Economy/Business

Economy/Business

E-hailing drivers’ association decry double VAT deductions on inDrive members

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A Nigerian e-hailing drivers’ union is protesting a sudden, opaque policy from inDrive that imposes a double VAT charge, increasing drivers’ total deductions from 9.99% to 12.5% per ride. This unilateral change highlights a critical lack of transparency and driver inclusion in platform-governance decisions, as policies are enacted without communication or negotiation. The incident underscores a systemic vulnerability for gig workers, where platform algorithms can enforce financial burdens with no recourse, effectively holding their livelihoods hostage.

Economy/Business

NCS begins safe passage scheme for personal vehicles

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The Nigeria Customs Service has launched a new framework to grant temporary safe passage for the personal vehicles of international travelers, streamlining cross-border movement for tourism, diplomacy, and business. This initiative, backed by national law and key international conventions, allows for a 90-day admission (with a possible 30-day extension) upon presentation of valid documents, while prohibiting commercial use or sale of the vehicles. The policy strengthens Nigeria’s trade facilitation and regional integration commitments, balancing ease of travel with regulatory compliance and security through

Economy/Business

Apapa customs generates N2.93trn in 2025

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The Apapa Customs Command achieved a record N2.93 trillion in 2025 revenue, a 24.32% year-over-year increase, driven by strategic leadership, stakeholder compliance, and the deployment of modern trade tools like the Unified Customs Management System. Beyond revenue, the command demonstrated robust enforcement by intercepting 53 containers of illicit drugs and prohibited goods valued at N12.63 billion. Key operational successes are attributed to enhanced transparency, stakeholder engagement programs, and the planned introduction of advanced non

Economy/Business

Stocks add N409bn as bullish run continues

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The Nigerian stock market sustained its bullish run, adding N409 billion in value as renewed investor confidence drove significant gains in key stocks like Seplat and Okomu Oil. Despite the overall market capitalization rising to N102.684 trillion, underlying weakness was evident as declining stocks (38) outnumbered gainers (35), signaling selective, sector-specific optimism rather than broad market health. The surge was characterized by high-volume trading in specific equities, with Universal Insurance dominating volume and Seplat leading by value, indicating

Economy/Business

Maritime industry blooming after decades of neglect— Oyetola

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Nigeria’s maritime sector is undergoing a significant transformation, moving from decades of underperformance to becoming a key driver of economic growth and diversification. This resurgence is attributed to decisive government reforms that have tackled critical bottlenecks, most notably resolving the long-standing Apapa port gridlock to drastically improve efficiency and restore investor confidence. Strategic achievements include Nigeria’s reinstatement to the International Maritime Organisation Council and securing approval for its first major port modernization program in over 50 years. These coordinated efforts have repositioned the sector as

Economy/Business

CARE urges progressive taxation to protect low-income Nigerians

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A Nigerian advocacy group is calling for a fundamentally progressive tax reform that shifts the burden onto the wealthy and large corporations, particularly in the electricity sector, while shielding low-income earners. They argue that current proposals fail to address systemic inequities, as power companies enjoy significant VAT exemptions and long tax holidays, whereas consumers bear the tax burden. For any reform to be legitimate, generated revenues must be transparently deployed to deliver tangible public benefits like jobs and infrastructure, not sustain elite privileges. Ultimately, the critique

Economy/Business

Morocco to ban frozen sardine exports from February

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Morocco, the world’s leading sardine exporter, will implement a ban on frozen sardine exports starting February 1, 2026, to address a severe domestic supply crisis and stabilize prices. This drastic measure follows a 46% collapse in sardine landings in 2024, driven by illegal fishing and dwindling stocks, which account for 80% of the nation’s coastal fish resources. The ban underscores a critical prioritization of food security for Moroccan households over export revenue, directly

Economy/Business

Universal Insurance targets digital expansion, growth in 2026

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Universal Insurance Plc is executing a bold 2026 strategy centered on digital transformation, product expansion, and strategic partnerships to drive growth and enhance customer experience. The company’s leadership emphasizes that this agenda is built upon a proven foundation of operational integrity, professionalism, and prompt claims settlement. A critical parallel focus is ensuring successful recapitalization to solidify its market position and fuel expansion. Ultimately, Universal Insurance aims to leverage innovation and customer-centricity to become a more dominant and trusted protector of client interests in the

Economy/Business

Nigeria’s economy stabilising, needs sustained reforms — economist 

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Nigeria’s economy is stabilizing with improved inflation and exchange-rate management, yet this fragile progress masks deep structural vulnerabilities in infrastructure, energy, and security that prevent growth from benefiting the broader population. To unlock its potential, the nation must pivot from macroeconomic fixes to targeted reforms in digital innovation, agro-industry, and regional trade, supported by sustained fiscal discipline and private investment. While projected 2026 GDP growth could reach 5-6%, it risks falling to 2-3% if reforms weaken

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