Echotitbits – Nigeria News

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  • Federal Government Seals Major Electric Vehicle Deal with South Korean Partners

    Federal Government Seals Major Electric Vehicle Deal with South Korean Partners

    According to The Guardian reporting on February 1st, 2026, the Nigerian government has officially entered into a strategic Memorandum of Understanding with South Korea’s Asia Economic Development Committee (AEDC) to pioneer domestic electric vehicle (EV) manufacturing. The agreement, signed by John Enoh, the Minister of State for Industry, Trade, and Investment, outlines a comprehensive roadmap for establishing assembly plants and a robust national charging network.

    Reporting by Daily Trust confirms that the initiative is part of a broader “Green Industrialization” agenda aimed at reducing the nation’s carbon footprint and dependence on fossil fuels. The publication notes that the National Automotive Design and Development Council (NADDC) has already identified potential sites in Lagos and Kaduna for the first phase of the rollout. “This partnership marks a definitive shift from importation to domestic production, positioning Nigeria as a hub for green technology in West Africa,” a Ministry spokesperson stated.

    In an update published by The Cable, it was highlighted that the South Korean partners are committing an initial investment of $250 million toward technical training and infrastructure. The outlet quoted AEDC representative, Kim Sung-ho, who remarked: “Our goal is to integrate Nigerian ingenuity with Korean technology to create affordable, sustainable transport solutions for the African market.”

    Echotitbits take: This move is a significant pivot toward international economics and sustainable industrialization. By partnering with South Korea, Nigeria is not just looking at environmental benefits but also job creation in the high-tech sector. Watch for the legislative framework that will likely provide tax incentives for early adopters of EVs in the coming months.

    Source: NigeriaInfo – https://www.nigeriainfo.fm/news/homepagelagos/nigeria-south-korea-sign-deal-to-launch-electric-vehicle-plant/, February 1, 2026

    Photo credit: NigeriaInfo

     

  • Shell CEO Announces Massive $20 Billion Investment Commitment for Nigeria

    Shell CEO Announces Massive $20 Billion Investment Commitment for Nigeria

    Shell Plc has announced a fresh $20 billion investment commitment to Nigeria’s energy sector, disclosed by global CEO Wael Sawan during a meeting at the Presidential Villa. Sawan praised recent policy reforms, saying they have helped restore investor confidence in Nigeria’s oil and gas industry.

    The investment is expected to target deepwater assets and gas infrastructure, including projects linked to Bonga North and NLNG. Shell’s leadership indicated the company is positioning for long-term capital deployment, with gas infrastructure aligned to Nigeria’s energy transition ambitions.

    The commitment is being framed by government officials as support for the administration’s wider economic agenda and efforts to reverse years of declining oil production. Separate reporting also described the package as a potential lifeline to multiple idle assets, while emphasizing leadership and policy clarity as factors driving the decision.

    Echotitbits take: After years of divestment talk, this massive commitment from Shell is a vote of confidence. The challenge now lies in ensuring security for these assets to prevent the crude oil theft that plagued previous years.
    Source: The Punch – https://punchng.com/shell-ceo-hails-tinubus-leadership-pledges-20bn-investment-in-nigeria/ 2026-01-26

    Photo Credit: The Punch

  • PwC Forecasts 4.3% GDP Growth for Nigeria in 2026, Cites Reforms and Digital Shift

    PwC Forecasts 4.3% GDP Growth for Nigeria in 2026, Cites Reforms and Digital Shift

    Insights from The Punch show PwC Nigeria is projecting a 4.3% expansion in Nigeria’s GDP in 2026, pointing to energy sector recovery and ongoing digital transformation in financial services.

    The report also linked growth prospects to sustained reform momentum, including fiscal adjustments and improvements in oil-region security.

    PwC flagged risks around inflation and external shocks, warning that poorly managed transitions could squeeze SMEs.

    **Echotitbits take:** The projection is achievable—but only if reforms translate into investment, stable prices and inclusive growth. Watch for policy clarity and execution speed, especially around taxes, FX and energy.
    Source: BusinessDay — https://businessday.ng/business-economy/article/nigerias-tax-to-gdp-ratio-seen-rising-in-2026-as-reforms-kick-in/ 2026-01-08

    Photo Credit: BusinessDay

  • Nigeria targets deeper China cooperation in 2026 as officials pitch expanded partnership

    Nigeria targets deeper China cooperation in 2026 as officials pitch expanded partnership

    2026-01-01 06:25:00
    According to Punch, the Federal Government signalled plans to deepen diplomatic and economic relations with China in 2026.

    In an update published by the outlet, officials framed the relationship around cooperation that aligns with Nigeria’s development priorities and investment needs.

    The messaging highlights trade and infrastructure ambitions while keeping attention on debt terms, local content, and technology transfer.

    The Nation also reported the engagement theme and quoted officials emphasizing cooperation that supports Nigeria’s development priorities.

    Blueprint similarly referenced the 2026 outlook and highlighted language about new opportunities to deepen bilateral cooperation.

    Echotitbits take:

    The real story is contract quality. Watch which announced projects reach financial close, and whether Nigeria negotiates improved local value capture—jobs, skills, and export competitiveness—not just ribbon-cutting.

    Source: The Punch  — January 1, 2026 (https://punchng.com/fg-china-to-deepen-diplomatic-relations-in-2026/)

    The Punch  2026-01-01

    Photo Credit: The Punch

  • Nigeria to unveil ‘Nigeria House’ at WEF 2026 as an investment-facing pavilion

    Nigeria to unveil ‘Nigeria House’ at WEF 2026 as an investment-facing pavilion

    2025-12-29 09:00:00
    Reporting by Punch indicates Nigeria plans to debut “Nigeria House” at the 2026 World Economic Forum in Davos, positioning it as a structured venue for showcasing reforms and engaging investors beyond symbolic attendance.

    BusinessDay describes it as a dedicated hub intended to convene senior officials, global CEOs and institutional capital, with an emphasis on deal-making and post-forum commitments.

    The concept mirrors what many countries already do in Davos—create a controlled space for targeted meetings, pitching and narrative management, where success is measured by pipeline conversion, not footfall.

    Nigeria House Davos describes itself as “an official national platform at the World Economic Forum 2026,” while BusinessDay frames it as translating global interest into “real economic outcomes.”

    Echotitbits take: A Davos pavilion is useful only if it has follow-through. Watch for a published investment pipeline, sector-specific pitches, and a post-WEF tracker showing what converted into signed deals or funded projects.

    Source: The Punch — December 29, 2025 (https://punchng.com/nigeria-house-debuts-at-wef-2026/)
    The Punch 2025-12-29

    Photo Credit: The Punch

  • NEPZA asks for 10-year transition window as Nigeria tightens tax incentives for SEZs

    NEPZA asks for 10-year transition window as Nigeria tightens tax incentives for SEZs

    2025-12-15 08:00:00

    According to The Punch, the Nigeria Export Processing Zones Authority (NEPZA) urged the Federal Government to grant a 10‑year tax relief/transition period for operators in Special Economic Zones to protect investor confidence as a new tax act approaches implementation.

    Punch reports NEPZA warned that abrupt changes to incentives could disrupt long-term business plans for manufacturers, logistics hubs and exporters that invested under existing free-zone frameworks.

    The agency’s position, the report adds, is that predictable incentives remain central to global free-zone models and help Nigeria compete for investment.

    Analysis/Echotitbits take: The policy trade-off is between widening the tax base and keeping Nigeria’s SEZ proposition competitive. Watch how the new tax act treats legacy incentives, whether a phased approach is adopted, and the response from manufacturers and export-oriented investors.

    Source: The Punch — December 6, 2025

    Photo credit/source: The Punch

    The Punch https://punchng.com/tax-reform-nepza-seeks-10-year-tax-relief-for-investors/ December 6, 2025