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Lagos Encourages Residents to Embrace Urban Farming to Boost Food Security

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Urban farming - Investors King

Lagos State, with a population of 25 million people and unique food security, has urged residents to embrace urban farming as one of the ways to attain food sufficiency.

To address this, the current administration in the state made food security an integral part of its T.H.E.M.E.S, an acronym for (Traffic Management and Transportation, Health and Environment, Education and Technology, Making Lagos a 21st Economy, Entertainment and Tourism and Governance and Security) Developmental Agenda of Making Lagos State a 21st Century Economy.

This is regarded as part of the efforts aimed at boosting food security and increasing access to affordable fresh food in the state.

The Lagos State Commissioner for Agriculture, Ms Abisola Olusanya, made this known while speaking at the official launch of Urban Agriculture organised by the Lagos State Agricultural Development Authority (LSADA), held at the Agency’s Training Centre in Oko-Oba, Agege.

The launch came at a time of steep increase in the prices of food across the country, as reported by Investors King.

Investors king earlier reported that residents in the West and East decried the high prices of tomatoes, pepper, onions, egg, chicken and other food items, compared to their counterparts in the Northern part of the country, who according to them are enjoying these items in large quantities at cheaper rates.

The Permanent Secretary of the Ministry, Mr. Hakeem Adeniji, who represented Olusanya at the launch, disclosed that the program is aimed at educating Lagos residents on how to practice urban farming despite the challenge of limited landmass being faced in different parts of the State.

Having a great number of people living in the state engage in urban agriculture will help address the over-reliance on food coming into the state, ensure food security, help in reducing the cost of food items among others.

In her words, she said, “Today’s event is a way of raising the consciousness of Lagosians to practice urban farming in their communities and compounds, as well as using any available space in their building.”

She also sensitized them on using waste buckets, waste tires or waste bags filled with soil to plant some edible vegetables, saying little vegetables planted for household use will add to the agricultural production availability in the State.

The Commissioner noted that urban farming will add to food production, increase access to fresh agricultural products, reduce pressure on food products within the State and stabilise the prices of produce in the markets, explaining that Urban Farming also has the potential to nourish farming households, communities and create economic opportunities among the residents.

She also said, “Urban farming helps stimulate the local economy through job creation, income generation and growth of small businesses. More importantly, urban farming makes fresh food more affordable. It is fast becoming an important component of a city’s food system.’

The Programme Manager of LSADA, Dr Olamilekan Pereira-Sheteolu, said the launch was to enlighten Lagos residents on the need to engage in urban farming, adding that it will create food security, guarantee zero hunger, reduce poverty and increase income generation.

While maintaining that the launch came at a time of steep increase in the prices of food across the country, Pereira-Sheteolu stated that the Agency will publicise a phone number that people can call for assistance on urban farming in their respective areas.

He stated, “We will seek the approval of the State Governor so that we can assist the people with things like seedlings and show them how to plant vegetables and fruits among others. This is our plan for the next phase of urban agriculture in Lagos State.’’

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House of Reps Warns Tinubu Against Multiple Tax Burdens on Nigerians

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Company Income Tax (CIT) - Investors King

The House of Representatives has warned President Bola Tinubu against imposing multiple taxes, levies, and charges on Nigerians already struggling with subsidy removal and higher electricity bills.

During Thursday’s plenary session, the member representing Anambra East/Anambra West Federal Constituency, Mr. Peter Aniekwe, called for the adoption of a motion on urgent public importance.

Investors King reported that the motion was co-sponsored by the House Minority Leader, Rep. Kingsley Chinda, and four others.

In defense of the motion, Aniekwe noted that the government’s introduction of additional taxes, which he described as sometimes unnecessary, only adds an undue burden on Nigerians.

He emphasized the need for the government to strike a balance when imposing taxes that are essential for revenue generation.

Aniekwe said, “The imposition of multiple taxes, levies, and charges at various levels of government only serves to exacerbate the financial strain on citizens, particularly those in low-income brackets, many of whom are already struggling to meet basic needs such as food, healthcare, housing, and education.

“The introduction of additional and sometimes unnecessary taxes, including consumption taxes, service taxes, and levies on essential goods and services, places an undue burden on the masses, further widening the inequality gap.

“While taxation is necessary for government revenue, a balance must be struck between revenue generation and the economic well-being of citizens, particularly at a time when many families and businesses are still recovering from the economic impact of global and local challenges.

“The government’s primary responsibility is to alleviate the economic challenges faced by the masses, ensuring policies that promote economic development, social welfare, and prosperity for all citizens.”

After Aniekwe’s defense, the House of Representatives adopted the motion.

The House cautioned the Federal Government against multiple taxation and mandated the committees on Finance and FIRS to, within three weeks, conduct a thorough review of existing tax laws and policies to streamline tax collection processes and eliminate redundant or overlapping taxes.

The committee was also tasked with identifying areas of double taxation at all levels for necessary action.

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Boosting Nigeria’s Digital Future: STEM Education and AI Could Add $15 Billion to Economy by 2030

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Business

If Nigeria can enhance its Science, Technology, Engineering, and Math (STEM) education and prepare its workforce for future opportunities in the digital space, the economy could expand by an additional $15 billion, a new report has revealed.

The report, issued by consultancy Public First on Thursday, also indicated that Nigeria reaped an estimated $1.8 billion in economic benefits from Google’s tools and services in 2023.

Presenting the report in Lagos State, the Nigeria Digital Opportunity study highlighted the financial value contributed to the nation’s economy through services such as Google Search, Ads, Google Play, YouTube, and Google Cloud.

These services have played a significant role in boosting the productivity of Nigerian businesses, content creators, and workers.

It is no secret that a large number of young Nigerians have become tech-savvy, with many venturing into the thriving world of technology and content creation on social media platforms.

According to Google, its digital skills programs and career certificates are key drivers of Nigeria’s digital transformation, with over 1.5 million young Nigerians acquiring new digital skills in 2023.

Google’s Director for West Africa, Olumide Balogun, expressed the company’s satisfaction with the positive impact that digital technology is having on Nigeria’s economy.

He emphasized that the findings highlight the importance of continued investment in digital skills and infrastructure to unlock the full potential of Nigeria’s growing digital economy.

Balogun noted that with rapid digital advancements, particularly in areas such as cloud computing, connectivity, and artificial intelligence (AI), Nigeria is well-positioned to solidify its standing as a leading digital economy in Africa.

He advised the country to strengthen its technology policies, stating that Nigeria’s economic future will largely depend on its ability to harness technology. Balogun added that Google remains committed to supporting Nigeria’s journey through strategic investments and partnerships.

The report underscored the significant role digital technology plays in Nigeria’s economy, with Balogun noting that for every $1 invested in digital technology, the country generates over $8 in economic value.

Meanwhile, Google has called on Nigerian policymakers to prioritize STEM education to maximize the economic benefits of technology.

The report also projected that AI could contribute $15 billion to Nigeria’s economy by 2030.

Balogun highlighted Google’s efforts in promoting responsible AI development, noting that in 2021, the company committed $1 billion to support Africa’s digital economy.

He added that this initiative included the 2022 landing of the Equiano fiber-optic cable in Nigeria, which is expected to boost internet penetration by seven percent by 2025, significantly enhancing internet access and reliability.

Google also recommended that Nigerian policymakers adopt cloud-first strategies and strengthen the country’s digital infrastructure to harness the full potential of AI, while emphasizing the need for improved STEM education to prepare the workforce for future opportunities.

Amy Price, Director and Head of Technology Policy at Public First, praised Nigeria as a digital leader in Africa. She emphasized that tech investment will serve as a catalyst for further growth and development across the nation.

Price further highlighted the critical role AI will play in shaping Nigeria’s future economy, with the report estimating that AI could add $15 billion to the country’s GDP by 2030. She stressed that the nation must focus on building strong digital infrastructure and investing in STEM education to prepare its workforce for the jobs of tomorrow.

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Lawmakers to Deliberate on Nigerian Tax Reform Bills, Change of FIRS to NIRS

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Value added tax - Investors King

The National Assembly is set to begin deliberations after receiving President Bola Tinubu’s communication seeking consideration and passage of the proposed Fiscal Policy and Tax Reform Bill to align with ongoing financial reforms of the Federal Government and enhance efficiency in tax compliance.

In addition to the Senate, the House of Representatives received four bills forwarded by the President. They include the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Establishment Bill and the Joint Revenue Board Establishment Bill.

The Nigeria Revenue Service (Establishment) Bill seeks to repeal the Federal Inland Revenue Service (Establishment) Act, No. 13, 2007, and establishes the Nigeria Revenue Service, to assess, collect, and account for revenue accruable to the government of the federation.

The Transmission of Fiscal Policy and Tax Reform Bills to the National Assembly is The Nigeria Tax Bill, which seeks to provide a consolidated fiscal framework for taxation in Nigeria.

The Nigeria Tax Administration Bill seeks to provide a clear and concise legal framework for the fair, consistent and efficient administration of all the tax laws to facilitate ease of tax compliance, reduce tax disputes and optimize revenue.

Meanwhile, the Joint Revenue Board (Establishment) Bill aims to establish the Joint Revenue Board, the Tax Appeal Tribunal and the Office of the Tax Ombudsman for the harmonization, coordination and settlement of disputes arising from revenue administration in Nigeria.

This comes after President Tinubu during his speech on Nigeria’s 64th Independence Anniversary on Tuesday (October 1) said some Economic Stabilisation Bills would be transmitted to the National Assembly.

“We are moving ahead with our fiscal policy reforms. To stimulate our productive capacity and create more jobs and prosperity, the Federal Executive Council approved the Economic Stabilisation Bills, which will now be transmitted to the National Assembly.

“These transformative bills will make our business environment more friendly, stimulate investment and reduce the tax burden on businesses and workers once they are passed into law,” he said.

Recently, the Chairman of the Presidential Taskforce on Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, said the Withholding Tax Regulations 2024 has been gazetted.

“I do have some good news, the good news is that the withholding tax regulation has now been gazetted. So, the only reason it hasn’t been published today is because it is public holiday, so first thing tomorrow you will see a copy of the gazette and that provides a lot of relief not just for manufacturers but also every other business in terms of taking away some of the burdens of funding their working capital,” Mr Oyedele said.

Nigeria has been seeking to harmonise its tax base as it has a tax-to-gross domestic product (GDP) ratio of 10.8 percent; comparatively, the average tax-to-GDP ratio for Africa is about 18 percent.

 

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