Business

FG threatens to open border for cement importation

Published

2 years ago

February 20, 2024

The federal government has threatened to possibly open the borders to cement importation if Nigerian cement manufacturers refuse to reduce the price of the commodity in the country.

Minister of Housing and Urban Development, Arc Ahmed Dangiwa, who made the declaration said key input materials for cement production such as limestone, clay, silica sand, and gypsum sourced within our borders, should not be dollar-rated.

Dangiwa made this known on Tuesday, February 20, in Abuja at an emergency meeting held with cement and building materials manufacturers. He said the price of gas that manufacturers are using as an excuse should not be because gas is a raw material found within the country and the excuse of an increase in mining equipment should not come up because equipment bought by these manufacturers has been used for decades and not just purchased every day.

The minister said the border was closed to the importation of cement to help local manufacturers but if the government decides to open it back for mass importation, prices of cement would crash and local manufacturers would be gravely affected.

Dangiwa who called on the manufacturers to be more patriotic said BUA cement for instance has been willing and is still willing as at the last time he spoke with them to crash the price of their cement, lower than the N7000, N8000 agreed by the manufacturers and he sees no reason why the others should not do same.

The minister in response to the manufacturers said: “The challenges you speak of, many countries are facing the same challenges and some even worse than that but as patriotic citizens, we have to rally around whenever there is a crisis to change the situation.

“The gas price you spoke of, we know that we produce gas in the country the only thing you can say is that maybe it is not enough. Even if you say about 50 percent of your production cost is spent on gas prices, we still produce gas in Nigeria it’s just that some of the manufacturers take advantage of the situation. As for the mining equipment that you mentioned, you buy equipment and it takes years and you are still using it.

“The time you bought it maybe it was at a lower price but because now the dollar is high you are using it as an excuse. Honestly, we have to sit down and look at this critically. The demand and supply should be good for you because the government stopped the importation of cement, they stopped the importation in order to empower you to produce more.

“Otherwise if the government opens the border for mass importation of cement, the price would crash but you would have no business to do and at the same time the employment generation would go down. So these are the kinds of things you have to look at, the efforts of government in ensuring things go well.”

The minister also put the blame on the Cement Manufactures of Nigeria for not regulating the price of cement in the country because earlier, the Executive Secretary of the Association, Salako James had informed the minister that the association does not discuss or determine the price of individual companies but are only made aware of prices from the market like every Nigerian.

Dangiwa said the ministry would be setting up a committee which would be comprised of representatives of each cement manufacturer in the country, its association, and the government to fashion out modalities to resolve the problem of high price of cement in the country.

Business

LIRS reiterates January 31st deadline for employers’ Annual Tax returns filing

Published

1 day ago

January 19, 2026

Ekwutos Blog

The Lagos State Internal Revenue Service (LIRS) has reiterated the statutory deadline of 31st January 2026 for all employers of labour in Lagos State to fulfil their statutory obligation to file their annual tax returns for the 2025 financial year.

In a statement issued on Thursday, January 19, the Executive Chairman of LIRS, Dr Ayodele Subair, reminded employers that the obligation to file annual returns is in accordance with the provisions of the Nigeria Tax Administration Act 2025 (NTAA).

Dr Subair explained that employers are required to file detailed returns on emoluments and compensation paid to their employees, as well as payments made to their service providers, vendors and consultants, and to ensure that all applicable taxes due for the year 2025 are fully remitted. He emphasised that filing of annual returns is a mandatory legal obligation, and warned that failure to comply will result in statutory sanctions, including administrative penalties, as prescribed under the new tax law.

According to Section 14 of the Nigeria Tax Administration Act 2025 (NTAA), employers are required to file detailed annual returns of all emoluments paid to employees, including taxes deducted and remitted to relevant tax authorities. Such returns must be filed and submitted not later than January 31 each year.

Dr Subair stated

“Employers must prioritise the timely filing of their annual income tax returns. Compliance should be part of our everyday business practice. Early and accurate filing not only ensures adherence to the law as required by the Nigerian Constitution, but also supports effective revenue tracking, which is important to Lagos State’s fiscal planning and sustainability.”

He further noted that in Lagos State, electronic filing via the LIRS eTax platform remains the only approved and acceptable mode of filing, as manual submissions have been completely phased out. This measure, he said, is aimed at simplifying and standardising tax administration processes in the State.

Business

Nigeria, UAE sign trade deal to eliminate tariffs on thousands of products

Published

7 days ago

January 14, 2026

Ekwutos Blog

President Bola Ahmed Tinubu has announced the signing of a Comprehensive Economic Partnership Agreement between Nigeria and the United Arab Emirates in Abu Dhabi that would open duty-free access for thousands of Nigerian products into the Arab country.Nigerian Events Calendar

In a statement shared on his X handle on Tuesday, January 13, President Tinubu disclosed that the agreement was signed while attending Abu Dhabi Sustainability Week at the invitation of UAE President Sheikh Mohamed bin Zayed Al Nahyan.

He stated that asides granting duty-free access for thousands of Nigerian products into the UAE market, the agreement will expand opportunities for exporters, manufacturers, and service providers, and provides clearer investment confidence for UAE investors in Nigeria’s productive economy.

The President described the agreement as part of Nigeria’s ongoing economic reform efforts and said it was aimed at delivering long-term benefits for both countries.

“This agreement is the result of sustained and disciplined work led by Minister Dr Jumoke Oduwole for Nigeria and by Minister Thani bin Ahmed Al Zeyoudi for the UAE. I commend both ministers and their teams for the seriousness and clarity that brought these negotiations to a conclusion.

For Nigerians, this agreement is not abstract. It opens duty-free access for thousands of Nigerian products into the UAE, expands opportunities for our exporters, manufacturers, and service providers, and gives UAE investors clearer confidence to back Nigeria’s productive economy. This comprehensive agreement also supports our industrialisation and diversification goals and strengthens Nigeria’s position as a gateway for trade and investment into Africa.

This is the work of economic reform, purposeful engagement, and measured partnerships. The outcomes will serve Nigeria’s long-term national interest.

May the renewed relationship between Nigeria and the United Arab Emirates continue to yield sustained dividends for both nations and our peoples.”

Business

Gold prices recover

Published

2 weeks ago

January 10, 2026

Ekwutos Blog

Gold jewelry on display in a shop in Hanoi. Photo by VnExpress/Giang Huy

Gold prices rebounded Saturday morning, reversing a slip earlier this week.

Saigon Jewelry Company gold bar jumped 0.95% to VND159.8 million (US$6,082.99) per tael. A tael equals 37.5 grams or 1.2 ounces.

Gold ring was steady at VND156.8 million per tael. Bullion has risen 84% year-on-year.

Globally gold prices rose on Friday and were on track for a weekly gain, as investors weighed weaker-than-expected U.S. payrolls data along with broader policy and geopolitical uncertainty, Reuters reported.

Spot gold was up 0.5% at $4,496.09 per ounce and was set for about 3.9% weekly gain. Bullion hit a record high of $4,549.71 on Dec. 26.

“Payrolls are showing us a poor job creation environment. Potentially more (geopolitical tension), somewhat higher oil prices, which are inflationary, uncertainty and an easing Fed – all a combination for precious metals,” said Bart Melek, global head of commodity strategy at TD Securities.

Market participants continued to factor in at least two Federal Reserve rate cuts this year, a backdrop historically favorable for gold.