million in the third quarter of 2024 and $12.7 million used in the second quarter of 2025. The result includes a positive working capital contribution of $0.4 million in the third quarter of 2025, compared to a negative working capital contribution of $9.1 million in the third quarter of 2024, primarily reflecting improvements in operating performance.
In addition, the Company reported $1.4 million in capital expenditures in the third quarter of 2025, compared to $0.9 million in the third quarter of 2024, primarily reflecting investments in infrastructure and facility enhancements to support business growth. “This quarter marks a significant acceleration in customer demand and order growth, driven by strong execution across our markets and growing consumer trust in the Jumia brand. We believe Jumia has reached an inflection point as our compelling value proposition, and improved operational discipline position us for sustainable, profitable growth.
“We continue to strengthen our cost structure and sharpen operational discipline, reinforcing our path toward profitability. Our focus remains on execution and customer engagement as we build a more efficient business.
“We believe that we are on track to reach breakeven on a Loss before Income tax basis in Q4 2026 and achieve full-year profitability in 2027, positioning Jumia for long-term growth and value creation.”
-
News2 days agoNigeria to officially tag Kidnapping as Act of Terrorism as bill passes 2nd reading in Senate
-
News3 days agoNigeria champions African-Arab trade to boost agribusiness, industrial growth
-
News2 days agoFG’s plan to tax digital currencies may push traders to into underground financing—stakeholders
-
Finance1 week agoAfreximbank successfully closed its second Samurai Bond transactions, raising JPY 81.8bn or $527m
-
Economy2 days agoMAN cries out some operators at FTZs abusing system to detriment of local manufacturers
-
News1 week agoFG launches fresh offensive against Trans-border crimes, irregular migration, ECOWAS biometric identity Card
-
News2 days agoEU to support Nigeria’s war against insecurity
-
Uncategorized2 days agoDeveloping Countries’ Debt Outflows Hit 50-Year High During 2022-2024—WBG
