Dike Onwuamaeze

As part of the activities marking its 25 years anniversary, MTN Nigeria PLC would be hosting the the August edition of the Nigerian-South Africa Chamber of Commerce (NSACC) Breakfast Forum “Building Local Content Together: 25 Years of Shared Growth.

The NSACC event will emphasise that sustained intra-African investment is the most effective path toward long-term continental growth.

The forum, which is billed to hold tomorrow in Lagos at the Eko Hotel and Suites, will future five prominent Nigerian business leaders across telecommunications, media, tech, and corporate communications.

They will share their firsthand accounts of scaling domestic enterprises in partnership with MTN Nigeria’s platform and supply network.

These business leaders are impressive lineup includes Chief Financial Officer of MTN Nigeria, Modupe Kadri; Founder and CEO of BlackHouse Media (BHM), Mr. Ayeni Adekunle; Group Managing Director of So&U, Mr. Udeme Ufot; Ms. Yemi Chukwurah, CEO, Seams & Stitches, Yemi Chukwurah and Group COO, Computer Warehouse Group (CWG) Mr. Afolabi Sobande.

Their companies have decades of eexperience working with MTN Nigeria, and represent a fraction of the thousands of businesses across the country that have expanded due to their work with Nigeria’s leading telco.

The growth stories from the executives will outline how domestic firms navigated early operational hurdles, adopted international compliance standards, and expanded their market reach by servicing large-scale enterprise demands. Panelists will share concrete strategies on risk management, digital transformation, and talent retention in dynamic economic environments.

The insights to be delivered at the August Breakfast Forum are expected to serve as a practical blueprint for early-stage and expanding African businesses.

Dike Onwuamaeze

The Manufacturers Association of Nigeria Export Promotion Group (MANEG), has appointed the Director, Corporate and Regulatory Affairs, BAT Nigeria, Ms. Ruth Owojaiye, as its new chairman.

Following this appointment, Owojaiye succeed Ms. Odiri Erewa-Meggison, who was the former chairman of MANEG and would be leading the group’s strategic efforts to strengthen Nigeria’s export competitiveness and promote export-led industrial growth.

Owojaiye will be assuming leadership of MANEG at a pivotal time for Nigeria’s manufacturing sector when the federal government and industry are intensifing efforts to boost and diversify non-oil exports, deepen industrialisation and maximise opportunities presented by the African Continental Free Trade Area (AfCFTA).

A respected corporate affairs and public policy professional, Owojaiye will bring her more than two decades of leadership experience spanning corporate affairs, communications, regulatory affairs, sustainability, stakeholder engagement and public policy advocacy.

According to MANEG, “she has built a strong reputation for fostering constructive partnership between government and the private sector, championing evidence-based policymaking and advancing initiatives that promote responsible business practices, sustainable development and economic growth.

“Her extensive experience navigating Nigeria’s evolving regulatory landscape and building strategic partnerships positions her well to lead MANEG’s next phase of growth and advocacy.

“As Chair, Owojaiye will lead MANEG’s engagement with government, policymakers, regulators, development partners and industry stakeholders to advance reforms that improve trade facilitation, strengthen Nigeria’s export competitiveness, enhance market access for locally manufactured products and create a more enabling environment for export-oriented manufacturing.”

Owojaiye commended Erewa-Meggison for her visionary leadership and significant contributions to advancing MANEG’s mission of promoting Nigeria’s non-oil exports and strengthening the competitiveness of Nigeria’s manufacturing sector.

She said: “I am honoured to build on the strong foundation laid by Odiri Erewa-Meggison, whose leadership has strengthened MANEG’s voice in shaping Nigeria’s export agenda.

“Nigeria has the talent, industrial capacity and entrepreneurial drive to become one of Africa’s leading export manufacturing hubs.

“Achieving this requires stronger collaboration between government and industry, consistent policies and practical reforms that make exporting easier and more competitive.

“Together, we will champion initiatives that unlock greater opportunities for Nigerian manufacturers to compete and succeed across Africa and global markets.”

According to her, Nigeria possesses the industrial capacity, entrepreneurial talent and resource base to become one of Africa’s foremost manufacturing and export hubs, unlocking this potential will require sustained policy consistency, investment in infrastructure, improved trade facilitation, regulatory efficiency and stronger support for value-added manufacturing.

She emphasised that export competitiveness must remain central pillar of Nigeria’s long-term economic transformation strategy.

“By creating an enabling environment for manufacturers to innovate, produce competitively and access regional and international markets, we can diversify the economy, strengthen foreign exchange earnings, create quality jobs and accelerate inclusive growth,” she urged.

Under Owojaiye’s leadership, MANEG is expected to intensify its advocacy for policies that improve the ease of exporting, strengthen logistics and infrastructure, expand market access, encourage value addition and support Nigerian manufacturers in competing more effectively in regional and international markets.

Dike Onwuamaeze

The British American Tobacco Nigeria Foundation (BATN Foundation) has commenced a 22,000-tree afforestation and natural resource management project across selected communities in Kano and Jigawa States.

BATN Foundation described this as a strategic intervention designed to combat desertification, restore degraded landscapes, improve biodiversity, and strengthen the resilience of rural communities to the growing impacts of climate change

The initiative, which is being implemented in partnership with the Federal College of Agricultural Produce Technology (FCAPT) and Green Legacy, was formally flagged off in Kano in a ceremony that was attended by government officials, development partners, traditional institutions, community representatives, environmental practitioners and members of the media.

The foundation said that the project would facilitate the planting of economic tree species across 11 local government areas in Kano and Jigawa States, combining environmental restoration with income-generating opportunities for rural households.

The species include date palm, mango, guava, tamarind, baobab and neem, selected for their economic value as well as their ability to improve soil quality, enhance biodiversity and contribute to climate resilience.

Speaking at the event, Board Director, BATN Foundation, Mrs Ruth Owojaiye, said that the project is a reflection of the foundation’s commitment to addressing environmental challenges while improving livelihoods in rural communities.

Owojaiye said: “This project is not just about planting trees. It is about planting hope, restoring our environment, strengthening rural livelihoods and reaffirming our shared responsibility to protect the future of our communities.”

According to her, communities across Northern Nigeria have continued to face growing environmental pressures, including declining soil fertility, changing weather patterns, desertification and reduced agricultural productivity.

She said: “The realities of climate change are already being felt in many of our communities. Our response must therefore be practical, collaborative and sustainable. Through this intervention, we are investing not only in the environment but also in the future economic wellbeing of the people who depend on it.”

Also speaking, the Magajin Garin Kano and Board Director, BATN Foundation, Mr. Nasiru Wada, described the initiative as an investment in future generations.

Wada said: “A tree is an unusual kind of investment. It returns value quietly for decades through cleaner air, stronger soil, food, shade and income. What we are doing today is an environmental action, but it is also a decision taken on behalf of future generations.”

He urged communities and stakeholders to take ownership of the project, stressing that the success of the initiative would ultimately depend on the survival and growth of the trees long after the ceremony.

In his remarks, the Provost of FCAPT, Dr. Salisu Salisu, described the intervention as a timely response to the environmental challenges confronting the region.

He announced that FCAPT contributed an additional 2,000 seedlings to support the programme and expressed confidence that the project could achieve a minimum survival rate of 95 percent through sustained monitoring and community engagement.

“The work does not end with today’s flag-off, the real success of this project will be measured by how many of these trees survive, mature and continue to provide value to communities many years from now.”

Speaking on behalf of the Kano State Government, Director of Monitoring and Evaluation, Ministry of Planning and Budget, Mr. Abbas Iliyasu Karaye, commended BATN Foundation and its partners for complementing government efforts to address environmental degradation across the state.

Karaye said: “This initiative aligns with our development priorities as a state. It addresses climate resilience, environmental restoration and economic empowerment simultaneously.

“What makes it particularly commendable is that it goes beyond planting trees to creating long-term value for communities.”

The Technical Lead for the Project from FCAPT, Dr Tayo Oni, said that the initiative has already commenced in several locations, with thousands of seedlings distributed to beneficiary communities and transplanting

He added that sustainability had been built into the project’s design from inception through the training of 22 Community Forest Ambassadors, drawn from participating local government areas to support sensitisation, distribution, monitoring and community ownership.

Dike Onwuamaeze

The Manufacturers Association of Nigeria Export Promotion Group (MANEG) has hinged the future of Nigerian manufacturing on competitiveness, innovation, global relevance, access to right policies, incentives and financing.

MANEG, which is the export arm of the Manufacturers Association of Nigeria (MAN), said that these ingredients would enable Nigerian manufacturing to compete successfully in the African and global export markets.  

These were declared by the newly appointed Chairman of MANEG, Mrs. Ruth Owojaiye, during the unveiling of a 2026/2027 strategic roadmap aimed at strengthening Nigeria’s export competitiveness, accelerating manufacturing growth and positioning locally produced goods for greater access to African and global markets.

Owojaiye, who is also the Director of Corporate and Regulatory Affairs at British American Tobacco Nigeria (BATN), said: “Nigeria’s manufacturing future must be defined by competitiveness, innovation and global relevance. To achieve this, Nigerian manufacturers must have access to the right policies, incentives, financing, knowledge and partnerships needed to compete successfully beyond our borders.”

She said that the priorities of the roadmap are focused on four pillars, which are strengthening strategic engagements, enhanced awareness and utilisation of export incentives, access to export finance and export capacity development.

Owojaiye said that Nigeria possessed the resources, industrial capacity and entrepreneurial strength required to emerge as a leading manufacturing hub in Africa, but this would require deliberate and continuous shift towards export readiness and competitiveness.

She said that MANEG would continue to deepen collaboration with key government institutions, financial organisations, international and supranational stakeholders and regional trade bodies in order to strengthen Nigeria’s export ecosystem.

The group also identified awareness and utilisation of all export-related incentives as a key priority.

It said that many local manufacturers, especially the small and medium sized businesses, are yet to fully leverage on available government-backed incentives due to limited awareness of eligibility requirements and application processes.

“An incentive can only create economic value when businesses understand how to access and deploy it effectively. Our objective is to bridge the gap between policy availability and practical business utilisation,” Owojaiye said.

She stressed the need for stronger connections between manufacturers and export finance providers.

According to her, export expansion requires significant investment in technology upgrades, production capacity, international certifications, packaging improvements, logistics and market development in order to compete effectively in global markets.

MANEG said that it would prioritise capacity development programmes aimed at equipping manufacturers with the knowledge and skills required to meet international standards, navigate export requirements, improve quality systems, and respond to evolving global trade expectations.

“The manufacturers that will succeed globally are those that understand market expectations, embrace innovation and continuously improve their processes. Export readiness is a journey of constant learning and transformation,” Owojaiye said.

She noted that opportunities provided by the African Continental Free Trade Area (AfCFTA) for Nigerian manufacturers to expand into a continental market of more than one billion people.

She, however, stressed that these opportunities are for businesses that have improved their competitiveness, meet international quality standards, and develop products capable of succeeding in increasingly competitive markets.

The chairman of MANEG’s reaffirmed the group’s commitment to supporting its members in positioning Made-In-Nigeria products, collaborating with government, development partners and the private sector to build a more competitive and export-oriented manufacturing industry.

The group expressed confidence that through sustained partnerships and targeted reforms, Nigerian manufacturers could expand their footprint across Africa and global markets.

Dike Onwuamaeze
AshakaCem Limited, a subsidiary of HBM Nigeria Plc, has announced the distribution of fertilisers to farmers in its host communities, namely Ashaka and Maiganga in Gombe State.

This is part of HBM Nigeria’s broader commitment to sustainable agriculture and community development.

The initiative took place at the company’s cement plant in Ashaka and its coal mine in Maiganga under its 2026 Agricultural Ecology Programme (AEP).

The AEP, which was launched in 2018, is one of AshakaCem’s flagship corporate social responsibility initiatives aimed at improving agricultural productivity and strengthening farmers’ livelihoods in its host communities.

HBM Nigeria said that “beyond the annual distribution of fertiliser, the programme also provides farmers with high-yielding seeds and training in modern farming techniques, in collaboration with the National Agricultural Extension and Research Liaison Services (NAERLS) at Ahmadu Bello University, Zaria.”

Commenting on the initiative, the Managing Director, Ashaka Cement Limited, Mr. Ibrahim Aminu, who was represented by the Plant Manager, AshakaCem Limited, Mr. Adamu Mohammed, noted that the programme reflected the company’s broader sustainability agenda, which prioritises partnerships with local communities to deliver long-term socio-economic impact.

Aminu said: “Through the Agricultural Ecology Programme, we are equipping farmers with the resources and knowledge they need to improve productivity, increase yields and strengthen food security.

“Our commitment extends beyond cement manufacturing to creating lasting social and economic value for our host communities, and we will continue to invest in initiatives that improve livelihoods and contribute to sustainable rural development.”

He encouraged them to apply the knowledge and farming techniques acquired through the training sessions to maximise the benefits of the agricultural inputs.

He reaffirmed AshakaCem’s commitment to sustaining the initiative as part of the company’s broader efforts to foster inclusive growth and strengthen its relationship with its host communities.

Dike Onwuamaeze

The President of Lagos Chamber of Commerce and Industry (LCCI), Mr. Leye Kupoluyi, has cried out also that manufacturers, particularly Small and Medium-sized Enterprises, (SMEs) are facing excessive regulatory burdens arising from multiple registration requirements for products with identical formulations but different packaging sizes.

Kupoluyi raised this concern during a press conference on the state of the economy, where he also decried the declining patronage of indigenous printing press and the fiscal regime that waved duties for imported books while slamming duties on imported printing inputs.

He said: “Manufacturers, particularly small and medium-sized enterprises, have continued to face excessive regulatory burdens arising from multiple registration requirements for products with identical formulations but different packaging sizes.

“This duplication increases compliance costs, delays market entry, and constrains business expansion. We call on relevant regulatory agencies to harmonize product registration requirements and adopt a risk-based approach that eliminates unnecessary duplication while maintaining product safety standards.”

He also declared that policy inconsistencies regarding exports of agricultural products is discouraging investments in the sector.  

He said: “Frequent policy reversals and inconsistencies, particularly regarding agricultural exports and monetary policy, have continued to discourage investment within the sector. Uncertainty surrounding cocoa export policies, combined with high interest rates, is increasing production costs and reducing investor confidence.

“We urge the government to ensure greater policy consistency, maintain predictable export policies, and improve access to affordable financing to support agricultural productivity and export competitiveness.”

Kupoluyi said that Nigeria’s printing industry has continued to face declining patronage despite possessing the capacity to execute large-scale printing projects in the country.

According to him, “the current policy environment has encouraged the outsourcing of printing jobs and weakened the competitiveness of indigenous operators. We call on the federal government to prioritise local printing firms in public procurement, promote the use of locally produced printing services, and implement policies that strengthen domestic paper production and local value addition.”  

Kupoluyi also said that local printing companies have continued to face an uneven competitive environment as imported books enjoy zero import duty under international agreements, while printing inputs imported by domestic operators remained subject to import duties.

Dike Onwuamaeze

As the Nigerian-British Chamber of Commerce (NBCC) looks forward to celebrating its 50th anniversary in 2027, its President and Chairman of Council, Mr. Abimbola Olashore, has reaffirmed the chamber’s commitment to “building a stronger, more influential, and financially sustainable chamber that continues to deliver value to its members while shaping the future of Nigeria–UK trade and investment relations.”

Olashore reaffirmed this commitment during NBCC’s 47th Annual General Meeting (AGM), which took place in Lagos on July 14, 2026.

He said: “As we gather today, I am pleased to report that significant progress has been made across our strategic priorities.

“While much remains to be accomplished, the foundations we have laid over the past year have positioned the chamber for sustainable growth, greater relevance, and increased impact.”

Olashore said that one of the chamber’s priorities was to strengthen governance and establish a more effective leadership structure.

“Over the past year, we have reinforced the executive committee as the principal driver of strategic decision-making within the chamber.

“We have clarified responsibilities, strengthened committee oversight, improved accountability mechanisms, and encouraged broader participation by committee chairpersons and Council members,” he said.

Olashore remarked that one of the most significant achievements of this administration during the year under review was the successful establishment and reactivation of the NBCC’s United Kingdom (UK) chpter.

He said: “When this administration assumed office, revitalising our UK presence was identified as a strategic imperative.

“Following extensive consultations and planning, the chamber successfully registered the Nigerian-British Chamber UK and formally launched the platform in London in May 2026.

“The launch, hosted at the Nigerian High Commission in London, marked a historic milestone in the chamber’s growth and reaffirmed our commitment to building a truly bilateral institution.”

He said that the NBCC UK Network is now serving as a strategic extension of the chamber and providing a platform for investment promotion, business matchmaking, policy engagement, and bilateral trade facilitation.

“The milestones achieved during the past year, including

the successful launch of NBCC UK, the record fundraising

outcome of the Presidential Inaugural Dinner, the

strengthening of key institutional partnerships, and the

expansion of our trade and policy engagement activities,

have significantly enhanced the Chamber’s profile and

financial resilience.

“These achievements provide a strong

platform from which to pursue even greater ambitions,” he said.

He added that the chamber, in collaboration with the Institute of Directors Africa Group, successfully convened the maiden NigeriaUK Economic Outlook in London in February 2026, that brought together policymakers, investors, business leaders, financial institutions, and trade experts to discuss the bilateral economic outlook and investment opportunities.

The president of NBCC said that the chamber has significantly strengthened its engagement with government stakeholders in both Nigeria and the UK.

Olashore said: “Throughout the year, we have expanded our interactions with policymakers, regulatory agencies, trade institutions, diplomatic missions, and economic development organisations.

“Our engagements have positioned the chamber as a trusted partner and credible voice within the Nigeria-UK economic corridor.”

He identified the deliberate strengthening of relationships with

sub-national governments across Nigeria as a key aspect of the chamber’s stakeholder engagement strategy.

He said: “During the year under review, the chamber welcomed the Executive Governor of Enugu State, Dr. Peter Mbah, to our flagship ‘Meet the Governor Series.’

Olashore explained that the engagement provided a platform for direct dialogue between the government and the private sector, enabling members to gain insights into the state’s investment priorities, infrastructure agenda, and opportunities for business participation.

He disclosed the Governor of Abia State, Mr. Alex Otti, would be a guest of the chamber in September.

Olashore also said that at the heart of the chamber’s strategy is the belief that membership value must remain our highest priority while financial sustainability remained a key pillar of its longterm strategy.

“One of the most significant developments during the year was the successful partnership with FirstBank through the establishment of the Ivory Hall by FirstBank,” he said.

Dike Onwuamaeze

A report has revealed that regulated online gambling revenue rose from $4.4 billion in 2024 to $5.2 billion in 2025 as more African consumers begin to choose licensed, safer online gambling options.

The report, which was released by Gaming Compliance International (GCI) of United States, presented the first ever comprehensive report undertaken of online gambling across all 54 African nations, drawing on two years of audience and activity data across 2024 and 2025.

A press release that was issued on July 21 by the GCI said: “Across Africa’s online gaming marketplaces, revenue going to regulated operators grew from $4.4 billion in 2024 to $5.2 billion in 2025.

“The regulated share of the total online African gaming market rose from 22% to 23%, providing real benefits to commerce, communities and consumers across the continent.”

It noted that Africa is complicated by vastly different regulatory realities across the continent, ranging from entirely prohibited marketplaces to those with recently introduced regulatory frameworks.

GCI said that this is “complicated further by the presence and persistence of the unregulated sector, which seeks to exploit every marketplace regardless of its regulatory conditions.”
According to the report, the percentage of the total population that interacted with online gambling grew from 13 per cent (198 million people) in 2024 to 14 per cent (215 million people) in 2025.
“Demand is not the problem within Africa. The challenge is ensuring that demand is captured within the regulated sector,” the report said.
The report also recognised the size of the challenge facing Africa.
It said: “In 2025, $17.8 billion in online gaming GGR was stolen by unregulated online gambling operators, costing African governments an estimated $3.55 billion in lost tax.
“The number of unregulated operators targeting Africa grew from 3,644 in 2024 to 4,129 in 2025.
“GCI frames these losses as the potential future benefits of marketplace optimisation,” adding that “as market share shifts into the regulated sector, more consumers will be protected, more local jobs and investments will be produced, and more public funding will be available for communities to grow and develop.”
The report stated that regulatory success is reliant on four key components, which are “monitoring the entire online gambling marketplace; policing against unlicensed operators targeting Africa without regulatory oversight; enforcing the integrity of regulation and optimising the regulated sector so that it remains attractive, accessible and competitive for African consumers
It said that small, practical improvements in public policies, taxation, payments, product availability, enforcement and regulatory collaboration could and would encourage results within Africa.
“The purpose of regulation is not only to regulate licensed operators, but to sensibly regulate the entire online gambling marketplace.
“However, the opportunity in Africa is not simply to regulate more. It is to optimise better, and to judge its success based on the outcomes of these objectives,” the report said.
The Chief Executive Officer of GCI, Mr. Matt Holt, said: “For the first time, we can see the whole of Africa’s online gambling market clearly. Nation by nation, across two full years, the picture is encouraging.
“The regulated sector is growing, and in several countries, it is starting to gain ground. That tells us these tools work. Our job is to give regulators a complete and honest view of their own market, so they can build on the progress this data now shows.”
Speaking in the same vein, the President of GCI, Mr. Ismail Vali, said: “Africa’s online gambling marketplaces should not be defined by their challenges.
“They should be defined by their opportunity. Millions of consumers already participate in online betting and gaming, creating substantial economic activity and the potential to deliver sustainable local commerce, public revenues, and safer consumer outcomes. The challenge is not creating demand.

“The challenge is ensuring that demand is captured within the regulated sector.

“Marketplace outcomes are the ultimate measure of regulatory success. The objective is not simply to regulate licensed operators.

“The objective is to optimise the entire online gambling marketplace so that consumers choose to enter, remain within, and benefit from the regulated sector.”

Dike Onwuamaeze

The Lagos Chamber of Commerce and Industry (LCCI) has identified agriculture, agro-processing, manufacturing, energy, infrastructure and human capital development as pivotal drivers for Nigeria’s sustainable economic expansion in 2026.

The LCCI said that unlocking these sectors would require decisive implementation of programmes and projects that would scale irrigation and agro-value chains, reduce power and logistics costs for manufacturers.

Other initiatives, according to the chamber, include accelerating the delivery of critical infrastructure through Public Private Participations (PPPs), sustaining oil and gas sector reforms, and aligning education and skills development with private-sector needs. It said: “Finally, the chamber emphasises the urgent need to accelerate economic diversification by prioritising manufacturing, reducing reliance on imports, and strengthening domestic productive capacity to build a more resilient, self-sustaining economy.”

These views were expressed by the President of LCCI, Mr. Leye Kupoluyi, when he addressed a press conference that reviewed the state of Nigerian economy last week. Kupoluyi also urged the federal government to resolve constraints in the manufacturing sector.

He said: “The manufacturing sector’s contribution to tax revenue collections in Nigeria maintained an upward trend in 2025, contributing a total of N1.17 trillion in Value Added Tax (VAT), an increase of 45.61 per cent over the N803.53 billion in 2024.

“The sector’s Company Income Tax (CIT) contribution rose to N881.29 billion, marking a 32.83 per cent increase from N663.46 billion recorded in 2024. “This strong year-on-year growth reinforces the sector’s expanding role in generating government revenue and in Nigeria’s industrial development. “Following these results, we call on the government to invest more in productive infrastructure and economic policies that drive growth through job creation, lower production costs, and fiscal interventions.”

Kupoluyi said that the chamber remained hopeful that the 2026 revised budget presented a credible framework for Nigeria’s economic consolidation and growth if it is followed up with disciplined execution, capital efficiency, revenue optimisation, and prudent debt management. He said: “While the budget provides significant opportunities to advance Nigeria’s productive sectors, safeguard macroeconomic stability, and stimulate job creation, careful monitoring of implementation, debt sustainability, and fiscal prudence will be essential. The LCCI said that delays in fund releases, bureaucratic bottlenecks, and inefficiencies remained critical challenges historical weaknesses in Nigeria’s budget execution capacity. It, therefore, said, “The rollover of N7.71 trillion in unimplemented 2025 capital projects underscores the need for improved fiscal management, effective PPPs and stronger collaboration between the executive and legislature to ensure timely project completion.”

The LCCI urged the government, in light of the current global economic crisis, to strategically. support domestic production in sectors where Nigeria could fill emerging supply gaps, particularly urea and ingots. It said, “Given Iran’s position as a major producer in these markets, disruptions could create new demand opportunities that Nigeria can leverage to boost non-oil export earnings and strengthen external reserves. The chamber also highlighted the strategic importance of Dangote Refinery in stabilising the domestic supply of refined petroleum products and cushioning the economy against external energy shocks.”

“The government is, therefore, encouraged to improve crude oil supply to the refinery, while strengthening support for other domestic industries and expanding production capacity in sectors where Nigeria has a comparative advantage. To maximise opportunities in the oil and gas sector, Nigeria must sustainably increase crude oil production, curb theft and leakages, and improve crude supply to domestic refineries to expand local refining and exports,” the chamber said.  

“It said that in the short term, improved crude supply to local refineries should be used to stabilize or moderate fuel prices to reduce pressure on households and contain inflation. “In the medium term, the government should encourage local refineries, including Dangote Refinery, to build strategic reserves of refined products, drawing lessons from countries such as the United States, where companies like ConocoPhillips, Chevron, and Mobil operate storage-supported refining systems,” it said.

*Adelabu:  $2bn attracted to power sector under current government 

*NELMCO reduces inherited liabilities from N2.3tn to N146.76bn 

*Ex-minister, Nnaji, suggests immediate steps to stabilise power sector 

Deji Elumoye, Emmanuel Addeh and Sunday Aborisade in Abuja

Vice President Kashim Shettima yesterday reaffirmed the resolve of President Bola Tinubu to overhaul Nigeria’s troubled power sector, declaring that the administration would not compromise on energy security as it pushes reforms aimed at unlocking investment and strengthening supply.

Speaking at the commissioning of the new headquarters of the Nigeria Electricity Liability Management Company (NELMCO) in Abuja, Shettima said the Tinubu administration was committed to building a transparent, accountable and technology-driven electricity market capable of driving national development.
He stressed that Nigeria’s economic future was closely tied to the stability of its power sector, noting that no serious nation could afford to gamble with energy security.

“What we are set to achieve requires data-driven decision-making, intelligent deployment of technology in asset management, and strong partnerships with both local and international stakeholders,” Shettima said.
He added that governance, transparency and accountability must remain central to the operations of institutions like NELMCO, describing the commissioning of the new headquarters as a symbolic turning point for the agency.
According to him, the facility should usher in a new era of efficiency, modernisation and forward-looking leadership in managing the financial liabilities of Nigeria’s electricity industry.

The vice president also used the occasion to call on private investors and international partners to take advantage of emerging opportunities in Nigeria’s power sector, assuring them of a stable and predictable policy environment.
“We are open for business. We are committed to creating a transparent and investor-friendly environment. Institutions like NELMCO show that we are not only serious about reform, but capable of sustaining it,” he said.

In his remarks, the Minister of Power, Adebayo Adelabu, said the sector reforms, anchored on policy overhaul, market liberalisation and institutional strengthening, are repositioning the sector for sustainability, efficiency and increased private sector participation.
The minister described the ongoing changes as deliberate steps to build a viable and investor-friendly electricity market. Central to the reform drive, he noted, is the Electricity Act 2023, which has enabled the decentralisation of the sector and opened the door for subnational participation.

This, he said, has already led to the activation of 16 state electricity markets, while also stimulating competition and innovation within the industry. He added that the development of a National Integrated Electricity Policy, the first in over two decades, now provides a unified framework for implementing the Act, strengthening coordination between federal and state governments and accelerating access to reliable and affordable electricity.

Adelabu further disclosed that the reforms have attracted over $2 billion in fresh investments into the sector, while ongoing efforts to transition the industry towards full commercialisation have significantly improved its financial outlook. According to him, sector revenue grew by 70 per cent in 2024, while government liabilities were reduced by about N700 billion, reflecting improved efficiency and cost recovery mechanisms.
The minister also pointed to improvements in generation capacity, which has increased from 13 gigawatts to 14 gigawatts, alongside record operational milestones, including a peak generation of 5,801.44 megawatts.



He said the government is addressing the long-standing metering gap through the Presidential Metering Initiative (PMI), backed by N700 billion mobilised through the Federal Account Allocation Committee (FAAC) and an additional $500 million World Bank facility, with procurement processes already underway to deliver millions of meters nationwide.



According to the minister, NELMCO has reduced inherited liabilities from N2.303 trillion to N146.76 billion and delivered over N700 billion in savings to the federal government through rigorous verification and reconciliation processes.



He added that NELMCO has also significantly reduced ground rent claims from N644 billion to N41.8 billion and achieved a 45 per cent reduction in post-privatisation liabilities owed by Ministries, Departments and Agencies (MDAs) to electricity distribution companies.



In his remarks, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who also serves as Vice Chairman of NELMCO’s board, said efforts to stabilise the power sector would have far-reaching benefits for small and medium-scale enterprises and the broader economy.



He noted that ongoing reforms under the Tinubu administration, including the establishment of the Grid Asset Management Company, were designed to address structural weaknesses and improve efficiency across the electricity value chain.



On the legislative side, Chairman of the Senate Committee on Power, Enyinnaya Abaribe, represented by Senator Oyelola Ashiru, said the new NELMCO office would reduce government spending on rent while enhancing operational efficiency.



He reaffirmed the commitment of the National Assembly to provide the legal and regulatory support required for agencies in the power sector to deliver on their mandates.



Earlier, Managing Director and Chief Executive Officer of NELMCO, Mojoyinoluwa Dekalu-Thomas, said the agency had evolved from a liability management firm into a strategic stabiliser within the electricity value chain.



She disclosed that since its inception following the unbundling of the defunct Power Holding Company of Nigeria, NELMCO had been tasked with managing enormous legacy debts that once threatened the success of the sector’s privatisation.



Dekalu-Thomas added that beyond debt resolution, NELMCO had generated over N30 billion in revenue for the federal government through the sale and lease of non-core assets.

She explained that by clearing legacy obligations, the agency created the financial stability needed for successor companies in the sector to attract investment and focus on service delivery.



Looking ahead, she said NELMCO would transition into a strategic asset custodian, leveraging advanced data systems to optimise power sector assets and support liquidity.

She noted that the agency would also play a critical role in ensuring a smooth transition to state-regulated electricity markets under the new legal framework, while providing risk mitigation mechanisms for investors.



Describing the new headquarters as a “centre of excellence,” she said it would house a national register of power assets and serve as the hub for managing the complex financial architecture of the sector.



“As we move into a decentralised electricity market, NELMCO will remain the bridge between past liabilities and future opportunities,” she said.



Also, against the background of Nigeria’s deteriorating electric power crisis, a leading Nigerian energy expert, Prof Bart Nnaji, has outlined a number of measures he says the country has to take immediately to arrest the situation.



Delivering the 30th, 31st and 32nd graduation lecture of the Abia State University at Uturu, Nnaji, a former Minister of Power, outlined the steps as the restoration of the power purchase agreements (PPAs) between electricity firms and the federal government which the President Muhammadu Buhari administration suspended, the payment of the N6.8 trillion owed the power generation firms and the over N200 billion owed distribution companies, and allowing DisCos to charge cost-reflective tariffs.



Others are building a national super grid of 765KV and decentralising its operations so that a fault in one networked plant, for instance, would not cause a national blackout, and the development of Nigeria’s 210 trillion cubic foot of natural gas since 75 per cent of the nation’s electricity is thermal.



 Nnaji, also a former Minister of Science and Technology who now leads the Geometric Power that drives the Aba Integrated Power Project (Aba IPP), also advocated that Discos be encouraged to have embedded generation firms, greater official attention to Discos which he said have been neglected more than other segments of the electricity value chain, and a review of the coverage areas by each distribution firm to make them more agile.



Drawing examples from India, China, Brazil, Egypt, and the United States, Nnaji noted that practically “each industrialising nation adds to the stock of its quantum of electricity every year”, contrasting it with Nigeria that “has not built a new power plant in the last 12 years except the 451MW Azura-Edo Power Plant in Edo State and the 188MW Geometric Power Plant in Aba, Abia State”.



The former minister, who had a storied career in the United States as a world-class scientist and research engineer, argued that people would not invest in new power plants without a financial instrument like the World Bank-backed Partial risk guarantee (PRG) to provide investors comfort.



“This is because it is exceedingly expensive to invest in power generation”, he told the university community that interrupted his speech intermittently with applause.



“It costs about $1.3m to construct one megawatt gas-fired plant, which is the cheapest in the country, as solar, wind, and hydroelectric technologies cost more”.



He added that investors would like to know how they could recoup their heavy and long-term investments, and the PGR is about the only realistic instrument to provide comfort to them.



He challenged the notion that investors would like to sign such PRGs with state governments following the implementation of the 2023 Electricity Act that permits subnational entities to regulate power generation, transmission, and distribution in their domains. The state governments have limited financial capabilities, he explained.



Nnaji pointed out that even if the federal authorities reversed the suspension of the PPAs today and work commenced immediately on the construction of a new plant, it would take at least three years to complete it, meaning that Nigeria would be one of the few countries in the world that would not expand its quantum of electricity in over 15 years.



Commending the federal government for setting up a 19-man committee headed by the Tinubu’s Chief of Staff to, among other things, accelerate the recovery of some stranded 1,600MW within two years, the Geometric Power chairman remarked that Nigeria needs 100,000MW to become a higher-medium economy by 2040, referring to the 30,000MW suggested by the Nigeria Electricity Supply Industry (NESI) by 2030 as unrealistic.



He said an electricity-hungry nation like the United States would do everything possible to increase its electricity by all means, including reembracing coal-fired plants in the face of power demand unleashed by generative AI data centres, comparing it to the return of coal plants by European countries in the wake of the energy crisis occasioned by the Russian invasion of Ukraine in 2022 that forced the European Union to impose sanctions on Moscow.



Nnaji lauded the federal government for returning to the 765KV Super Grid he convinced the Goodluck Jonathan administration to approve in 2012 but was abandoned after he resigned the same year over the manner of the privatization of Power Holding Company of Nigeria (PHCN) assets.



He advocated its regionalisation in technical terms rather than in the geopolitical sense, so that “a fault in one remote part of Nigeria would not lead to a nationwide outage, as is the case currently”.



The energy expert said that though his firm does not benefit from federal government’s subsidy payments to power firms, he “strongly supports the payment so that the power sector won’t collapse”.



He referred to the Discos in Ibadan, Benin, and Yola as examples of power distributors covering unwieldy geographical areas, calling for their review.



He said, in contrast, Aba Power covers only nine of the 17 local government areas in Abia State which he said enabled the utility to operate in an agile manner.



Among the distinguished guests at the lecture who commended Nnaji for the lecture which they described as a tour de force are the Chairman of the Abia State University Governing Council,  Agwu Agwu, the ABSU Vice Chancellor, Prof. Ndukwe Okeudo, and the Special Adviser to Abia State governor on Tertiary Education, Dr Emeka Enyeazu.

Dike Onwuamaeze

The Nigerian-British Chamber of Commerce (NBCC) has used the maiden edition of the NBCC Economic Outlook UK in London to provide a high-level platform for strategic dialogue on Nigerian macroeconomic reforms, investment climate developments, trade expansion, and the evolving role of the private sector in strengthening bilateral economic relations.

The event, which took place recently in London, brought together senior policymakers, economists, financial institutions, and private sector leaders of the Nigeria-UK business community to examine “Nigeria-UK 2026 Economic Direction: Stability, Growth and Private Sector Outlook.”

In his welcome address, the President and Chairman of Council, NBCC, Mr. Abimbola Olashore, reaffirmed the chamber’s commitment to deepening commercial ties between Nigeria and the United Kingdom (UK).

Olashore said: “This forum provides an important platform to examine where stability is emerging, where growth opportunities lie, and how the private sector can act as the engine for sustainable and mutually beneficial development between our two economies.’

Keynote presentations were delivered by the Group Chief Economist and Managing Director, Research & Trade Intelligence, Afreximbank, Dr. Yemi Kale, and the Head of Research and Chief Economist, Africa & Middle East at Standard Chartered Bank, Razia Khan

Kale and Khan provided forward-looking analyses on Nigeria’s macroeconomic reforms, inflation trajectory, foreign exchange stability, growth projections, and Africa’s positioning within a shifting global economic landscape.

Also, Africa Lead, Economic Security and Trade Relations, Mr. Robert Lally, who represented The UK Department for ������Ƶ and Trade, gave an overview of the current policy and trade framework.

The event featured distinguished special guests, including Labour Member of Parliament for Vauxhall & Camberwell Green, Ms. Florence Eshalomi MP, who is also the UK Trade Envoy to Nigeria, and the Zambian High Commissioner to the UK, Ambassador to the Holy See and Ireland, H.E. Ms. Macenje “Che Che” Mazoka.

Their goodwill messages laid emphasis on the strategic importance of Africa-UK economic partnerships.
Other special guests in attendance included High Commissioners from Algeria, Ethiopia, and Ghana High Commissions to the UK.

Discussions during the panel session were hinged on practical strategies for expanding trade flows, improving access to finance, strengthening regulatory clarity, mitigating risk, and accelerating private sector-led growth between Nigeria and the UK.

The panel discussion was steered by Mrs. Awuneba Ajumogobia with contributions from the Director of International Trade at the British Chambers of Commerce; Mr. Steven Lynch MBE; the CEO and Founder of DIN Consultants, Sabila Din, and the CEO of FirstBank UK, Olukorede Adenowo.

This forum marked an important milestone in advancing structured economic engagement in the UK and reaffirmed the NBCC’s commitment to sustaining momentum through continued dialogue and partnership development.

The strong participation of key stakeholders across the UK-Nigeria business corridor reaffirmed the relevance of the NBCC as a leading platform for bilateral trade advocacy, investment facilitation, and private sector collaboration.

DikenOnwuamaeze

OceanHub Africa (OHA), in partnership with The Coca-Cola Foundation (TCCF), has announced a $120,000 Pan-African challenge aimed at uncovering innovative, science-driven solutions to plastic waste across the continent.

Titled the “Call for Bold Ideas in Plastic Circularity,” the initiative invites scientists, innovators, and startups from across Africa to submit ideas capable of scaling beyond concept stage into impactful, measurable, and commercially viable solutions.

A press release issued by OHA Media Contact, Mr. Ashley Reynolds, said that the challenge is a response to the escalating plastic pollution crisis by accelerating practical solutions and business models that could transition from early ideation into market-ready applications.

Reynolds said: “Through this effort, the partners aim to enable the recycling of at least 490 tons of plastic waste while creating more than 150 sustainable livelihoods in coastal and urban communities across Africa.”

He said that the Call for Bold Ideas is designed to bridge the gap between promising ideas and viable enterprises, and would be delivered through OCH’s venture builder framework.

“Selected participants will receive a share of up to $120,000 in funding to support early scaling, alongside technical guidance and business mentorship to help translate their concepts into commercially sustainable ventures.

“The programme will also connect innovators with market entry networks and corporate partners, ensuring that supported ideas move beyond the laboratory or pilot stage into real-world adoption and measurable environmental impact,” he said.

Speaking on the initiative, the Managing Director of OceanHub Africa, Mr. Herland Cerveaux, noted that the goal is to ensure that breakthrough ideas do not remain confined to research environments but are developed into scalable businesses that deliver tangible environmental and economic results.

Cerveaux emphasised that the partnership with The Coca-Cola Foundation would provide not only financial support but also access to networks that can accelerate market readiness and long-term impact.

The Senior Director of Recycling Value Chains at The Coca-Cola Foundation, Mr. Jeff Denby, highlighted the importance of combining environmental preservation with economic inclusion.

Denby explained that empowering locally driven ideas with funding and structured guidance would create an opportunity for African innovations to address the plastic crisis while generating livelihoods and strengthening communities.

He said: “The urgency of this initiative is underscored by projections that Africa’s solid waste output will exceed 200 million tons annually by 2030, with plastic waste constituting a significant portion of the challenge.

“As the continent experiences disproportionate effects of plastic pollution, the need for scalable, science-based, and entrepreneurial solutions has become increasingly pressing. This challenge is positioned to harness innovation and enterprise to address these realities in a practical and sustainable way.”

Applications for the “Call for Bold Ideas” will close on February 15, 2026 at 23:59 SAST and interested innovators, startups, and researchers should submit their entries online.

The initiative, according to Reynolds, represented a significant step toward driving scalable solutions that address Africa’s mounting waste management challenges while fostering a more sustainable circular economy.

OceanHub Africa is a pan-African ecosystem catalyst that supports ocean-impact ventures and promotes the transition toward a sustainable blue economy while the Coca-Cola Foundation works to strengthen communities around the world where The Coca-Cola Company operates and where its employees live and work.

Dike Onwuamaeze

The President and Chairman of Council, Nigerian- British Chamber of Commerce (NBCC), Mr. Abimbola Olashore, has described the collaboration between the chamber and First Bank of Nigeria Limited as “a milestone in partnership, vision, and institutional progress.”

Olashore stated this on Tuesday during the official unveiling and commissioning ceremony of the “The Ivory Hall by First Bank,”

He said: “Today is significant not merely because we are dedicating a physical space but because we are marking a milestone in partnership, vision, and institutional progress.

“Let me begin by expressing, on behalf of the entire chamber, our profound appreciation to First Bank of Nigeria Limited.

“Established in 1894 as the first British bank in Nigeria when it operated as the Bank of British West Africa (BBWA), First Bank has for over 130 years remained a pillar of financial stability, trusted service, and deep-rooted institutional heritage.”

He said that “as one of the most enduring and respected financial institutions in the country, First Bank has consistently demonstrated leadership anchored on resilience, service, and innovation,” adding that “their long-standing presence and relevance in Nigeria’s economic history make this partnership especially meaningful to us as a chamber.”

Olashore also acknowledged and deeply appreciated the support First Bank has extended to the chamber so far that has strengthened the chamber’s work and advanced its mission.

He said: “Their decision to invest in the development and naming of this hall is not just a sponsorship; it is a powerful affirmation of confidence in the chamber’s mission, values, and long-term direction. We are truly grateful.

“This hall goes beyond bricks and mortar. It is an investment in the future of our chamber and the wider business community.

“It will serve as a centre for high-level dialogue, policy conversations, capacity-building programmes, and bilateral engagements that strengthen the ties between Nigeria and the United Kingdom.

“It is a space where ideas will be shaped, partnerships will be forged, and strategies that influence national and sectoral growth will be crafted.

“We look forward to deepening our partnership with First Bank through future programmes, joint initiatives, and strategic engagements.”

In his speech during the ceremony, the Managing Director/Chief Executive Officer of First Bank of Nigeria, Mr. Olusegun Alebiosu, said that by collaborating with the NBCC, “we are reinforce our dedication in supporting business communities, facilitating cross-border engagement and contributing meaningfully to the advancing economic growth.

“The First Bank’s Ivory Hall stands as a significant addition to this commitment. It is the chamber’s largest and most strategic ngagement space where business leaders will deliberate, where investors meet with opportunity and where early impact conversations take place.

Dike Onwuamaeze

The Lagos Chamber of Commerce and Industry (LCCI) has declared that Kenya and Nigeria is collaborating intentionally to develop cross-border production networks, industrial corridors, and investment partnerships that would reflect both countries strengths.

This declaration was made yesterday by the President of LCCI, Mr. Gabriel Idahosa, during the first “Kenya-Nigeria Trade and Investment Conference” that was organised in Lagos, Nigeria, by the LCCI and the Kenyan Association of Manufacturers (KAM).  

The theme of the conference was, “Advancing Intra-African Trade and Industrial Partnerships Under AfCFTA.”

Idahosa, who was represented by the Deputy President of LCCI, Mr. Leye Kupoluyi, said that the partnership between Nigeria and Kenya is not just ideal but also indispensable for achieving true continental transformation.

He described the conference as a continental signal that Africa has recognised the urgency of reimagining its economic narrative.

He said that for decades, African trade patterns have flowed outward, sending raw commodities across oceans and receiving finished goods in return.
But, “AfCFTA now offers a bold platform to rewrite this story by building an integrated market that fuels industrialisation from within.
“Kenya and Nigeria, two of Africa’s most significant economic powerhouses, stand at a strategic intersection of this opportunity.

“With vibrant populations, expanding private sectors, innovative entrepreneurs, and shared development aspirations, our partnership is not just ideal; it is indispensable for achieving true continental transformation.

“Today marks a crucial step toward strengthening bilateral relations, shaping new value chains, and catalysing a future where African nations trade more effectively with one another and build industries that are competitive on a global scale.”

“Yet, the real value of this monumental opportunity will only be unlocked when countries like Kenya and Nigeria collaborate intentionally to develop cross-border production networks, industrial corridors, and investment partnerships that reflect our complementary strengths.”

 Idahosa added that Nigeria and Kenya could transform their comparative advantages into collective competitiveness by driving industrial cooperation in agro-processing, pharmaceuticals, textiles, technology, logistics, creative industries, and small and medium enterprise development.

“Our shared goal today is simple yet profound: to translate opportunities into impactful outcomes, to convert dialogue into deals, and to move from aspiration to execution in advancing intra-African trade and industrial collaboration under AfCFTA,” he said.

In his remarks, the Kenya High Commissioner to Nigeria, Mr. Isaac Parashina, said that Kenya-Nigeria trade and investment mission is anchored in a simple but profound conviction that Africa’s prosperity would be built through cooperation, shared enterprise, and a deliberate commitment to forge bridges across our borders.

Parashina said: “Today’s engagement reminds us that when our nations come together with clarity of purpose, we unlock opportunities far greater than what we could ever achieve in isolation.

“We meet at a time when Africa is undergoing significant transformation,” and “expanding trade within Africa remains one of the clearest ways to drive industrial growth, create meaningful employment for our young people, and shield our economies from external volatility.

“But progress requires more than good intentions. It calls for steady leadership, consistent policy, and closer collaboration between governments and the private sector.”

“It also requires us to strengthen the micro, small, and medium enterprises that keep our economies dynamic and innovative.

“For Kenya and Nigeria, this opportunity carries real weight. Our two countries have the capacity and the responsibility to shape Africa’s economic direction for many years to come,” he stated.

The leader of the delegation from Kenya National Assembly to the conference, Anthony Oluoch, said the Kenyan delegation was in Nigeria for, “a single, powerful purpose: to strategically position our two nations to fully harness the transformative potential of the AfCFTA.

“For Kenya, the strategic importance is profound and far-reaching, and includes market access on an unprecedented scale.

“Kenya and Nigeria are the two most diversified economies in East and West Africa. Together, we hold enormous potential but our bilateral trade remains far below what it should be. Unlocking this potential require deliberate action.”

The SWEEP Foundation has announced the commencement of the second edition of Lagos Waste Challenge (LWC) 2025.
THE LWC, which is its flagship community-led waste management competition, is supported by Coca-Cola Nigeria, would unite Community Development Councils (CDCs) across Lagos State to showcase their creativity, innovation, and commitment to environmental stewardship.

The competition is billed to run from November 1 to November 22, 2025.

The LWC inspires communities to develop impactful packaging waste recovery and recycling efforts that raise environmental awareness and create lasting change in their neighbourhoods.

Following the success of its inaugural edition, which crowned Egbe-Idimu Local Council Development Authority (LCDA) as the champion in 2024, this year’s edition is aimed at amplifying community participation, inspire scalable solutions, and accelerate Lagos’s journey toward a cleaner, greener, and more sustainable future.

The 2025 LWC has a prize pool of ₦2 million, which is comprised of ₦1million for first prize; ₦500,000 for second prize; ₦250,000 for third prize and five consolation prizes of ₦50,000 each.

Ambassador Obuesi Phillips, The President/CEO of SWEEP Foundation, Ambassador Obuesi Phillips, said that “the LWC is more than a competition as it is a movement to instil collective responsibility for our environment.
“By tapping into the ingenuity and determination of our communities, we can transform waste management across Lagos State.
“We are looking forward to the innovative solutions our CDCs will bring forward, and we are confident this initiative will leave a lasting impact.”

Phillips said that winners would be officially announced and celebrated during the Lagos Waste Forum, scheduled for December 2 and December 3, 2025, which is billed to be a high-profile gathering of policymakers, community leaders, environmental advocates, and private sector partners who are committed to advancing sustainability across Nigeria.

He also declared that the LWC 2025 is open to all the CDCs in Lagos State, adding that registration is now open.
“This is your chance to showcase your community’s creativity, make an impact, and inspire others,” he said.

Dike Onwuamaeze

Scanfrost Nigeria, has announced Ms. Hilda Baci, the Guinness World Record–breaking chef and celebrated culinary entrepreneur, as its newest brand ambassador.
It said that Hilda’s inspiring story of passion, excellence, and perseverance perfectly aligns with Scanfrost’s values of reliability, innovation, and quality.

It said: “From her record-breaking cookathon to her growing impact in the culinary and lifestyle space, Hilda continues to represent the strength and creativity of the modern Nigerian.”

Speaking on the partnership, the Group Managing Director of CGCL, Nr. Ajit Nair, said: “We are delighted to welcome Hilda Baci to the Scanfrost family.
“Her authenticity, energy, and entrepreneurial drive reflect the values that have guided Scanfrost for over four decades.

“Together, we look forward to inspiring Nigerians to create memorable experiences at home and beyond.”

Also, the ������Ƶ Head, CGCL, Mr. Ashok Dimri, C.G.C.L, added that “Hilda’s influence goes beyond the kitchen; she embodies resilience, creativity, and ambition. These are the same values we build into every Scanfrost product.

“We believe this partnership will deepen our connection with consumers who see home appliances as essential partners in their everyday lives.”
Reacting to the announcement, Hilda Baci, said that “Scanfrost has been part of our homes for generations, and partnering with them feels like coming full circle.
“It is a brand that represents hard work, trust, and real Nigerian living – everything I stand for.”

The Marketing Manager, Scanfrost Nigeria, Mr. Alfred Jarikre, noted that “Hilda brings a fresh, youthful, and dynamic energy to the Scanfrost brand.

“This collaboration is not just about endorsement but about storytelling showing how everyday Nigerians can make more of their moments with Scanfrost.”
As part of the partnership, Hilda will feature in Scanfrost’s advertising campaigns, digital content
and lifestyle projects across Nigeria, with a focus on food, family, and home innovation.

Dike Onwuamaeze

Babijoh Organ, a Nigerian digital organ manufacturing company, has handed two world-class digital church organs to the Mountain of Fire and Miracles Ministries (MFM).

The organs, which are the Presto D337 Series and the Tempo ST39 Series, were generously donated by Dr. D. K. Olukoya, General Overseer of MFM Worldwide and his wife.

The organs have been installed at Grace Hall, MFM International Headquarters, Yaba, Lagos, and the MFM Regional Headquarters, Ado Ekiti.

The Presto D337 Series, installed in Lagos, boasts 37 drawknobs, 80 alternative voices, a 32-note concave pedalboard, and a 7.1 audio system, offering an immersive worship experience.
The Tempo ST39 Series, installed in Ado Ekiti, features 39 tab switches, 41 voices, and similar advanced digital capabilities that reflect Babijoh Organ’s commitment to performance and durability.

Speaking during the handover ceremony in Ado Ekiti, the Regional Pastor of NFM, Pastor Kayode Omojola and his wife, expressed gratitude to the General Overseer and his wife.
He said: “We are deeply thankful to our Daddy and Mummy G.O., Dr. and Mrs. Olukoya, for this tremendous gift.
“This organ will enrich our worship and empower our choir to minister with excellence.”

The CEO of Babijoh Organ, Mr. Babajide Odedeji Aluduru, described the installations as proof of Nigeria’s growing capacity to produce world-class digital instruments.

“Our goal is to merge musical artistry with digital engineering to create organs that meet international standards.

“These MFM projects demonstrate what local expertise can achieve,” he noted.

The External Communications Manager at Babijoh Organ, Mr. Barnabas Akindele, added: “We envision a future where African-built digital organs are exported across continents. Our work reflects innovation, pride, and the preservation of worship through technology.”

With these installations, Babijoh Organ has continued to strengthen its position as a symbol of homegrown excellence, redefining the sound of worship across Nigeria and beyond.

Dike Onwuamaeze

Leaders of Nigeria’s private sector Environment Sustainability and Governance (ESG) Forum have advocated that Africa should define its sustainability standards within the context of its needs.

This view was expressed yesterday by the Chair of the ESG Forum Technical Committee, Mrs. Odiri Erewa-Meggison, during a press conference to announce the oncoming 2025 Private Sector ESG Forum with the theme “Energy Security and Decarbonisation: Bridging the gap for a sustainable future.”

Erewa-Neggison, who is also the External Affairs Director, BAT West and Central Africa, highlighted the forum’s growing role in driving sustainable business transformation, climate resilience, and corporate responsibility.

Now in its third year, the Forum’s 2025 edition will feature a Masterclass on October 28 and the Main Forum on October 29 and “underscore the urgent need for Africa to collectively design a transition model that reflects its unique realities, one that tackles energy poverty while advancing environmental responsibility and economic inclusion.”

Erewa-Meggison articulated the central dilemma of Africa’s sustainability journey as how to power development without compromising the environment.

She said: “Africa must not merely import global sustainability standards; we must define our own context.

“Our conversation is not just about reducing emissions, it is about expanding opportunity. We must begin to look for solutions that work for us ; solutions that ensure energy fuels factories, lights homes, and sustains livelihoods.”

Erewa-Meggison emphasised that the forum would be a rallying point for action, anchored on collaboration between private sector actors, policymakers, and financiers.

She noted that the transition must be pragmatic in order to ensure equity for communities and industries that still struggle with basic access to power.

“The transition is not only about what we stop doing, but what we build in its place: innovation, local capacity, and inclusive progress,” she said.

Speaking during the press conference, the Head of Risk and Capital Management at Stanbic IBTC Holdings, Ms. Tosin Leye-Odeyemi, offered a candid assessment of the financing landscape for sustainability.

She said: “Transition financing is not a buzzword; it is the backbone of implementation. We must de-risk sustainability investments and build blended finance structures that attract both public and private capital.

“If we want transformation, we must build financial systems that reward responsibility and long-term value creation.”

Leye-Odeyemi stressed that unlocking climate finance would require a clear link between sustainability outcomes and financial returns, urging the private sector to innovate around green bonds, sustainability-linked loans, and capital markets instruments that reflect Africa’s development priorities.

Speaking from agribusiness perspecive, the Head of Corporate Responsibility and Sustainability at TGI Group, Ms. Yosola Onanuga, explored the intersection of food, energy, and climate resilience.

She said: “Food security and energy security are inseparable. By integrating renewable energy into agricultural production and processing, agribusinesses can lower costs, reduce emissions, and build resilience for communities most vulnerable to climate shocks.”

In her Closing Remarks, the Head of ������Ƶ Communication and Sustainability at BAT West and Central Africa, Ms. Halimat Shuaibu, reflected on the broader purpose of the ESG Forum, which is to move Africa from conversation to measurable impact.

“This forum is a collaborative commitment to align profit with purpose, and growth with responsibility,” she said

The 2025 ESG Forum, which is convened by the ESG Forum Technical Committee and supported by partners including, Stanbic IBTC Holdings, BAT Nigeria, Seplat Energy, NBC and TGI Group, will serve as a lighthouse for corporate sustainability in Africa.

Through high-level dialogues, expert masterclasses, and innovation showcases, the forum will help to redefine how African businesses will lead the transition by anchoring the continent’s growth on sustainability, equity, and shared prosperity.

Dike Onwuamaeze

The Manufacturing Association of Nigeria Export Group (MANEG) has re-elected the External Affairs Director at British American Tobacco Nigeria (BATN), Mrs. Odiri Erewa-Meggison, as its chairman at the group’s recent Annual General Meeting at MAN House, Ikeja, Lagos.
Erewa-Neggison’s re-election reflected the continued confidence of MANEG members in her visionary leadership, dedication to inclusive growth, and her steadfast commitment to advancing Nigeria’s export performance on the global stage.

MANEG, is a key export advocacy body within the Manufacturers Association of Nigeria (MAN) that represents the collective interests of Nigerian manufacturers engaged in exports by promoting policies and initiatives that enhance non-oil exports, improve competitiveness, and contribute to sustainable economic growth.

In her acceptance speech, Erewa-Meggison expressed profound gratitude to MANEG members for the renewed mandate and pledged to consolidate on the group’s achievements while championing innovative programmes to position Nigeria’s non-oil exports as a major contributor to sustainable national development.

She said: “It is with great honour and humility that I stand before you today, deeply grateful for the confidence you have once again placed in me.
“Together, we will continue to elevate MANEG, building on the solid foundation established by those who came before us, while driving new initiatives that strengthen our role as a leading voice in Nigeria’s export ecosystem.”

She reiterated MANEG’s vision of driving sustainable development and job creation, and emphasised that non-oil exports remained a critical pathway for generating foreign exchange and creating meaningful employment for Nigeria’s young population.

She also stated that the group would intensify its advocacy for the proper administration of the Export Expansion Grant (EEG) to ensure fairness, transparency, and the clearance of outstanding claims.

She also noted that MANEG would continue its engagement with government stakeholders to shape policies that would enhance the competitiveness of Made-in-Nigeria products and reduce operational costs for exporters.

Furthermore, she highlighted the need to strengthen cross-border trade relationships to facilitate smoother trade flows and improve access to regional and international markets.

Erewa-Neggison explained that MANEG would also assist its members in understanding and navigating opportunities within the African Continental Free Trade Area (AfCFTA), by identifying growth prospects, addressing challenges, and ensuring that Nigerian exporters are well-positioned to benefit from the continental trade framework.

Her re-election marked another milestone in MANEG’s journey to champion Nigeria’s non-oil exports and ensure that the manufacturing sector remained globally competitive.

Under her leadership, MANEG has strengthened its advocacy on export incentives, improved visibility for Nigerian exporters, and elevated the voice of manufacturers in policy discussions both nationally and across Africa.

Present at the occasion were the Minister of Industry, Trade and Investment, Dr. Olajumoke Omoniyi Oduwole, who was represented by a Director in the Federal Ministry of Industry, Trade and Investment, Ms. Hajara Usman, a Director in the Ministry; Minister of State for Finance who was represented by Musa Umar, a Deputy Director in the Ministry, Mr. Muda Umar; the Director General of MAN, Mr. Segun Ajayi-Kadir,; Professor Emmanuel Olawale Ogunkola of the Department of Economics, University of Ibadan, who was the special guest speaker as well as the Executive Director/CEO of the Nigerian Export Promotion Council (NEPC), among several other distinguished guests.

In his remarks, Ajayi-Kadir described the export promotion group as a vital catalyst for Nigeria’s industrial growth, job creation, and foreign exchange stability.

He noted that export-led industrialisation remains pivotal to achieving sustainable development, as it promotes value addition, enhances local production capacity, and boosts competitiveness in global markets.

He further emphasised that with the right policy environment including stable power supply, improved access to finance, and efficient logistics infrastructure, Nigeria’s manufacturing exporters can serve as a strong engine for inclusive economic growth and large-scale employment generation.

Dike Onwuamaeze

In an age where data is redefining how industries operate, Olamiji Osifeso,

The Founder and Chief Executive Officer of City Rebels Predictions (CRSPredictions), Mr. Olamiji Osifeso, is pioneering a new frontier where analytics, ethics, and education converge to shape how fans engage with the game.

Osifeso , who founded CRSPredictions 2022, applies mathematical models and data-driven logic to sports forecasting, which are shifting focus from emotion and luck to precision and understanding.

He said: “Our mission at CRSPredictions is to make data the centre of sports understanding.

“Sports should not be driven by luck or emotion alone. We want fans to see the numbers, understand the trends, and think with evidence.”

Osifeso said that he is applying his background in Computer and Mathematical Sciences with his passion for sports, which is the backbone of CRSPredictions.

According to him, the CRSPred8ctions’ platform that went live in 2023 offers Nigerian sports community a rare concept of sports analysis that is grounded in data and not gambling.

He said: “The platform produces match breakdowns, trend analytics, and predictive models powered by algorithms and statistics, offering fans a responsible and intelligent way to follow sports.

“We’re changing the perception. We do not push gambling; we promote understanding. Sports is a global business, and data is its language. We’re helping Nigerians learn that language.”

He also said that CRSPredictions has attracted a loyal community of users who value logic and learning over guesswork through its accessible dashboards, trend maps and virtual analytics.

Osifeso said: “Integrity is our biggest differentiator. It is easy to chase numbers, but difficult to build trust. We chose the harder path — accuracy, honesty, and responsible engagement.”

This has earned CRSPredictions a growing reputation as one of Nigeria’s few platforms advocating responsible participation and data literacy in sports predictions.

Despite limited resources, Osifeso has relied on innovation and improvisation to build CRSPredictions.

“From leveraging open-source data frameworks to developing proprietary probability models, every step has been guided by creativity rather than capital.

“We are not waiting for investors to define our growth. “We are building our tools, one feature at a time,” he said.

Osifeso is planning to expand CRSPredictions into mobile applications, AI-powered forecasting tools, and partnerships with sports data and media companies across the continent.

His long-term goal extends beyond entertainment to making data literacy part of Africa’s sports culture.

“Sports is universal,” he said. “But Africa has a unique opportunity to redefine how sports data is used — not just for fun, but for education and opportunity.”

“I am not in a hurry to build noise. I am building something that will last: one prediction, one data set, one educated fan at a time.”

“CRSPredictions is not just forecasting games; it is forecasting a smarter, data-driven future for African sports,” Osifeso said.

Dike Onwuamaeze

The Chief Executive Officer of CRSPredictions, Mr. Osifeso Olamiji Itunu, has harped on the need to use data-driven storytelling to transform Nigerian sports reporting ana analysis.

Olamiji said that data-driven storytelling has the capacity to deliver exclusive insights on games and maximise the economic potential of digital sports platforms through ads, subscriptions, and partnerships.

He added that it would meet the needs of betting companies who, for better or worse, crave accurate predictive models, and broadcasters who could enrich live coverage with interactive dashboards.

According to him, youth with coding or mathematics backgrounds can turn a hobby into a career that blends creativity with technical chops, if we provide training and infrastructure.

Olamiji said: “To get there, three things must happen. First, universities and polytechnics should integrate sports analytics into computer science and statistics curricula, giving students real-world projects on local leagues.

“Second, media houses need to invest in upskilling their reporters. Sending a correspondent to cover a match is good; enabling them to run a Python script that reveals advanced metrics is better.

“Third, leagues and clubs must release richer data tracking passes, distances, and speeds; so that analysts are not forced to rely solely on overseas feeds.”

He remarked that sports have always been about emotion: the roar of the crowd, the agony of defeat, the unifying national moment but stated that emotion and evidence are not enemies.

“Data can amplify drama by explaining it. When we pair mathematical rigor with vivid storytelling, we give fans a deeper, more satisfying connection to the games they love.

“For Nigeria, where sports is a cultural heartbeat and a growing industry, embracing data-driven analysis isn’t a luxury.

“It is the next evolution of how we celebrate our athletes, engage our youth, and participate in a global sports economy.

“The future belongs to those who can make numbers sing and tell the stories hidden inside them,” he said.

Olamiji said that when he choose to study Computer and Mathematical Science, he “imagined a future filled with algorithms, code, and complex models; but I never pictured football matches and NBA box scores as my laboratory.

“Yet today, as a sports analyst and website owner, I find myself at the intersection of sport and science, convinced that data is no longer a sideshow in sports journalism. It is the story itself.

“The sports world already generates a torrent of numbers: passes completed, expected goals, sprint speed, defensive pressures, win probability.

“Globally, elite clubs and franchises rely on these metrics to scout talent, set tactics, and prevent injuries.

“Fans in Europe and North America are accustomed to heat maps, possession networks, and predictive charts woven seamlessly into TV broadcasts and articles.

“In Nigeria, however, much of our reporting still relies on anecdote and gut feel. We celebrate the highlight reel without interrogating the patterns behind it.”

He explained that he started sports analysis in 2022, born of a lifelong love for athletics and a professional comfort with data.

“By 2023, I had built a website to share my breakdowns; player efficiency ratings, match-by-match trends, and predictive models of league outcomes.

“Quickly, I noticed a paradox: Nigerian fans are passionate and eager for insight, but the available analysis is thin.

“Most sites recap events; few reveal why a match unfolded the way it did,” Olamiji said.
He, however, noted that numbers alone do not win hearts and stressed that “what matters is data-driven storytelling: turning a matrix of figures into a narrative a casual fan can grasp.
“For example, a simple “possession 65–35” stat means little until you show that the underdog team deliberately surrendered possession to exploit counterattacks and that their fullbacks covered an extra 1.5 kilometres each to make it work. Data gives you the pieces, but a compelling story connects them.
“This approach requires a unique skill set. A sports data analyst must be part statistician, part journalist, part software engineer.

“They need to scrape and clean messy datasets, build visualisations that pop on a smartphone, and write with flair so readers stay hooked.
“In Nigeria, we are barely scratching the surface of this opportunity,” Olamiji said.

Dike Onwuamaeze

Deborah’s Impact Projects Africa (DIPA) has reaffirmed its leadership in advancing menstrual health equity in Nigeria with the successful implementation of its Pad-A-Girl Drive.

This initiative has empowered over 1,000 adolescent girls across Lagos through the donation of free sanitary pads and menstrual hygiene education.
The Pad-A-Girl Drive, which was held at Gbara Community Senior High School, Jakande, Eti-Osa and Onike Junior High School, Iwaya, Yaba, in Lagos state, provided menstrual hygiene products, education and confidence-building sessions to young girls who are often forced to miss school due to lack of access to sanitary pads.

Recognising this pressing issue, DIPA launched the Pad-A-Girl Drive to eradicate this trend and ensure that no girl is forced to choose between her dignity and her education.

Speaking at the outreach, Programs Director of DIPA, Diezani Ototo-Onuorah, emphasised the organisation’s unwavering commitment to transforming the lives of women and girls across Africa:
Ototo-Onuorah said: “As an organisation, we have seen first-hand how something as natural as menstruation can become a barrier that derails a girl’s destiny.
“That is why DIPA is fully taking responsibility, not just partnering, not just supporting, but leading this movement for menstrual dignity across communities.

“Pad-A-Girl is one expression of our dedication to give every girl the freedom, knowledge, and confidence to show up and succeed in class, in society and in God’s purpose for her life. We refuse to allow poverty to silence dreams or push girls into isolation.”

The programs director added that the “outreach is only the beginning.
“We are scaling, we are returning and we are expanding, because our girls deserve consistency, not occasional interventions.
“The future of Africa is tied to the opportunities we give our girls right now, and DIPA is determined to keep opening those doors.”

The outreach at both schools featured sessions on menstrual hygiene, puberty awareness and confidence building soeeches, designed to equip girls with the right knowledge to manage their periods safely and with dignity.

Volunteers from DIPA also led interactive discussions to dispel myths surrounding menstruation and promote positive self-esteem.

The Principal of Gbara Community Senior High School, Mrs. Oyewole Abosede, expressed heartfelt gratitude for the initiative.
Abosede said: “This initiative has restored dignity to many of our girls who have struggled quietly for months and years.

“By placing sanitary pads in their hands and knowledge in their hearts, you have empowered them to walk tall every day of the month.”
Similarly, the Principal of Onike Junior High School, Dr. Patience Yetunde Akingbade, and the Vice Principal, Mrs. Alabi Oyenike, commended DIPA for its timely and impactful intervention.

Akingbade said:

“Many of our students come from families that find it difficult to afford basic hygiene items.

“What DIPA has done today goes beyond distributing pads; it has restored confidence, dignity, and focus to our girls.
“You have touched lives in a way that words cannot fully express.”

The Pad-A-Girl Drive is an integral part of DIPA’s broader mission, inspired by its journeys across Africa during the Mantle of Deborah Conferences.
Through these experiences, the founders witnessed firsthand the daily challenges faced by women and girls, from limited access to hygiene essentials and healthcare to economic exclusion and societal stigma.

Building on this vision, DIPA Kenya also held its own Pad-A-Girl Drive just a week ago, extending the movement’s impact across borders.
Since its inception, DIPA has impacted over 10,000 women and girls across Nigeria, Ghana, Kenya, Uganda, Botswana and South Africa through initiatives that empower them spiritually, socially, and economically.

These include The Joseph’s Project (food security), Financial Literacy Programme (economic empowerment), and the School Adoption Programme (improved learning environments).

The organisation’s goal is to elevate the status of African women and girls, from merely surviving to flourishing, blooming and thriving.
The Pad-A-Girl Drive will continue across Lagos and expand into more underserved African communities, to ensure that girls remain confident, educated and enabled to pursue their dreams with dignity and hope.

*Announces bold business model reset to serve customers better

Dike Onwuamaeze

Retail Supermarkets Nigeria Limited (RSNL), the operator of the Shoprite franchise in Nigeria, has clarified that Shoprite is not exiting the country but is instead undertaking a comprehensive business model reset to align with Nigeria’s economic realities.

The RSN explained that the former business model that was inherited after the company’s acquisition, relied heavily on large store formats, imports, and high overheads.

But this model, according to the company, is no longer viable in the face of Nigeria’s current economic climate, which included exchange rate volatility, rising inflation, and constrained liquidity.

It, therefore, said that the company is undergoing a turnaround programme that includes a business model reset, which is designed to stabilise operations and reposition the business for long-term growth.

The RSN said that with the support of new investors, Shoprite is building the foundation for a stronger, more resilient business.

This reset, according to the company, is built on several key pillars such as local supply chains that endures that over 80 per cent of products will now be sourced in Nigeria.

Other pillars include smaller but more efficient formats that serve both everyday shoppers and bulk buyers; affordability at the core through private labels and value pricing; smarter liquidity management through supplier guarantees, phased payments, and stock clearance; and efficiency improvements, including energy optimisation and cost-saving measures across its stores.

The Chief Strategy Officer at RSN, Ms. Bunmi Cynthia Adeleye, said: “Yes, it has been a tough period, but this is not a collapse; it is a reset.

“The old model did not work for Nigeria. With new investors behind us, we are rebuilding Shoprite to be more local, culturally relevant, more affordable, and more resilient.

“We are coming back bigger and stronger to serve Nigerian customers better than ever before.”

Adeleye said that Shoprite remained committed to Nigeria and to the millions of customers and suppliers who have stood by the company.

She assured that the company would continue to be part of Nigeria’s retail story, not as an exit, but as a turnaround built on resilience, investment, and partnership.

The RSN also announced that the company has secured fresh investment to strengthen its operations and reposition for sustainable growth.

This new investment underscored confidence in Shoprite Nigeria’s future and provides the capital base to accelerate the company’s strategy of building a truly Nigerian retail model.

“Investor confidence in Shoprite Nigeria is a clear signal of strength in our brand and belief in our future. With fresh backing, we are paying down supplier obligations, rebuilding trust, and creating a more affordable, more resilient retail business. We are coming back stronger to serve Nigerian customers better than ever before,” it said.

•Subair urges taxpayers to register with authorities, obtain ID, file annual returns

Dike Onwuamaeze

As the January 1, 2026, effective date for the implementation of a new tax regime in Nigeria, some leaders of the organised private sector (OPS) have expressed concerns that the new tax laws might not be able to end multiple taxations and could have significant implications for Nigeria’s investment climate. 

These tax laws are the Nigeria Tax Act, the Nigeria Tax Administration Act, the Nigeria Revenue Service Act, and the Joint Revenue Board Act.

Their concerns also included fears that the new tax regime could place an undue burden on businesses.

They also expressed concern about sharp increase in corporate Capital Gains Tax (CGT) rate and the burden of compliance on businesses.

These concerns were expressed yesterday in Lagos, by the President of Chartered Institute of Directors Nigeria (CIoD), Mr. Adetunji A. Oyebanji, and the President of Nigeria British Chamber of Commerce (NBCC) Mr. Abimbola Olashore, at the “LCCI Organised Private Sector Stakeholders’ Forum on Emerging Tax Matters” with the theme: “A New Tax Regime: Fostering Collaboration for Economic Growth.”

Oyebanji, said the four landmark tax reform bills signed into law in June 2025 are ambitious in their scope and laudable in their intent by aiming to simplify tax administration, enhance compliance, and broaden the tax base. 

He, however, said the CIoD Nigeria has a duty to articulate the concerns of its members, “and our message today is one of partnership, not opposition.” 

He added: “While the new laws rightly aim to increase revenue, some provisions, if not carefully managed, could place an undue burden on businesses already grappling with high operational costs, a volatile currency, and macroeconomic headwinds.

“First, while we applaud the consolidation of some levies into a new development levy, there is a lingering uncertainty that the new regime may not fully eliminate the problem of multiple taxation at the state and local government levels.

“Secondly, the sharp increase in the corporate CGT rate from 10 per cent to 30 per cent is a significant concern.

“At a time when companies are struggling with high cost and fragile margins, such a steep hike risks slowing growth and reducing the tax base over the medium term. 

“Thirdly, we must shine a spotlight on the burden of compliance. While the new laws rightly aim for a more digital and streamlined tax administration, many businesses particularly SMEs may struggle to cope with the new reporting requirements and the cost of digital infrastructure.

“Without adequate support, this could drive more firms into informality, undermining the very objective of broadening the tax net. 

“Fourthly, many are concerned about the transparency and accountability in the utilisation of tax revenues.”

Speaking in the vein, Olashore said members of NBCC are clear that what they want to see going forward is a tax regime that widens the net to bring more participants into the system, but not one that would pile additional burdens on already compliant businesses. 

He said: “We recently reached out to our members to hear directly from them on their experience with the current tax reforms.

“Their feedback provides us with an authentic snapshot of the realities faced by the private sector.

“First is clarity and communication, as many businesses, especially SMEs, find the provisions of the reforms rather vague.

“For example, the turnover threshold for small companies for income tax purposes under the Nigeria Tax Act is N50 million. However, a common misconception is that the threshold is N100 million but the N100,000,000 threshold for ‘small businesses’ as defined by the Nigeria Tax Administration Act only applies for VAT purposes. 

“Second is the impact on investment and cross-border transactions. As a bilateral chamber, this is of particular concern to us.

“Investors, whether Nigerians or foreigners, seek predictability but the treatment of chargeable gains on indirect transfer of shares have generated mixed interpretations.

“Similarly, the removal of the foreign loan interest exemption is expected to have significant implications for Nigeria’s investment climate” by increasing the cost of borrowing and eliminating the incentives that once favoured longer-term financing.”

Olashore pointed out that multiple taxation has remained a persistent pain point. “For instance, in the logistics sector, businesses often report being stopped multiple times by different revenue agencies on the same delivery route, each demanding levies.”

He also identified transition period challenges and compliance costs among the concerns expressed by members of the NBCC.

“Although the government had promised a six-month lead time, the gazetted versions of the laws were only released in September, with implementation still set for January 1, 2026. This is not enough time for small businesses to align their accounting systems or understand their obligations,” he said, adding that “many persons do not yet fully understand the new laws, what will change, or how they will be affected

In his opening speech, the President of the LCCI, Mr. Gabriel Idahosa, said Nigeria stands at an inflection point where resilient private enterprise, smart policy, and adequate revenue mobilisation must converge to sustain growth. 

Idahosa said: “The 2025 Act, with its sweeping provisions on digital taxation, unified filing systems, and incentives for green and export-oriented industries, offers a bold opportunity. 

“Yet bold legislation alone is not enough; effective and collaborative implementation will determine whether we unlock the inclusive prosperity we all seek.”

According to him, “we must interrogate how the new Act will operate, ensuring its laudable objectives translate into predictable, transparent, and business-friendly outcomes.

“Key questions demand our attention: How can the newly introduced Investment and Export Incentive Schemes under the Act be administered transparently to spur industrialisation rather than create avenues for abuse?

“And how do we institutionalise efficient dispute-resolution processes via the Tax Appeal Tribunal, so that tax disagreements do not cripple enterprise?”

 In his keynote speech, the Executive Chairman of the Lagos Internal Revenue Service (LIRS), Dr. Ayodele Subair, said the recent signing of comprehensive tax reform laws by President Bola Ahmed Tinubu, marked a watershed moment in Nigeria’s fiscal policy evolution that addressed longstanding structural challenges in Nigeria’s tax system, and present both opportunities and implementation considerations for both the tax authority and businesses operating in Lagos State.

Subair clarified that all individuals liable for tax must register with tax authorities and obtain a Tax ID and must file annual tax returns, “including all sources of income, not just salary such as side business, rentals, investment, digital income.”

He also stated that the Personal Income Tax (PIT) for individuals earning N800,000 or less was zero; but the rate increases by 15 percent, 18 percent, 21 percent, 23 percent and 25 per cent for those whose incomes are above N50 million.

“The effective tax rate for the lower band is set at 11 per cent while the rate for higher income earners is set at 25 per cent.

“Income from virtual or digital assets, non-traditional sources (e.g. prizes, honoraria, grants) are now taxable.

“Fees and commissions earned abroad by resident individuals are also taxable,” he added.

He also clarified that all companies must obtain/register and maintain a valid Tax ID, which must be included in all correspondence to the relevant tax authorities. 

 This, according to him, includes tax ID of all employees on all monthly and annual returns filed as well as tax ID of its contractors and suppliers on all withholding tax (WHT) schedules and documents.     

Dike Onwuamaeze

The Centre for the Promotion of Private Enterprise CPPE has described the continued deceleration of inflationary rate as a suggestion that Nigeria is gradually regaining macroeconomic stability.

This was stated by the Chief Executive Officer of CPPE Dr. Muda Yusuf, in the CPPE’s policy brief on August inflation titled “Nigeria’s Inflation Shows Continued Deceleration in August 2025.”

Yusuf said: “Nigeria’s headline inflation continued its downward trajectory for the fifth consecutive month in 2025, signalling a steady return to price stability.

“The inflation rate eased to 20.12 per cent, down from 21.88 per cent in July — a notable 1.76 percentage point decline.

“This sustained moderation suggests that Nigeria is gradually regaining macroeconomic stability.”

He pointed out that month-on-month inflation also slowed sharply, with prices rising by just 0.74 per cent in August compared with 1.99 per cent in July — one of the lowest sequential increases in over a year.

He identified food and alcoholic beverages, restaurants and accommodation services, transport and energy costs as the main contributors to inflation in August.

However, food inflation moderated to 21.87 per cent from 22.74 per cent in July, while core inflation (excluding food and energy) declined to 20.33 per cent from 21.33 per cent, indicating broad-based easing in price pressures.

Yusuf, however, noted that consumer confidence has remained fragile due to persistently high food prices and weak purchasing power.

He said: “Encouragingly, consumer pessimism is gradually easing, suggesting that households are beginning to adjust expectations as inflation slows.”

According to him, several factors were responsible for l the continued deceleration in inflation.

They include base effects from the unusually high inflation rates recorded in 2024; stabilization of the foreign exchange market, which has reduced imported inflation and improved business confidence and improved agricultural production from sub-national government interventions, helping boost food supply and contain price spikes.

 He, therefore, advised government to consolidate and build on these gains a coherent mix of fiscal, monetary, and structural reforms.

Yusuf told government to “continue stabilising the exchange rate and deepen fiscal consolidation to curb deficits and manage public debt prudently,” and to “collaborate with state governments to remove productivity constraints.”

He recommended investment in infrastructure, logistics and security to improve output and reduce costs. According to him, government should moderate money supply growth through tighter monetary-fiscal coordination, and align fiscal, tax, and trade policies to reduce production and operating costs across sectors