Economy/Business

Economy/Business

New Tax Act set to plug revenue leakages in oil, gas sector — expert

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Nigeria’s new Tax Act 2025 represents a landmark fiscal reform, consolidating fragmented laws into a unified code to curb revenue leakages and boost investor confidence through a streamlined tax structure. A key innovation is the 15% Minimum Effective Tax Rate, aligning with global standards to guarantee a minimum contribution from multinational oil companies and prevent tax avoidance. The reform also simplifies the fiscal burden by replacing multiple levies with a single 4% Development Levy, while strategically introducing energy transition surcharges. Ultimately

Economy/Business

Mbaise Policy Roundtable inaugurates e-commerce platform, ekeohaonline.com

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The Mbaise Policy Roundtable has launched **ekeohaonline.com**, a strategic e-commerce platform designed to directly link local farmers with broader markets, thereby enhancing food security and economic growth. This initiative uniquely positions digital commerce as a catalyst for agricultural efficiency and data-driven farming strategies, addressing both malnutrition and underdevelopment. By focusing on cluster farming and nutritious food access, the platform aims to create a healthier, more productive society. The project represents a holistic development model that integrates technology, agriculture, and community

Economy/Business

Weekly Review: Transactions on NGX up 110.6%

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The Nigerian Exchange (NGX) experienced explosive growth this week, with transaction value surging 110.6% to N134.5 billion despite one fewer trading day, signaling a powerful influx of investor capital. This rally was overwhelmingly driven by the Financial Services sector, which accounted for over 76% of total volume, with three key equities—Cornerstone Insurance, Cham Holding, and Access Holdings—dominating nearly 68% of all trades. The market’s bullish momentum is further evidenced

Economy/Business

Durojaiye takes helm as new MD of Sovereign Trust Insurance

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Sovereign Trust Insurance has appointed Dr. Lucas Durojaiye as its new Managing Director, following the retirement of Mr. Olaotan Soyinka after a decade of leadership. Durojaiye’s extensive internal experience, particularly in driving regional and public sector operations, positions him to sustain the company’s growth and stability. His diverse professional credentials in insurance, credit, and risk management underscore a strategic, compliance-focused approach to leadership. The board’s endorsement signals a confident transition aimed at

Economy/Business

NSE lauds Tinubu's choice of Saidu Mohammed for NMDPRA top job

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President Tinubu’s appointment of Saidu Mohammed to lead the NMDPRA is a strategic decision that prioritizes deep technical expertise and a proven track record over political considerations. Mohammed’s nearly four-decade career, including transformative leadership in critical national energy roles and international representation, provides a comprehensive, 360-degree understanding of the petroleum value chain. This move signals a commitment to professional excellence and is positioned to effectively navigate the complexities of the Petroleum Industry Act for industry growth. The engineering community endorses this as

Economy/Business

Stock market opens year with N561bn gain

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The Nigerian stock market opened 2025 with robust bullish momentum, delivering a N561 billion gain driven by broad-based buying interest across 53 advancing stocks. Key performers like FTN Cocoa Processors and ABC Transport led the surge with 10% gains, highlighting strong investor confidence in specific equities despite a mixed volume and value turnover. This positive market breadth, with gainers significantly outpacing losers, signals a strong start to the year’s trading, though the decline in overall trade value suggests a selective

Economy/Business

41 ships laden with petroleum products, food items, to arrive ports

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A significant influx of 41 ships carrying essential goods, including petroleum products and food items, is scheduled to arrive at Lagos ports within a four-day window, indicating a substantial near-term boost to supply. This concentrated delivery, managed across three major ports, highlights strategic logistics planning to address critical domestic needs. The composition of cargo, ranging from aviation fuel to bulk soya beans, reflects a targeted import strategy for both energy security and food staples. This operational snapshot provides a tangible indicator of short-term economic activity

Economy/Business

Xraying Nigeria’s auto reforms, NADDC's blueprint for a sustainable sector

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Nigeria’s automotive sector, once a regional leader, now faces critical pressure to modernize amidst the global shift to cleaner mobility. To address systemic issues like policy instability, a flood of used imports, and environmental hazards from abandoned vehicles, the NADDC is implementing a dual reform strategy. This includes a pioneering End-of-Life Vehicle policy to create a formal recycling economy and stringent pre-export testing for used imports starting in 2026. The core objective is to transition from a dumping ground for obsolete vehicles

Economy/Business

Risk association seeks compliance with tax laws

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A leading risk management association advocates for unified public support of Nigeria’s new tax laws, framing them as essential for national development and modeled on systems used by developed economies. The core opposition is identified as a small elite fearing inclusion in an expanded tax net, while the policy itself is designed to shift the burden away from the poor. With only an estimated 5% of the population currently paying taxes, achieving broad compliance is critical for sustainable growth and reducing insecurity. The call is for pragmatic implementation, urging citizens

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