FEMBOL’s 2025 vision: Advancing Nigeria’s economy via trade and innovation

As 2024 draws to a close, there is palpable optimism in Nigeria’s economic outlook, driven by advancements in trade policies, technological innovation, and a renewed focus on resource diversification. For Fembol, a leader in its industry, this optimism fuels its strategic planning for 2025, a year poised to usher in significant progress across key sectors of Nigeria’s economy.

Customs revenue growth and trade facilitation policies

One of the standout achievements in 2024 was the Nigeria Customs Service’s ability to not only meet but surpass its revenue target. The agency achieved a revenue collection of N5.7 trillion, exceeding the N5.079 trillion target set at the beginning of the year. The Comptroller-General of Customs, Adewale Adeniyi, disclosed this on Wednesday, 13th November, at the 2024 Comptroller-General of Customs Conference in Abuja.

This milestone sets the stage for 2025, with the government aiming to capitalise on this momentum by implementing policies designed to streamline trade processes, facilitate imports and exports, and stimulate economic growth. These measures are expected to reduce bottlenecks in trade, foster ease of doing business, and position Nigeria as a more competitive player in the global market.

The government’s focus on trade facilitation is crucial for industries, including Fembol’s, which rely on efficient import and export systems. By embracing these policies, businesses can leverage improved trade by infrastructure to deliver greater value to customers and stakeholders, ultimately contributing to Nigeria’s economic advancement.

“The government’s focus on trade facilitation is crucial for industries, including Fembol’s, which rely on efficient import and export systems.”

Mining and resource diversification

While Nigeria has historically leaned on crude oil as its primary export, the discovery of large lithium deposits across the country presents a critical opportunity for resource diversification. Key states and deposit estimates include:

Kwara State: Estimated 1.5 million tonnes of lithium.

Ekiti State: Lithium deposits of 2.8 million tonnes identified.

Ogun State: Rich deposits totalling 3 million tonnes.

Nasarawa State: Lithium resources exceeding 1.2 million tonnes.

Plateau State: Over 2 million tonnes of lithium deposits.

In addition to lithium, Nigeria also boasts significant deposits of gold, lead, zinc, tin, and columbite, found in states like Zamfara, Kaduna, Niger, and Bauchi. For example, Zamfara is renowned for its gold deposits, while Plateau has long been a hub for tin and columbite mining.

Mining activities have already commenced but will be expanded in 2025, with these resources supplementing Nigeria’s foreign earnings. This development aligns with President Tinubu’s efforts to attract foreign investment, as evidenced by his recent visit to France, which emphasised mining partnerships and economic collaboration. Additionally, a visit by German officials to Nigeria hints at the potential for strategic partnerships with Europe, further solidifying Nigeria’s position as a hub for resource-driven economic growth.

Technological innovation: Introducing Hauliin

Fembol is launching its technology in 2025, recognizing its transformative potential in driving innovation and enhancing collaboration across industries. By investing in digital tools and platforms, Fembol aims to foster seamless partnerships and deliver a superior value proposition to its customers.

A key initiative in this regard is the development of Hauliin, an all-encompassing platform designed to revolutionise business operations in local and international trade. Hauliin will simplify the entire import and export process—from sourcing reputable suppliers to ensuring final delivery. With services encompassing procurement, transportation, customs clearance, freight forwarding, and logistics coordination, Hauliin envisions a future where businesses can navigate global trade effortlessly.

By offering quotations, facilitating customs procedures, and connecting users with dependable transporters, Hauliin will enable businesses to move goods efficiently—whether from ports and terminals or directly to their final destinations. Beyond logistics, Hauliin aims to empower businesses to expand into international markets, ensuring they can source products, scale operations, and compete globally—all through a single, intuitive platform. Coming soon—Hauliin is building the future of trade.

Strategic collaboration

Fembol is actively building strategic partnerships by joining global alliances that offer access to reliable partners across numerous countries and continents. These partnerships enable Fembol to enhance its services, expand market access for its clients, and facilitate trade through the import and export of goods.

Optimism for 2025: Driving progress amid challenges

Despite challenges such as fluctuating exchange rates and inflationary pressures, there are positive indicators pointing to a more stable economy in 2025. The expected boom in trade and industry, coupled with the government’s proactive approach to easing and increasing exports, provides a solid foundation for growth.

Fembol remains optimistic about the future, prioritising strategic planning and prudent expenditure to navigate uncertainties. By focusing on innovation, collaboration, and value creation, Fembol is well-positioned to continue contributing to Nigeria’s economic advancement.

As Nigeria prepares to enter a new economic chapter, the outlook for 2025 is marked by opportunity and potential. From leveraging resource diversification to embracing technology, Fembol is set to help shape a brighter economic future for Nigeria.

Oluwafemi Bewaji is the Founder/CEO of Fembol Group. He has been in the forefront of logistics and supply chain management in West Africa for over a decade, steering operations that have moved goods worth over USD1billion through some of the region’s most critical ports. His expertise has been honed through partnerships with leading global and local companies, including AB InBev, Dangote, Guinness and Nigerian Breweries, where he has delivered results that consistently exceed expectations.

BUA REFINERY & PETROCHEMICALS, AKWA IBOM: PROJECT UPDATE

Contrary to a misleading report stating that our 200,000barrels/day refinery is at 90% completion, BUA wishes to advise the public to disregard such misleading reports that did not emanate from us.

As we make remarkable strides on our Akwa Ibom refinery project, we are proud to share that construction is progressing steadily. Whilst the refinery is not at 90% completion, we are however on track to meet our delivery timelines in collaboration with our partners. This BUA Refinery & Petrochemicals project represents a major milestone in strengthening Nigeria’s refining capacity and energy security.

Our other energy projects, including the construction of a mini-LNG plant and several new hybrid power plants across the country to add additional capacity to our over 1,000MW installed captive power generation capacity, are also progressing rapidly.

The public is advised to verify any news through our official channels and platforms so as not to be misled by mischievous persons.

At BUA, we remain committed to transparency and excellence. As we have consistently done with over 12 of our completed mega industrial projects worth over $3.5billion in the past 10 years, we will continue to keep you updated with verifiable and accurate information only where necessary, and as milestones are achieved. We appreciate the public’s interest and enthusiasm for this transformative project as we work together in building a stronger industrial and manufacturing base for a self-reliant Nigeria.

Signed:
Management

Tinubu Intensifies Lobbying Efforts Amid Northern Opposition to Tax Reform Bills

President Bola Tinubu has ramped up efforts to win support for his administration’s contentious tax reform bills, enlisting emissaries and back-channel negotiations to address concerns from the northern elite. This move comes amid fierce opposition from northern governors and stakeholders who argue that the proposed reforms would disproportionately disadvantage their region.

Lobbying the Northern Elite
According to sources within the Presidency, Tinubu has been consulting influential northern leaders both individually and as groups to garner support for the bills. A senior official, speaking anonymously, revealed that consultations began even before the holidays.

“What I know is that he [President Tinubu] has been consulting with some of the northern elite at an individual level and as groups, even before the holidays,” the source disclosed.

Another insider confirmed that the President is using “back channels” to address contentious aspects of the bills. “He is reaching out through different channels that are available to him to make sure that the grey areas of the bills are smoothened out,” the source said.

Northern Governors Stand Firm
Despite Tinubu’s overtures, the Northern Governors Forum has maintained its staunch opposition to the reforms. The governors are demanding that the bills be withdrawn from the National Assembly to allow for further consultation.

In a communiqué issued on October 28, the forum expressed deep dissatisfaction with the proposed amendments, particularly the shift to a derivation-based model for Value Added Tax (VAT) distribution. They argued that this model, which allocates VAT based on the location of a company’s headquarters, tax office, and where goods or services are consumed, would undermine the economic stability of the northern region.

“The forum notes with dismay the contents of the recent Tax Reform Bills forwarded to the National Assembly. The reforms, particularly the proposed amendment to the distribution of VAT to a derivation-based model, are detrimental to the interests of the north and other sub-nations,” the communiqué read.

Bauchi State Governor Bala Mohammed criticized the reforms, calling them “anti-northern” and warning of potential consequences. “If these policies persist, the northern region will show its true colors in response,” he cautioned during an interview.

Tinubu Stands His Ground
Undeterred by the backlash, Tinubu defended the tax reform bills during a media chat in December. The President emphasized the need for sweeping reforms to address the country’s economic challenges.

“Tax reform is here to stay. We cannot just continue to do what we were doing yesteryears in today’s economy. We cannot retool this economy with the old broken tools,” Tinubu said.

The President also dismissed concerns about the reforms being anti-poor, explaining that vulnerable groups would not be taxed. “This tax reform is pro-poor. All we are asking for is to widen the tax net and bake the cake larger so that we can share a larger meal,” he added.

Looking Ahead
The tax reform bills, introduced to the National Assembly in October 2024, include the Nigeria Tax Bill 2024, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.

With Tinubu’s administration doubling down on consultations and the northern governors refusing to budge, the fate of the proposed reforms remains uncertain. The unfolding political tussle highlights the challenges of implementing sweeping policy changes in a country marked by diverse regional interests.