The Nigeria Revenue Service (NRS) has launched a new digital tax administration platform, Rev360, as part of efforts to identify tax evaders. It is also to enable it to strengthen compliance and modernise revenue collection across the country. Speaking at the unveiling in Abuja on Wednesday, the Executive Chairman of the NRS, Zacch Adedeji, described …
The Federal Government said it welcomed the International Monetary Fund’s (IMF) latest assessment of Nigeria’s economy. In a statement on Tuesday, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the assessment validates the economic reforms introduced under President Bola Tinubu and confirms that Nigeria is on a stronger path to …
Seplat Energy Plc has named businessman and investor Tony Elumelu as its next chairman in a major leadership transition. The indigenous energy company announced this in a statement on Tuesday as it positions fitself or its next phase of growth. In the statement signed by the company's Director, Legal/Company Secretary, Edith Onwuchekwa, Seplat said the …
African startups attracted $1.4 billion in venture capital funding in the first quarter of 2026 despite a sharp decline in deal activity. The surge came despite investors concentrating their bets on a smaller number of established companies, according to a new report by the African Private Capital Association (AVCA) released on Tuesday. The report, Venture Capital …
Nigeria's next growth phase will be driven by states and private capital rather than federal spending alone, Minister of Finance and Coordinating Minister of the Economy Taiwo Oyedele said as he outlined the government's strategy to attract investment, deepen fiscal reforms and unlock projects across the country. Speaking at the Invest Lagos 3.0 Governor's Investment …
Nigeria recorded a sharp improvement in its foreign trade position in the first quarter of 2026 as exports increased and imports fell significantly. This helped it to post a 341 per cent merchandise trade surplus of ₦7.55 trillion, according to the report by the National Bureau of Statistics (NBS). In its Foreign Trade in Goods Statistics …
Nigeria's money market is witnessing one of its strongest waves of investor demand in recent years as the Central Bank of Nigeria's (CBN) aggressive Open Market Operations (OMO) strategy continues to attract both foreign and domestic capital, reinforcing the naira while tightening its grip on liquidity conditions. According to Cordros Securities' Weekly Economic and Market Update: …
The Nigeria Data Protection Commission (NDPC) has announced the launch of a two-year data protection initiative supported by Meta Platforms. The initiative follows the resolution of regulatory proceedings over the company's data processing practices in Nigeria, according to the commission in a statement on Monday, June 8. The NDPC said the scheme, known as the …
Nigeria's biggest lenders—First HoldCo, United Bank for Africa (UBA), Guaranty Trust Holding Company (GTCO), Access Holdings, and Zenith Bank, collectively known as FUGAZ—significantly expanded credit to the manufacturing sector between 2021 and 2025, making it one of the most important destinations for bank lending outside the oil and gas industry. However, a closer look at …
The Centre for the Promotion of Private Enterprise (CPPE) has called on the House of Representatives to reject the Sugar-Sweetened Beverage (SSB) Tax Bill recently passed by the Senate. The group said the proposed legislation could hurt manufacturing, discourage investment, and put jobs at risk. The call comes as pressure mounts on the lower chamber …
