Business
FG Exempts 63 Items From Value-Added Tax
The Federal Government of Nigeria has announced that 63 items have been exempted from Value-Added Tax (VAT) as part of ongoing efforts to stimulate economic growth and support key industries.
This was disclosed by Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, in a post on X on Friday.
The exempted items are outlined in the “Value Added Tax (Modification) Order, 2024,” which was officially gazetted on September 3, 2024.
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The exemptions primarily target goods and equipment related to clean energy and the oil and gas sectors, signaling the government’s commitment to transitioning to more sustainable energy sources and revitalizing the oil and gas industry.
This announcement came just two days after Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, revealed the introduction of key fiscal incentives aimed at boosting Nigeria’s oil and gas sectors, both upstream and downstream.
The incentives include the VAT modification order and a notice of tax incentives for deep offshore oil and gas production, under the Oil and Gas Companies (tax incentives, exemption, remission, etc.) Order, 2024.
Here are all 63 items exempted from Value-Added Tax (VAT)
1. CNG/LPG Dual Fuel Vehicles
2. Dedicated LPG Vehicles
3. CNG/LPG Dual Fuel Vehicles Parts
4. Semi-knocked down units (for assembly) of CNG and LPG Buses
5. Parts and semi-knocked down units (for assembly) of Electric Vehicles
6. Electric Vehicles
7. Electric Vehicle Batteries
8. Electric Vehicle Charging Systems
9. Electric Vehicle Solar Charging Systems
10. LPG/CNG Conversion Kits
11. CNG Cylinders
12. CNG Cascades
13. CNG Dispensers
14. Gas Generators
15. CNG Trucks (Bobtails and Bridgers; fixed axle and semi-trailers)
16. Steel Pipes
17. Steel Valves & Fittings
18. SS Tubes & Fittings
19. Storage Tanks (all sizes)
20. Regulators
21. CNG Pumps and Compressors (all types)
22. Steel
23. Pressure Relief Valves
24. Hydraulic Press/Rolling Machines
25. Heat Treatment Equipment
26. Liquid Level Gauges
27. Pumping Housing and Motors
28. Regulator Bodies
29. Pressure Gauges
30. Truck Chassis
31. Metering and Measuring Equipment (including weighbridges, filling scales)
32. Dispensing Equipment (dispensing scales, nozzles, gas filling systems)
33. Safety Features (emergency shutoff valves, pressure relief valves, excess flow valves, breakaway couplings, quick release couplings)
34. Gas Water Heaters
35. Gas Burners for Industry
36. Gas Boilers
37. Gas Washing Machines and Dryers (launderettes)
38. Household or Laundry-type Washing Machines, including machines that both wash and dry
39. CNG, LPG, and Cryogenic Hoses
40. Tubes, Pipes, and Hoses, and Fittings (e.g., joints, elbows, flanges) of Plastics
41. CNG Truck Heads
42. Gas Leak Detectors
43. Gas Air Conditioners
44. Cylinder Refurbishment Equipment
45. Blending Skid/Unit
46. Odourizing Units
47. Chromatography Unit (GC)
48. LNG Liquefying Equipment
49. Heat Exchangers
50. LNG Vaporizers
51. Regassification Plant
52. Liquefied CNG Compression Terminals
53. LNG Plant, Machinery, Pumps, Compressors, Filters (including Gas Filters), Weighing Machines, Valves Equipment
54. Cryogenic Storage Tanks
55. Liquefied CNG Conversion Tanks
56. Pipes, Piping Fittings, and Flanges for LNG Processing
57. Electrical Equipment, including Cables for LNG Processing
58. Steel Plates, Angles, and Bars for LNG Processing
59. LNG-Related Chemicals
60. Biogas Digesters
61. Biogas Compressors
62. De-sulphurization Units
63. Distillation Columns for Processing Biofuels
Business
Content Creation Can Buy 4 Lamborghini’s – Comedian Josh2Funny Reveals
Nigerian comedian and popular skit maker, Chibuike Josh Alfred, known by his stage name Josh2Funny, has shed light on the profitability of the content-creating industry.
In a recent interview with Echo Room, Josh2Funny highlighted the impressive financial potential that content creators can achieve, noting that it is possible for them to comfortably afford multiple luxury cars, including up to four Lamborghini vehicles.
Speaking candidly, Josh2Funny emphasised that content creation has become an extremely lucrative field due to the constant demand for fresh and engaging material. “If you want to buy four Lamborghini from content creation, you can buy it,” he said.
His remarks underscore the significant revenue opportunities available in the digital content landscape.
Josh2Funny explained that the continuous consumption of online content is what drives its profitability. “What do you think we are doing in the content-creating industry? Are we joking? You all are with your phones, when you’re in the bathroom, when you’re [using the restroom], you’re consuming our stuff. It’s like pure water,” he stated.
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The comedian further elaborated that businesses or industries that deliver products consumed on a daily basis often see the most substantial financial returns. Content creation, with its high rate of daily consumption by audiences worldwide, aligns perfectly with this model.
“People are out there, consuming our content every time,” he said, reinforcing the idea that the reach and influence of content creators have never been more extensive.
Josh2Funny’s insights reveal why the content-creating industry has become a lucrative career path for many in Nigeria and around the world. With the continuous growth of social media platforms and the public’s insatiable appetite for entertainment and relatable content, creators are finding new and innovative ways to monetize their craft.
This shift not only highlights the potential for significant financial gain but also showcases the evolving landscape of digital media, where influencers, comedians, and skit makers can turn creativity into a sustainable and highly rewarding business.
Business
NIVEA Black & White Invisible Roll On Deodorant Batch No. 93529610 Not On Sale in Nigeria
A safety alert notification by the National Agency for Food and Drug Administration and Control (NAFDAC) in Nigeria issued on October 31, 2024, regarding NIVEA BLACK & WHITE Invisible Roll-on deodorant (50 ml) batch number 93529610, in relation to the general European Union (EU) Rapid Alert System for Dangerous Non-Food Products (RAPEX), has come to our attention.
The batch is said to contain 2-(4-tert-Butylbenzyl propionaldehyde (BMHCA).
In a statement on Saturday, in Lagos, Beiersdorf, the owner of NIVEA brand, assured that the “the Batch No. 93529610 in question has not been marketed in Nigeria and thus never recalled”.
According to the statement, Beiersdorf was well informed that “Based on current European legislation, the use of ingredient 2-(4-tert-Butylbenzyl propionaldehyde (LilialTM) in cosmetic products has been banned from the European markets as of March 1, 2022.”
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It acknowledged that “The batch in question, in fact, expired in January 2022 and was hence at the time fully compliant with the then valid European cosmetic regulation.
“As a responsible corporate citizen, Beiersdorf is working collaboratively with NAFDAC to safeguard the interest of the Nigerian consumers by ensuring that our locally manufactured product meets the global quality standards.”
It maintained that “The safety of our consumers remains our highest priority, consistent with our ethical philosophy as a business.”
In pursuit of this commitment, Beiersdorf’s entire NIVEA product portfolio formulations have been reformulated to be Lilial-free formulas in full compliance with the EU Regulation on cosmetic products well ahead of its Lilial ban coming into effect as far back as March 1, 2022. For instance, the formulation of NIVEA BLACK & WHITE Invisible Roll-on deodorant has been Lilial-free since at least 2020 across the globe, including Nigeria.
“Our trade partners were informed ahead of time and reminded of their responsibility to remove the outdated Lilial-containing products within the legal timeframe to fulfill their obligations with the European Cosmetic Product Regulation,” it added.
Business
Shell, NNPC Ltd, Others Gift Three Universities ICT Centre, Digital Library
The Shell companies in Nigeria teamed up with the Nigerian National Petroleum Company Limited (NNPC Ltd) and other stakeholders to build Information Communication Technology (ICT) centres and a digital library in Nigerian universities in 2024.
Biztellers reports that it initiative is part of their continuing support for education.
Some of the corporate bodies that executed the projects include the Shell Nigeria Exploration Production Company Limited (SNEPCo) and NNPC Ltd, and the Nigerian Content Monitoring and Development Board (NCDMB).
The benefiting institutions were, the Niger Delta University, Amassoma, Bayelsa State, which got a digital library in April, the Sa’adu Zungur University (formerly Bauchi State University), Gadau in Bauchi State, where an ICT Centre was commissioned in July, by The Shell Petroleum Development Company of Nigeria Ltd (SPDC) as part of the Joint Venture with NNPC, TotalEnergies and NAOC.
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In what would sound like singing-off on the educational intervention initiative for 2024, the Federal University of Technology, Owerri (FUTO), overflew with joy at the unveil of a world-class engineering design studios and ICT hub, courtesy of the SPDC, NNPC Ltd and other Joint Venture partners collaborated with NCDMB.
Reflecting on the three facilities, Country Chair, Shell Companies in Nigeria, and Managing Director, SPDC, Osagie Okunbor, said, “This is Shell working to power lives in Nigeria. The projects have changed the academic and physical landscapes in the three universities and linked the students and lecturers to the global learning arena.”
The facilities at FUTO include two state-of-the-art engineering design studios and a fully furnished 100-seater ICT lecture hall, equipped with computers and smartboards with dedicated power and water supplies. FUTO was selected for the project as part of the “institutional strengthening” in the catchment area of SPDC’s Assa North Ohaji South Gas Development Project. They were launched at a colourful ceremony attended by representatives of the Imo State Government and principal officers of the university.
Imo State Governor, Hope Uzodinma, represented by the Commissioner for Digital Economy and E-Government, Dr. Chimezie Amadi, said, “We deeply appreciate the efforts of our partners in NNPC, SPDC, Total Energies, and NAOC JV, who have invested in the future of Imo State by supporting this critical project. Your commitment to human capacity building aligns perfectly with our goals, and together, we will continue to drive innovation, skills development, and sustainable economic growth for our people.”
Okunbor’s address at the commissioning was read by General Manager, External Relations, Igo Weli, in which he expressed happiness “that the collaboration of SPDC, Joint venture partners, NCDMB, and FUTO has resulted in this successful social investment project that demonstrates our commitment to improving access to quality education for every Nigerian.”
On his part, the Executive Secretary NCDMB, Engr. Felix Omatsola Ogbe, called on Nigerian institutions to domesticate the advancements in AI and other technologies.
“Our AI must understand Igbo, Hausa, Efik, Yoruba, and other local languages,” he said, speaking through Dr. Ama Ikuru, the Director in charge of Capacity Building.
“We must leapfrog the innovations of other nations and become a net exporter of advanced technology to achieve the lofty ideals of Nigerian content development,” he added.
The Chief Upstream Investment Officer, NNPC Upstream Investment Management Services, Bala Wunti, said in his address which was read by the Senior Advisor Stakeholders Relations, Halimat Wilson, “Innovation thrives in an environment where ideas can be freely exchanged and developed. The Engineering Studio and ICT Hub is designed to be such a place where students, researchers, and faculty can collaborate on projects, share knowledge, and push the boundaries of what is possible.
Welcoming guests earlier, FUTO Vice Chancellor, Prof Nnenna Oti, thanked the sponsors of the project “for a landmark donation” to the university.
The Shell Companies in Nigeria have been education since the 1950s through scholarships and other initiatives. These efforts have resulted in the award of thousands of secondary, undergraduate and postgraduate scholarship awards, provision of educational infrastructure and establishment of sabbatical and internship programmes as well as centres of excellence in several universities.
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