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NEC retreat resolutions failed change mantra expectation

The recently held two-day National Economic Council (NEC) Retreat ended with a number of resolutions. The expectation of most Nigerians is that the meeting will come up with an economic agenda that reflects the change in approach to governance and economic management. The retreat started with a fanfare that looked like some serious economic policy outline was going to come out of it. At the end of the meeting, Nigerians were disappointed with the outcome.

3,000 jobs lost to N12bn annual tomato imports

Tomato paste manufacturers across the country have decried the $1billion (N12billion) spent annually by Nigerians on tomato paste importation. Financial Vanguard investigation showed that there is enough local production capacity to meet national demand. However despite local capacity to supply the Nigerian market, importation of the product at dumping price is suppressing local production. As a result of local producers’ inability to cope with the current level of dumping of the commodity via import, over 3,000 jobs have been lost across the industry. Tomato paste is not a prohibited item, but Nigeria manufacturers said, they have the capacity to meet demand.

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