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NESG Lauds 2021 Finance Act, Seeks Implementation

The Nigerian Economic Summit Group, NESG, has lauded 2021 Finance Act as it enhances non-oil revenue and supports the implementation of Nigeria’s annual budget.
This was stated by Laoye Jaiyeola, the CEO of the NESG, who was represented by a Board member of the NESG, Nnanna Ude, during a webinar on ‘Impact Assessment of 2021 Finance Act The Fiscal Policy Roundtable the NESG’.
Jaiyeola said the Fiscal Policy and Planning, Trade Investment and Competitive Policy Commission of the NESG organised the event in order to address the impact of the 2021 Finance Act on the macro and micro economy of the nation.
He also explained that the primary objective of the 2021 Finance Act is to enhance non-oil revenue and support the implementation of Nigeria’s annual budget and that the Act addresses critical areas including fiscal policy, domestic mobilisation, tax administration, financial sector reforms and public financial management, noting that the 2021 Finance Act will accelerate non-oil revenue generation and help close the widening fiscal gap.
However, he (Jaiyeola) pointed that the 2021 Finance Act poses “a dilemma on how much tax revenue can be raised without a deleterious impact on households and that it introduced some tax increases that may be burdensome for individuals businesses”, and that impact assessment of the 2021 Finance Act with the aid of evidence-based advocacy to assess the impact on households, sub-sectors and its wide economic impact will aid the identification of crucial bottlenecks while articulating an action plan that will assist the implementation of the Act.
Also speaking was the thematic lead, Fiscal Policy and Planning, Trade Investment and Competitive Policy Commission of the NESG, Taiwo Oyedele, asserted that the fiscal landscape must be seen from the perspective of public debt, public revenue and public spending, noting that Nigeria’s debt is growing faster than her revenue.
According to Oyedele, Nigeria’s tax base is small and faces structural problems, but policies must be instituted to solve the issues by ensuring appropriate fiscal policy responses and review of extant laws while encouraging growth and raising revenue.
The president of the Manufacturers Association of Nigeria, MAN, Engineer Mansur Ahmed, during the panel discussion, pointed that it is needful to put short- and long-term considerations into the implementation of the 2021 Finance Act.
Ahmed maintained that the need to balance revenue mobilisation alongside tax burden on taxpayers and that for government to improve revenue, there is a need to critically analyse the fiscal space with consideration of Nigeria’s tax net not broad enough to ensure that taxable people pay the right amount of taxes as at when due.
“The finance act 2021 introduced technology for tax collection. It must be implemented so that taxpayers don’t see it as an additional burden, and stakeholders should be sensitized, helped or exempted, particularly small and medium scale businesses.
“Regulators should become more effective and help promote the growth of relevant sectors and should not see themselves as gate-keepers of incentives but help ensure that the implementation of the Act does not hamper small businesses.
“The manufacturing and industrial sectors should be supported to strengthen their capacity and competitiveness, especially considering the African Continental Free Trade Area (AfCFTA)”, he stated.
Also speaking was the Vice President and Managing Director of Coca-cola Nigeria, Alfred Olajide, made it clear that all arms of government have to collaborate in attracting foreign and local investors.
Olajide noted that sections of the 2021 Finance Act, including the Excise duties, are targeted at production, as opposed to consumption.
Meanwhile, the President of the Nigeria, NLC, Comrade Ayuba Wabba wo was represented by Head, Research Department, NLC, Dr Onoho’Omhen Ebhohimien, asserted that subsidy on petroleum products ought to be provided to firms that would reduce production costs, and then passed on down to encourage consumption, but that is not the case in Nigeria due to several factors including the fact that Nigeria imports petroleum products which makes the country subject to the volatility of the foreign exchange market.
“Insurance of the petroleum products, the vessels and freight charges make up 74 percent of petroleum subsidy in Nigeria. Every barrel of crude oil contains 1,500 bye products.
“We export the crude and import only six refined products. The theory of subsidy is not sustainable”, Wuba added.
Temi Popoola, the Chief Executive Officer, CEO, Nigeria Exchange Limited, pointed that the 2021 Finance Act currently helps the government in diversifying its resources.
Popoola also said it has helped provide clarity, strengthen the capital market and eliminate double taxation.
He added that the Act has helped boost investor confidence, but it still has the potential to stifle investors, which may create long-term problems.
News
CAC Delists 247 Firms Over Invalid Registration Claims

Corporate Affairs Commission (CAC) has announced the removal of 247 companies from its official database, citing improper registration.
In a public notice shared via its official X handle on Friday, the Commission stated that the affected entities were never duly registered as limited liability companies.
According to CAC, the Registered Certificate (RC) numbers allegedly linked to these companies were never assigned to them, rendering their incorporation invalid.
As a result, the Commission has delisted the companies and removed their names and RC numbers from its records.
The CAC urged the general public to disregard any claims suggesting that these companies exist as legal entities or possess any rights or obligations under Nigerian law.
This move is part of the Commission’s ongoing efforts to maintain the integrity of its corporate registry and protect the public from fraudulent business operations.
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Nigeria Hosts15th African Peering & Interconnection Forum (AfPIF)

Nigeria is set to host the 15th edition of the African Peering & Interconnection Forum (AfPIF) from August 19th to 21st in the city of Lagos.
Over 500 leaders and experts from the global Internet industry will gather in Lagos to examine the current state of Africa’s Internet ecosystem and explore ways to promote infrastructure development, network interconnection, and content hosting. These efforts aim to reduce costs, enhance performance, and strengthen Africa’s digital sovereignty in an increasingly interconnected world.
Participants will include Internet Exchange Points (IXPs), data centers, content delivery networks, cloud services, submarine cable operators, Internet service providers, as well as government representatives, researchers, development agencies, community networks, academia, hardware vendors, and the media.
Hosted at the Lagos Continental Hotel, AfPIF 2025 will focus on the West African region’s policy environment, carrier neutral data center market, and content delivery ecosystem. The programme will feature workshops, keynotes, panel discussions, bilateral meetings, lightning talks, and networking socials to create a dynamic space for networking, knowledge exchange, and business development.
Organised by the African IXP Association (AFIX) with the support of the Internet Society (ISOC) and hosted by the Internet Exchange Point of Nigeria (IXPN), Rack Centre, and AF-CIX, AfPIF provides the African Internet community with a unique platform to address shared challenges and emerging opportunities.
“For over 15 years, AfPIF has united the African Internet community to advance local network interconnection and traffic exchange across the continent. This has spurred investment in data centers, content hosting, and cross-border infrastructure — reducing costs, boosting performance, and broadening access while strengthening Africa’s economic independence and digital sovereignty” said African IXP Association Executive Director, Kyle Spencer. “We look forward to continuing this work in Lagos.”
“This year marks a significant milestone for Africa’s peering and interconnection community and the AfPIF event. It is the first time the AfPIF event is taking place in Africa’s most influential country, Nigeria, and under the new leadership of the African IXP Association. There is no better place to reimagine the future of peering and interconnection for the continent than in Lagos.
“It presents a platform to unlock cross-border infrastructure and traffic exchange across West Africa and a unique opportunity to discuss the east-to-west Africa terrestrial infrastructure gaps that can improve the region’s Internet resilience. We value and remain supportive of the community’s effort to address these and other priorities to advance Africa’s digital future.” said Michuki Mwangi, the Distinguished Technologist for Internet Growth at the Internet Society.
On behalf of the local hosts, Muhammed Rudman, the CEO of IXPN, emphasized their excitement to host AfPIF in Nigeria this year.
“We look forward to welcoming key stakeholders from the peering and interconnectivity ecosystem to Lagos. Together, we can create a dynamic environment that fosters collaboration among African countries, strengthens our Internet ecosystem, and enhances Internet access for underserved and unserved communities,” he said.
News
IHS Nigeria, National Commission for Museums and Monuments Launch Nigeria’s First Digital Museum of Antiquities

IHS Nigeria, part of the IHS Holding Limited (“IHS Towers”) group, one of the largest independent owners, operators, and developers of shared communications infrastructure in the world by tower count, and the National Commission for Museums and Monuments (NCMM) are pleased to announce the launch of Nigeria’s first digital museum of antiquities, marking an important step towards digitizing Nigeria’s cultural heritage.
Unveiled today by the Director General of the National Commission for Museums and Monuments, Olugbile Holloway, this landmark initiative represents a significant milestone in modernizing the preservation and promotion of Nigeria’s cultural assets and making them more accessible to a global audience.
The digital museum is the first significant project under the NCMM’s Digital Culture Initiative. Aligned with President Bola Ahmed Tinubu’s Renewed Hope Agenda, the initiative is designed to provide a platform for the exploration and appreciation of Nigeria’s diverse cultural heritage. It also demonstrates the power of public-private sector partnerships and underscores IHS Nigeria’s commitment to sustainability and its role in helping foster cultural preservation and digital education.
Mohamad Darwish, CEO, IHS Nigeria, commented, “Today is a proud moment for us as we see the digital museum come alive. As a company deeply rooted in Nigeria, we are excited to have played a key part in this groundbreaking effort to preserve and promote Nigeria’s cultural heritage, while also making it accessible to people around the world.
“The success of this partnership with the National Commission for Museums and Monuments and the Federal Ministry of Art, Culture, Tourism and the Creative Economy, reinforces our commitment to the innovative use of technology to promote education, transform communities and drive economic growth. I look forward to seeing how this will help evolve the museum culture in Nigeria, as well as appreciation for Nigeria’s rich history globally.”
Hannatu Musawa, Nigeria’s Minister of Art, Culture, Tourism and the Creative Economy, commented, “This historic event marks a transformative milestone in the preservation, promotion, and accessibility of Nigeria’s vast cultural heritage. For the first time, authentic Nigerian antiquities will be showcased in an innovative digital space, making our rich history and artistic expression accessible to audiences both within and beyond our borders. This initiative not only preserves our heritage, but also projects Nigeria’s cultural legacy onto the global stage.
This remarkable achievement would not have been possible without the valuable partnership between the National Commission for Museums and Monuments and IHS Nigeria. Their collaborative vision and commitment to cultural advancement have set a new benchmark for public-private partnerships.
“This partnership exemplifies the power of collective effort in driving innovation, fostering national pride, and enhancing the creative economy. I urge all Nigerians and the international community to embrace this new era of digital cultural engagement, as we continue to celebrate and safeguard our national treasures for generations to come.”
Olugbile Holloway, Director General, National Commission for Museums and Monuments, commented, “The launch of this digital museum represents a groundbreaking idea finally brought to fruition. The vision behind this museum is to make Nigeria’s heritage more accessible to a wider, younger, tech savvy audience. It is our hope that this first iteration of the digital museum will serve as a starting point for building a digital repository of real-life Nigerian antiquities that we will continue to expand over time.
In creating this digital museum, over 200 actual antiquities from our collection at the National Museum Lagos have been 3D scanned and placed in an immersive environment. Each object is also tagged with the relevant educational material to provide viewers with more information on the object being displayed.
I would like to take this opportunity to thank IHS Nigeria for their invaluable partnership and support in bringing this vision to life and look forward to future collaborations to further display Nigeria’s rich cultural heritage to an even broader audience.”
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