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On Non-Oil Sector to Boost Economy – Malami

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Abubakar Malami - Attorney General of the Federation and Minister of Justice
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By Ossom Raphael

Abuja – Abubakar Malami, Attorney General of the Federation and Minister of Justice says there is need to focus on the non-oil sector to boost export and drive economic growth.

The minister made the call at the just concluded National Conference on creating Legal and Institutional Frameworks for Geographical Indications in Nigeria.

The AGF who was represented by Barr Ifunanya Nwajagu, Director, Legal Drafting at the Federal Ministry of Justice said that focusing on Geographic Indications will serve as a further panacea for poverty reduction, community development and social inclusiveness.

Malami said: “The time has come to move away from oil economy. Surely, the time has come to embrace green economy through economic drive powered by geographical indications for which Nigeria is richly endowed in quality assets and products.

“Needless to state clearly that Geographical Indications represent economic opportunities in rural areas, leading to more rural jobs and stronger rural communities.

“The right to use a geographical name belongs to the community of producers in a given area and empowers those who are involved in the origin of so many wonderful products thereby making Geographic Indications the perfect tool for local development”.

On the relevance of Legal framework to back GIs, Mr. Malami said: “It is worthy of mention that we currently have varieties of unique agricultural and natural products that qualify as geographical indications such as “sokoto goats’ skin”, “Ijebu garri”, “skin hide of Kano”, “Kilishi”, “Yaji” (dry pepper), “Ose Nsukka” (Yellow pepper), “Aso Oke, “Adire”, “Ofada Rice”, “fura” and many more. Yet, none of these have benefitted from any comprehensive registration, international recognition and commercialization.

“Therefore, for Nigeria to avail itself of the opportunities in and benefits of its Geographic Indications, our efforts must begin at home, with the establishment of an appropriate legal framework, supported by robust efforts to promote the Geographic Indications in formalizing the traditional knowledge and techniques employed by originating geographic regions, standardizing methods of production, and actively driving recognition for Geographic Indications in international trade.

“To be or not to be, depends on a carefully grafted legal and institutional frameworks that meets the needs of today while guaranteeing the future and bearing in mind, global and continental trends in the fields of geographical indications.

“The legal framework will set out the roles and procedures for the actualization of the benefits of geographical indications so that they shall be recognized and protected locally in order to be recognized internationally too. The establishment of a legal framework for the Gls in Nigeria is very imperative, likewise the ratification and domestication of the relevant international treaties/ conventions and protocols,”

The Justice minister further said that the ministry is poised to lend its support and collaboration with the stakeholders towards the birthing of a reliable legal instrument.

“The Federal Ministry of Justice is aware of treaties and conventions to which Nigeria is a party including the recent African Continental Free Trade Agreement and the need to provide legislation that promotes trade and investment while meeting the needs of the people.

“The Federal Ministry of Justice awaits the drafting instructions from the organizers of this conference, as a team of drafters are available to review the Bill in line with our current precedent for Executive Bill for onward transmission to the Federal Executive Council,” he further stated.

Speaking as a panelist, Mr. Aminu Waklek, Senior Assistant Registrar, Trade Marks Registry, Ministry of Industry, Trade and Investment says consensus is key to arrive at quality of products as well as determining who is qualified to be a member of the Patent rights Association.

He said there must be cohesion among the different patent right groups in order to promote export of their products.

In her submissions, Prof. Adejoke Oyewunmi, a Professor of intellectual property at the University of Lagos said the functions of the GIs must be clearly stated on the Draft law for GIs even as she called for collaborations between Nigeria and other countries especially with the coming of the African Continental Free Trade Area Agreement to promote Geographical Indications in Nigeria.

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Business & Economy

Tinubu Welcomes Nigeria’s Removal from FATF Grey List, Pledges Continued Financial Reforms

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President Bola Tinubu
President Bola Ahmed Tinubu
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President Bola Ahmed Tinubu has welcomed the removal of Nigeria from the Financial Action Task Force (FATF) grey list, describing it as a major milestone in the nation’s economic reform and global credibility drive.

The FATF, the world’s foremost body for combating money laundering, terrorist financing, and proliferation financing, announced Nigeria’s delisting on Friday at its plenary session in Paris, France.

The decision formally removes Nigeria from the list of countries under increased monitoring, following the nation’s successful completion of its FATF Action Plan after over two years of sustained reforms and inter-agency coordination.

In a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, President Tinubu said the development reflects Nigeria’s progress in strengthening its Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) framework.

“Rather than treat our placement on the grey list in 2023 as a setback, we saw it as a call to action,” the President said. “This delisting is a strategic victory for our economy and a renewed vote of confidence in Nigeria’s financial governance.”

The President credited the achievement to far-reaching legal, institutional, and operational reforms implemented under his administration through the Nigerian Financial Intelligence Unit (NFIU), in collaboration with the Attorney-General of the Federation, the Minister of Finance and Coordinating Minister of the Economy, and other key ministries.

Tinubu commended the Director/CEO of the NFIU, Ms. Hafsat Abubakar Bakari, and her team for their diligence and professionalism, as well as the contributions of several ministries, agencies, and private sector representatives who participated in the National Task Force on AML/CFT.

He also acknowledged the support of international partners including France, Germany, the United Kingdom, the United States, the United Nations, and the European Commission, for their technical assistance throughout Nigeria’s reform process.

President Tinubu assured that his administration will sustain and deepen the reforms that led to the country’s delisting.

“This is not just a technical accomplishment,” he said. “It marks the beginning of a new chapter in our financial reform agenda as we continue building a system Nigerians and the world can trust.”

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Lagos Tops 2024 State Revenue Ranking with ₦1.26 Trillion — NBS Report

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Lagos State has retained its position as Nigeria’s highest internally generated revenue (IGR) state in 2024, according to a new report released by the National Bureau of Statistics (NBS).

The report, published on Monday via the NBS X handle, revealed that the 36 states and the Federal Capital Territory (FCT) collectively generated ₦3.6 trillion in 2024, marking a 49.7 per cent increase from ₦2.43 trillion recorded in 2023.

Lagos led the chart with ₦1.26 trillion, followed by Rivers with ₦317.3 billion, and the FCT with ₦282.36 billion. Ogun and Enugu States completed the top five with ₦194.93 billion and ₦180.5 billion, respectively.

The bottom five states on the list were Adamawa (₦20.29 billion), Taraba (₦17.46 billion), Kebbi (₦16.97 billion), Ebonyi (₦13.18 billion), and Yobe (₦11.08 billion).

Other states that made the top 10 include Delta (₦157.79 billion), Edo (₦91.15 billion), Akwa Ibom (₦75.77 billion), Kano (₦74.77 billion), and Kaduna (₦71.57 billion).

The NBS noted that the sharp increase in overall IGR reflects growing fiscal efforts by states to boost their internal revenue base amid declining federal allocations.

 

 

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FG Launches Free Financial Education Programme for 100,000 Youths 

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The Federal Ministry of Youth Development, in partnership with Investonaire Academy, has commenced registration for a nationwide financial education programme designed to train 100,000 Nigerian youths annually in financial literacy, entrepreneurship, global trade, and investment.

In a statement signed by Omolara Esan, Director of Information & Public Relations, the Ministry said the initiative reflects its commitment to equipping young Nigerians with the skills to navigate today’s complex financial landscape, enhance employability, and foster sustainable wealth creation.

The programme will provide participants with exposure to global asset classes, including commodities, gold, equities, and foreign exchange, as well as training in risk management, portfolio development, and wealth-building strategies.

Successful candidates will receive industry-recognised certificates to support career advancement and entrepreneurial opportunities. Training will be delivered via an interactive Learning Management System (LMS), incorporating gamified learning, simulations, quizzes, and real-life trading scenarios. Physical sessions will begin in Abuja before expanding nationwide.

The programme is open to students, NYSC members, entrepreneurs, job seekers, and young professionals across Nigeria’s 36 states and the FCT.

Registration is free and currently ongoing via www.investonaire.org.

 

 

 

 

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