Author: Gift Ifeanyi

Nigeria’s tax system is undergoing major changes with the introduction of four new tax bills: the Nigeria Tax Bill (NTB), Nigeria Tax Administration Bill (NTAB), Joint Revenue Board (Establishment) Bill (JRBEB), and Nigeria Revenue Service (Establishment) Bill (NRSEB). These reforms aim to simplify tax administration, eliminate ambiguities, consolidate existing laws, expand the tax base, and reduce the number of taxes to a single-digit structure. The use of technology for fiscalization and automation of tax processes will ensure greater compliance for both residents and non-residents, including individuals, corporate entities, and trustees. A Non-Resident Company (NRC) refers to any business incorporated outside…

Nigeria’s annual inflation rate dropped for the second consecutive month, fueling optimism that price pressures are easing and could continue to decline. According to the National Bureau of Statistics (NBS), consumer prices rose 23.2% in February, down from 24.5% in January. Food inflation slowed to 23.5% from 26.1%, while core inflation edged up to 23% from 22.6%. This cooling inflation trend may encourage the Central Bank of Nigeria (CBN) to maintain interest rates when policymakers meet in May. In its last meeting, the CBN held its benchmark rate at 27.5%, pausing its aggressive tightening cycle aimed at stabilizing the naira…

The Dangote Group, led by Alhaji Aliko Dangote, has revealed plans to establish Nigeria’s largest port within the Olokola Free Trade Zone in Ogun State. The announcement was made on Monday during a visit to Governor Dapo Abiodun in Abeokuta, as reported by the News Agency of Nigeria (NAN). Reviving an Abandoned Investment Dangote explained that the company had previously shelved its investment in the Olokola Free Trade Zone due to certain challenges. However, with improved business conditions, the project is now back on track. “Our factory in Itori was twice demolished, and the second time, even the fence was…

After weeks of continuous depreciation, the naira recorded a 0.95% recovery on Monday as demand for the dollar slowed in the parallel market. During intra-day trading, the naira was exchanged at N1,575 per dollar, marking a N15 appreciation compared to the N1,590 rate recorded last week. Market Conditions Stabilizing Currency traders noted a decline in demand for the dollar from end users, bringing relative calm to the market. Last Friday, the naira hit a low of N1,590 in the parallel market due to a scarcity of dollars—a level it had previously reached on February 16, 2024, according to data from…

For Nigerian businesses seeking to enter global markets, numerous obstacles stand in the way. Limited data access, weak supply chains, poor product standards, and financing difficulties continue to stall the nation’s non-oil export drive. Breaking Into International Markets Urena Iheme, CEO of Fefereti Group, shared her struggles with expanding her business internationally. During a trade fair in Houston, she secured repeat orders for her ‘chin chin’ but found scaling production and maintaining a stable supply chain to be a major challenge. She emphasized that Africa remains her primary target market, but logistical hurdles make regional expansion difficult. “Our biggest consumers…

Nigeria’s spending on arms and ammunition surged to ₦520 billion in 2024, marking the highest expenditure on weapons in four years, according to the latest report from the National Bureau of Statistics (NBS). The Q4 2024 trade data, cited by The Punch, reveals that ₦483.85 billion—nearly the entire year’s spending—was recorded between October and December. This significant increase in arms imports contrasts with recent claims by Minister of State for Defence, Bello Matawalle, that Nigeria had begun exporting weapons to other African nations. However, the NBS report did not provide details on any export destinations. Comparing Arms Imports Over the…

Entrepreneurship is often seen as a path to innovation, financial independence, and self-actualization. However, in Nigeria, it is more of a relentless struggle against systemic obstacles. From unreliable infrastructure to excessive bureaucracy, Nigerian entrepreneurs must rely not only on skill and business acumen but also on resilience and sheer determination to survive. Regulatory Bottlenecks: A Major Roadblock One of the most frustrating hurdles is the bureaucratic red tape surrounding regulatory approvals, particularly from the National Agency for Food and Drug Administration and Control (NAFDAC). For entrepreneurs in the food, beverage, pharmaceutical, and cosmetics industries, securing NAFDAC registration is a fundamental…

Lagos, Nigeria – March 2025 – Innovate, a leading non-governmental organization and an initiative of Crosspoint Church, has announced the third edition of its Pitch & Grant program, aimed at empowering Nigerian entrepreneurs. With Credit Direct as the headline sponsor, this year’s competition will award $2,000 to the most innovative and promising business venture. Building on the success of previous editions, Innovate remains committed to fostering entrepreneurship and innovation among young Nigerians by providing critical financial and mentorship support to startups and small businesses. “Our mission remains steadfast—to empower the next generation of Nigerian entrepreneurs by equipping them with the…

The football industry is witnessing a surge in African investment, with billionaires and entrepreneurs from the continent acquiring stakes in clubs across Africa, Europe, and beyond. Their involvement is transforming football’s business landscape while creating opportunities for African talent on the global stage. From Premier League giants to Portuguese and Nigerian clubs, these visionaries are reshaping the sport through strategic investments and innovative leadership. 1. Nassef Sawiris (Egypt) – Co-owner, Aston Villa (England) Egypt’s richest man, Nassef Sawiris, has played a key role in revitalizing Aston Villa. In 2018, he acquired a 55% controlling stake in the club alongside American…

The Minister of Arts, Culture, Tourism, and Creative Economy, Hannatu Musa Musawa, has announced that investors, content creators, and entrepreneurs in Nigeria’s creative sector are beginning to reap the rewards of key economic partnerships and policy reforms. Aligning with President Bola Ahmed Tinubu’s vision of a $1 trillion economy, the ministry has forged strategic partnerships to drive growth, boost cultural diplomacy, and increase the creative sector’s GDP contribution. $200 Million Afrexim Bank Partnership for Creative Sector Funding One of the most notable achievements is a $200 million financing facility with Afrexim Bank, set to begin full operations by mid-2025. This…

The Federal Government of Nigeria has signed a Memorandum of Understanding (MoU) with Sapphital Limited to expand economic opportunities for Nigerian youth, addressing unemployment and fostering entrepreneurship. The agreement was signed by Comrade Ayodele Olawande, Minister of Youth Development, and Nkeiruka Onyejeocha, Minister of State for Labour and Employment. The partnership aims to equip young Nigerians with essential skills, job opportunities, and entrepreneurial resources to thrive in today’s digital economy. Strategic Programs for Youth Empowerment According to Omolara Esan, Director of Information and Public Relations at the Federal Ministry of Youth Development, the collaboration will focus on two key initiatives:…

The Covenant Nation 2025 SME Funding Conference is set to provide alternative financing solutions for small and medium-sized enterprises (SMEs) in Nigeria, offering entrepreneurs new ways to access capital beyond traditional bank loans. Obafemi Darabidan, Head of Department at Covenant Capital, highlighted the goal of the conference during a recent media briefing, stating: “The TCN SME Funding Conference 2025 is designed to bridge this gap by providing practical insights, alternative financing options, and direct networking opportunities with funding providers.” Empowering Entrepreneurs with Funding Solutions Covenant Capital, the SME advisory arm of The Covenant Nation, is dedicated to empowering individuals and…

Nigeria is set to thrive in the global digital economy by harnessing its youth population and the increasing demand for digital skills, says Francis Sani, Technical Adviser (Innovation, Entrepreneurship, and Capital) to the Minister of Communications, Innovation, and Digital Economy, Dr. ‘Bosun Tijani. Sani made this statement at the launch of Darey.io and Xterns.ai, alongside their new tech hub, during an event themed “Tech and Tea: Brewing Nigeria’s Technology Innovation Future”, held in Yaba, Lagos on Saturday evening. Unlocking Economic Growth Through Digital Skills Speaking on the critical role of digital skills, Sani emphasized that equipping Nigerians with technical expertise…

The University of Lagos (UNILAG) has announced the launch of its first-ever Spring School in Digital Entrepreneurship and Digital Cultures, a groundbreaking initiative aimed at equipping graduates, professionals, and aspiring entrepreneurs with the essential skills to thrive in Nigeria’s growing digital economy. The programme marks a significant step in UNILAG’s commitment to fostering innovation, empowering youth, and driving economic growth through technology-driven education. It aligns with the university’s ongoing efforts to position itself as a leader in human capital development and tech-based entrepreneurship. Pioneering a Digital Future Speaking on the initiative, Professor Tunde Ope-Davies, Director of the Centre for Digital…

In a significant move to foster innovation and collaboration, the UK and Nigeria have launched the Creative Industries Technical Working Group, a key development under the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP). This initiative aims to deepen bilateral ties and establish a solid framework for growth in the creative sectors of both nations. A Milestone for UK-Nigeria Relations The launch of this Working Group, alongside a UK-Nigeria creative industries matchmaking event in London, marks a milestone in strengthening cross-border collaboration. It is designed to boost innovation, enhance commercial alliances, and drive sustainable economic growth within key creative subsectors, including:…

The organizers of the Nigeria Food Summit (NFS) 2025 are set to redefine the nation’s food industry, aiming to position Nigeria as a global culinary destination. Building on the success of its inaugural edition, the summit—convened by renowned culinary expert Gbolabo Adebakin (Chef Gibbs)—seeks to bridge gaps in the food value chain by fostering collaboration among farmers, chefs, food tech innovators, and industry stakeholders. At a virtual press conference in Lagos, Chef Gibbs emphasized that the summit’s theme, “Making Nigeria a Global Food Destination,” underscores the importance of celebrating Nigeria’s diverse food culture while leveraging modern agricultural technology to drive…

Cryptocurrency giant Binance offered Nigeria a $5 million down payment as part of its four-year tax liability in a bid to secure the release of its detained executive, Tigran Gambaryan, last year. However, Nigerian authorities rejected the offer outright, viewing it as inadequate and insincere. The offer was made in August 2024 during frantic negotiations for the release of Gambaryan, Binance’s head of financial crimes compliance. He had been detained on February 26, 2024, after allegedly failing to cooperate with law enforcement investigating how crypto exchanges, including Binance, disrupted Nigeria’s economy and caused significant financial losses. Although Gambaryan was later…

The CEO of MTN Group (MTNJ.J) has expressed confidence that the worst is over for the company as its Nigeria unit begins to recover from the effects of a naira devaluation. The currency depreciation had contributed to an annual pre-tax loss of 4.4 billion rand ($243 million) for the group. Nigeria has been grappling with persistent dollar shortages, prompting authorities to devalue the naira in a bid to stabilize the currency and attract investment. However, the move, combined with high inflation and interest rates, significantly increased costs for businesses. As a result, MTN Nigeria (MTNN.LG) saw its pre-tax loss surge…

Nostalgia for the Good Old Days At a recent corporate training session, attendees were stunned when a facilitator reminisced about purchasing a brand-new Volkswagen Beetle for just ₦3,000 in the late 1970s. Back then, fresh graduates were often offered new cars as part of employment perks. Fast forward to today, and the reality is starkly different. The affordability of new cars has become a distant memory for many Nigerians. Even imported fairly used (Tokunbo) vehicles, once the go-to option for middle-class buyers, are now out of reach. Instead, Nigerian-used cars—pre-owned vehicles that have spent years on local roads—are increasingly becoming…

Nigeria’s foreign trade surged to ₦138.03 trillion in 2024, marking a remarkable 106.56% increase from ₦66.83 trillion recorded in 2023, according to data from the National Bureau of Statistics (NBS). This growth was largely driven by strong export performance and favorable trade balances with key international partners. Key Trade Highlights: Nigeria recorded a trade surplus of ₦16.85 trillion, as total exports (₦77.44 trillion) outpaced imports (₦60.59 trillion). The country’s top ten trading partners accounted for ₦89.47 trillion in total trade, representing 64.81% of overall foreign trade. Europe emerged as Nigeria’s largest trading region, with a trade volume of ₦56.94 trillion,…