Nigeria’s National Bureau of Statistics has reported a remarkable 38 percent growth in Company Income Tax (CIT) revenue in the first half of 2025, underscoring the government’s success in revenue mobilisation and the resilience of the corporate sector amid economic challenges. The increase reflects both improved tax compliance by businesses and the ongoing reforms in tax administration aimed at broadening the tax base and enhancing efficiency in collection. According to the NBS, the surge in CIT receipts was driven by increased earnings among major corporations, enhanced monitoring of taxable activities, and stricter enforcement of tax obligations. The financial and telecommunications…
Author: Temitope Nlewemchi
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has concluded an extensive appraisal of the Petroleum Industry Act’s (PIA) impact on the country’s oil and gas sector, while the Institute of Energy Administration (IEA) has underscored the transformative effects of the legislation on regulatory frameworks, investment, and operational efficiency. The assessment and commentary signal a growing consensus among industry stakeholders that the PIA is reshaping Nigeria’s petroleum landscape, enhancing transparency, and promoting sustainable development within the sector. According to NUPRC officials, the appraisal focused on the PIA’s influence on key operational and financial aspects of upstream activities, including licensing, production optimisation,…
Nigeria has attracted a total of $20.98 billion in foreign capital inflows over the first ten months of 2025, reflecting a growing investor confidence in the country’s economic prospects and financial markets, according to financial strategist Cardoso. The figure underscores the resilience of the Nigerian economy, the effectiveness of policy reforms, and the increasing appeal of local markets to foreign portfolio and direct investors alike. The inflows are reported to have spanned multiple sectors, including banking, manufacturing, telecommunications, and the capital markets, highlighting the diversity of investment interest in Nigeria. Analysts note that foreign capital plays a critical role in…
Nigeria’s equities market has recorded a remarkable N28.5 trillion gain over the first eleven months of 2025, reflecting strong investor confidence, improved market sentiment, and increased trading activities across various sectors. The surge underscores the resilience of the Nigerian Exchange (NGX) and highlights the attractiveness of local equities to both domestic and foreign investors seeking growth opportunities in Africa’s largest economy. Market analysts attribute the significant gains to a combination of factors, including robust corporate earnings, strategic policy interventions, and favorable macroeconomic conditions. Companies across banking, telecommunications, consumer goods, and industrial sectors posted strong performance figures, driving market valuations higher.…
The Nigeria Customs Service (NCS) has introduced a one-stop-shop initiative aimed at reducing demurrage charges and shortening cargo dwell time at the nation’s seaports, a move designed to improve efficiency in port operations and facilitate trade. The initiative seeks to streamline processes by consolidating multiple clearance procedures into a single point of contact, thereby addressing longstanding bottlenecks that have delayed cargo release and increased costs for importers and exporters. According to Customs officials, the one-stop-shop system integrates key port services, including customs inspection, documentation verification, payment of duties, and coordination with other regulatory agencies, within a unified framework. By centralising…
The Schneider Electric Foundation has donated state-of-the-art training equipment to students in Nigerian universities, reinforcing its commitment to advancing education and technical skills development in the country. The donation is aimed at equipping students with practical knowledge and hands-on experience in electrical engineering, energy management, and related technical fields, preparing them for careers in a rapidly evolving industrial and technological environment. Speaking during the presentation ceremony, a representative of the foundation emphasized that the initiative aligns with its global mission to foster energy access, sustainability, and workforce development. The foundation explained that providing students with modern equipment helps bridge the…
Lagos State government has earmarked N245 billion through bond issuance to finance key infrastructure projects aimed at enhancing transportation networks, improving urban development, and boosting the state’s economic capacity. The allocation forms part of the government’s broader strategy to leverage capital markets in funding high-impact projects that address the city’s growing population needs and support sustainable economic growth. According to state officials, the bond proceeds will be directed towards roads, bridges, drainage systems, public transportation, and other critical social and economic infrastructure. The government highlighted that prioritising such projects is crucial for easing traffic congestion, improving connectivity, and creating an…
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has urged African nations to embrace bold, coordinated, and transformative economic reforms as a necessary pathway to unlocking sustainable growth across the continent. Speaking at a high-level continental forum focused on economic transformation, Edun stressed that Africa’s current pace of development is insufficient to meet the needs of its fast-growing population, and that governments must adopt policy measures capable of boosting productivity, improving revenue, and expanding investment opportunities. According to Edun, the continent stands at a defining moment where strategic policy choices will determine whether African economies can…
The Niger Delta Development Commission (NDDC) has extended relief materials and humanitarian support to victims of a recent fire outbreak in a Niger Delta community, reaffirming its commitment to assisting vulnerable residents affected by emergencies across the region. The intervention followed a devastating fire incident that destroyed homes, businesses, and properties worth millions of naira, leaving many families displaced and struggling to recover from the sudden loss. According to the Commission, the relief effort was initiated immediately after an assessment team visited the affected area to evaluate the scale of destruction and identify the immediate needs of the victims. The…
The Dangote Group has issued a strong warning to petroleum marketers over the growing use of leaking and poorly maintained tankers for the transportation of refined petroleum products across the country, describing the trend as dangerous and capable of triggering large-scale fire disasters, environmental contamination and loss of lives. The company said the increasing reports of product spillages from tankers belonging to some independent marketers have raised safety concerns, especially as more trucks now load products from the Dangote Refinery for nationwide distribution. According to the organisation, the warnings followed several incidents in which some marketers’ trucks were found to…
The Federal Inland Revenue Service (FIRS) has refuted claims circulating in parts of the public sphere suggesting that it granted monopoly rights to Xpress Payments in the nation’s revenue collection process. The agency described the reports as misleading, insisting that no single organisation has exclusive control or preferential access to government revenue channels under its supervision. It stressed that Nigeria’s tax administration framework is built on transparency, competition and accountability, making such a monopoly both illegal and impossible under current regulations. According to the Service, the misinformation appears to stem from a misunderstanding of the roles played by various payment…
The Central Bank of Nigeria (CBN) has stated that the Nigerian economy is beginning to show clearer signs of improvement, but it warned that significant work still lies ahead before the country can achieve full stability and sustainable growth. The apex bank noted that although key indicators are shifting in a more positive direction, the nation must maintain policy consistency, strengthen structural reforms and address long-standing weaknesses across multiple sectors to sustain the progress being recorded. According to the Bank, recent monetary tightening measures and stronger liquidity management have begun to ease inflationary pressure, even though inflation remains elevated. The…
United Bank for Africa (UBA) has urged Nigerians, financial institutions, and corporate organisations to strengthen vigilance and adopt more robust cybersecurity practices as digital fraud attempts continue to rise across the financial ecosystem. The bank said the increasing sophistication of cybercriminals requires a more coordinated response from both service providers and customers to safeguard accounts, digital platforms, and financial transactions. Speaking on the growing threat landscape, UBA officials stressed that cybertheft has evolved significantly in recent years, with fraudsters deploying advanced social engineering tactics, phishing schemes, identity theft, and malware to target unsuspecting users. They explained that cybercriminals now exploit…
The Central Bank of Nigeria (CBN) has stated that its recent monetary reforms are beginning to yield positive outcomes, citing early signs of easing inflationary pressures and improving stability in the foreign exchange market. According to the apex bank, the policy measures introduced over the past months—including tightened monetary conditions, improved liquidity management, enhanced market transparency, and coordinated fiscal-monetary actions—are gradually restoring confidence in Nigeria’s macroeconomic environment. CBN officials explained that the series of interest rate hikes, aimed at curbing excess liquidity and slowing the rapid rise in consumer prices, have contributed to moderating inflationary pressures across key segments of…
Nigeria is intensifying its campaign to secure a seat on the International Maritime Organisation (IMO) Council, leveraging its remarkable zero-piracy record and recent policy reforms aimed at expanding the country’s blue-economy potential. Government officials, maritime regulators and industry stakeholders say the country’s renewed push reflects its determination to take on a greater leadership role in shaping global maritime safety, security and sustainability policies. The bid comes at a time when Nigeria has recorded one of the most significant improvements in maritime security in its history, following years of persistent piracy and armed robbery along the Gulf of Guinea. For more…
The Dangote Group has reaffirmed its commitment to strengthening Nigeria’s small and medium-sized enterprises (SMEs) by deepening its support and participation in the 45th Kano International Trade Fair, a move that highlights the conglomerate’s longstanding role in stimulating commercial activities and empowering local businesses. The company’s presence at the event has drawn the attention of traders, manufacturers, distributors, and entrepreneurs from across the country, many of whom noted that Dangote’s engagement is helping to boost business confidence and strengthen economic interactions in the region. As one of the major sponsors and exhibitors at the fair, the conglomerate showcased its wide…
The Lagos State Government has intensified efforts to strengthen its tourism and cultural appeal as it collaborates with Inscribe Arts to transform public spaces with vibrant street art installations across the state. The initiative, which aligns with Lagos’ broader agenda to position itself as a leading creative and tourism destination in Africa, has already begun to draw attention from residents, visitors, and stakeholders within the creative ecosystem. The collaboration underscores the administration’s long-term strategy of using art and culture as drivers of urban renewal, youth engagement, and economic development. According to officials involved in the project, the street art campaign…
Female entrepreneurs across Nigeria are strengthening collaboration and expanding their footprint in the business landscape as First City Monument Bank (FCMB) intensifies efforts to promote inclusive growth, financial empowerment, and gender-balanced development. The bank’s latest initiatives have sparked renewed momentum among women-led enterprises, offering them access to capacity-building programmes, credit opportunities, mentorship, and market linkages designed to bolster long-term enterprise sustainability. In recent times, Nigerian women entrepreneurs have continued to demonstrate resilience, creativity, and strong leadership across sectors such as agriculture, fashion, technology, retail, manufacturing, and service industries. However, many still face structural barriers including limited access to finance, inadequate…
Nigeria’s capital market has recorded an extraordinary milestone as foreign participation on the Nigerian Exchange (NGX) surged to an unprecedented N2.03 trillion, marking one of the strongest inflows the local bourse has witnessed in more than a decade. The figure reflects a renewed appetite by global investors for Nigerian securities following recent macroeconomic reforms, improving market confidence, and widening opportunities within key sectors listed on the exchange. According to recently released trading data, the N2.03 trillion foreign transactions accumulated between January and the most recent trading month, signalling a dramatic rebound from previous years when foreign outflows overshadowed inflows due…
The Securities and Exchange Commission (SEC) has announced that its forthcoming summit will place strong emphasis on technology-driven compliance as Nigeria’s capital market continues to adjust to global shifts in digital regulation, risk management, and investor protection. According to the commission, the summit is expected to bring together regulators, fintech innovators, market operators, policy experts, and industry stakeholders to explore how technology can strengthen compliance frameworks, boost transparency, and curb market abuses. The SEC explained that the increasing digitisation of financial markets has made traditional compliance methods insufficient, particularly as new products, digital platforms, and automated trading systems dominate the…