Category: Economy & Business

  • Nigerian Government Unveils Sweeping Fiscal Reforms to Stimulate Small Businesses

    Nigerian Government Unveils Sweeping Fiscal Reforms to Stimulate Small Businesses

    The Federal Government has introduced a new package of tax incentives and fiscal waivers designed to ease the burden on Small and Medium Enterprises (SMEs), especially businesses with annual turnover below N50 million.

    The policy, approved at the Federal Executive Council meeting, includes a two-year tax holiday for tech startups and agribusinesses, along with simplified filing to curb multiple taxation and encourage informal businesses to adopt formal channels.

    Officials also disclosed a low-interest credit facility to be managed by the Bank of Industry, positioning the reforms as a jobs-and-production strategy for a manufacturing chain strained by high operating costs.

    Echotitbits take: These reforms are a direct response to rising inflation and the high cost of doing business. While the tax holiday is welcome, success will hinge on eliminating the ‘hidden taxes’ of weak infrastructure and logistics bottlenecks. Watch for implementation guidelines from FIRS in the coming weeks.
    Source: Kuda  – https://kuda.com/blog/nigeria-2026-tax-reform-what-it-means-for-your-money-and-business/ 2026-01-27

    Photo Credit: Kuda

  • AfDB Approves €25m Trade Finance Guarantee for Cameroon’s CCA-Bank to Boost SME Lending

    AfDB Approves €25m Trade Finance Guarantee for Cameroon’s CCA-Bank to Boost SME Lending

    ABIDJAN/YAOUNDÉ, December 2, 2025 — The African Development Bank Group has approved a €25 million trade finance facility for Cameroon’s Crédit Communautaire d’Afrique-Bank (CCA-Bank), aimed at expanding support to small and medium-sized enterprises (SMEs) and other businesses across key sectors of the economy.

    The facility, cleared by the Bank’s Board of Directors at a session held on 1 December in Abidjan, will be deployed as a Transaction Guarantee, a risk-sharing instrument that provides cover to eligible African banks for their trade finance operations.

    According to Lamin Drammeh, Head of the Bank Group’s Trade Finance Division, the guarantee will help unlock critical imports needed for Cameroon’s productive sectors.

    “The facility will support Cameroon’s economy by facilitating imports of equipment for the industrial, agro-industrial and telecommunications sectors. It will also enable the African Development Bank to provide up to a 100 percent guarantee to confirming banks, to facilitate the confirmation of letters of credit and other similar trade finance instruments issued by CCA-Bank for the benefit of SMEs in Cameroon,” Drammeh explained.

    Léandre Bassolé, Director General for the Bank’s Central Africa region, noted that the operation aligns with AfDB’s drive to deepen direct interventions in support of the private sector in Cameroon.

    “It will strengthen CCA-Bank’s capacity to support the activities of SMEs, including those owned by women and young people, to boost the local productive sector, facilitate economic growth, and create and maintain thousands of jobs,” he said.

    Welcoming what she described as a strategic milestone, CCA-Bank’s Managing Director, Marguerite Fonkwen Atanga, said the partnership would significantly enhance the bank’s ability to serve smaller businesses and emerging entrepreneurs.

    “We would like to express our gratitude to the African Development Bank Group for this important trade finance facility. This strategic partnership marks a major milestone for our institution and will significantly strengthen our capacity to support small and medium-sized enterprises, women entrepreneurs and start-ups in Cameroon and Africa,” she stated.

    Background: AfDB’s Transaction Guarantee

    The Transaction Guarantee is a trade finance instrument introduced by the African Development Bank in 2021 to support commercial banks operating in Africa. It covers a range of trade-related instruments, including confirmed letters of credit, commercial loans, irrevocable repayment undertakings, endorsed drafts and promissory notes, among others.

    The facility is available to banks registered and operating in Africa that have successfully passed the Bank’s due diligence process, helping them reduce perceived risk from international confirming banks and expand access to trade finance for their clients.

    About the African Development Bank Group

    The African Development Bank Group is Africa’s leading development finance institution, comprising the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). With representation in 41 African countries and a field office in Japan, the Bank supports economic development and social progress across its 54 regional member states.

    Source Credit:

    African Development Bank Group (AfDB) – press release distributed by APO Group, 2 December 2025.

  • Ooni of Ife Endorses Canada–Africa Real Estate Summit

    Ooni of Ife Endorses Canada–Africa Real Estate Summit

    The Ooni of Ife, Oba Adeyeye Ogunwusi, has endorsed and agreed to attend the Canada–Africa Real Estate, Tourism & Hospitality Exchange (CARTHE) scheduled for May 2026 in Toronto. Organisers say his backing will draw investors and spotlight Nigeria.

    PUNCH, 11 Dec 2025

  • NLNG: High Gas Prices Forcing Poor Nations Back to Coal

    NLNG: High Gas Prices Forcing Poor Nations Back to Coal

    NLNG MD Philip Mshelbila warns that high global gas prices are pushing many developing countries back to coal, undermining climate goals. He says affordability must be addressed alongside decarbonisation or poorer nations will stay on high-emissions paths.

    PUNCH, 11 Dec 2025

  • FG Unveils New Digital Tools for Maritime Operations

    FG Unveils New Digital Tools for Maritime Operations

    The Federal Government has launched the Nigerian Shippers’ Council’s Enterprise Content Management System to digitise document handling in the maritime sector. The Marine and Blue Economy Ministry says it will improve transparency and reduce bottlenecks.

    PUNCH, 11 Dec 2025

  • NNPCL Imports Lift Petrol Supply to 71.5m Litres Daily

    NNPCL Imports Lift Petrol Supply to 71.5m Litres Daily

    NMDPRA data show national petrol supply rose to 71.5 million litres per day in November 2025, up from 46 million in October, largely due to NNPCL imports. Authorities say the build-up aims to meet festive-season demand.

    The Nation, 11 Dec 2025

  • JTB Begins Transition to New Tax Laws for 2026

    JTB Begins Transition to New Tax Laws for 2026

    The Joint Tax Board has begun aligning systems and guidelines with new tax laws taking effect in 2026, including rules for cashless transactions and digital payments. The JTB will support state tax authorities in the transition.

    PUNCH, 11 Dec 2025

  • Ooni of Ife Endorses Canada–Africa Real Estate Summit

    The Ooni of Ife, Oba Adeyeye Ogunwusi, has endorsed and agreed to attend the Canada–Africa Real Estate, Tourism & Hospitality Exchange (CARTHE) scheduled for May 2026 in Toronto. Organisers say his backing will draw investors and spotlight Nigeria.

    PUNCH

    11 Dec 2025

  • Edo Govt Disputes Obaseki’s Claim on Radisson Hotel Debt

    Edo Commissioner Kassim Afegbua says the state owes about ₦25bn on the Radisson Hotel project, contradicting former Governor Godwin Obaseki’s claim that only ₦2bn was invested. The project is under legislative investigation alongside the Museum of West African Arts.

    PUNCH

    11 Dec 2025

  • Shell Nigeria Gas Signs Supply Deal With Ogun Steel Firm

    Shell Nigeria Gas has signed a gas-supply agreement with an Ogun-based steel manufacturer to boost industrial gas use in the state. The deal is expected to improve energy reliability and cut emissions compared to diesel.

    PUNCH

    11 Dec 2025