Tag: #NigeriaEconomy
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TAX OMBUD PUSHES FOR END TO MULTIPLE TAXATION, SEEKS HARMONISED REVENUE SYSTEM
Nigeria’s Office of the Tax Ombud says work is ongoing to address the issue of multiple taxation through closer coordination with revenue authorities across all levels of government. According to the office, the Joint Revenue Board is working to harmonise tax administration between federal, state and local government structures to reduce duplication and improve efficiency…
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NIGERIA RECORDS N34.78 TRILLION TRADE VALUE IN Q1 2026 — NBS
Nigeria recorded a total merchandise trade value of N34.78 trillion in the first quarter of 2026, according to the National Bureau of Statistics (NBS). The report shows that exports stood at N21.17 trillion, representing 60.85% of total trade, with crude oil continuing to dominate Nigeria’s export basket. Non-crude oil and non-oil products also contributed to…
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FG APPROVES PAYMENTS TO OVER 1,240 LOCAL CONTRACTORS NATIONWIDE
The Federal Government has approved payments to more than 1,240 local contractors across the country. According to the Ministry of Finance, the payments followed a verification and reconciliation process to ensure that only valid and confirmed obligations were settled across Ministries, Departments and Agencies (MDAs). The ministry says the funds are expected to provide relief…
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HEIRS INSURANCE GROUP REACHES 3 MILLION POLICYHOLDERS IN FIVE YEARS
Heirs Insurance Group says it has reached a major milestone, impacting and protecting more than three million customers within its first five years of operation. The company says the achievement reflects its commitment to customer-focused services, innovation, and the use of technology to improve access and trust in insurance. It also noted recognition in industry…
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ACCI CALLS FOR SUSPENSION OF SUGAR-SWEETENED BEVERAGE TAX BILL, SEEKS WIDER REVIEW
The Abuja Chamber of Commerce and Industry (ACCI) has called on lawmakers to suspend consideration of the proposed Sugar-Sweetened Beverages (SSBs) tax amendment bill. According to the chamber, the bill requires wider review to fully assess its potential impact on businesses, employment, and the wider economy. It warned that the proposed changes could place additional…
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GTEXT FOUNDER WARNS OF LIQUIDITY CHALLENGES IN NIGERIA’S REAL ESTATE SECTOR
The Founder of GText Holdings, Dr Stephen Akintayo, has identified liquidity challenges as a major concern affecting operators in Nigeria’s real estate sector. Speaking during the company’s 18th anniversary celebration in Lagos, Akintayo said real estate investments often require long-term capital commitments, making it difficult for some firms to maintain steady cash flow. He noted…
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HIGH TRANSPORT FARES DISRUPT SALLAH TRAVEL PLANS IN ABUJA
Many residents of the Federal Capital Territory say rising transport fares are affecting their Sallah travel plans ahead of the Eid-el-Kabir celebration. Some residents who spoke in Abuja said the increase in fuel prices and the current economic situation have made inter-state travel difficult for many families. While some have cancelled trips entirely, others say…
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COCONUT PROCESSING NOW AMONG NIGERIA’S MOST PROFITABLE AGRO-BUSINESSES — EX-LASCODA BOSS
A former Managing Director of the Lagos State Coconut Development Authority (LASCODA), Mr Dapo Olakulehin, says coconut processing has become one of Nigeria’s most profitable agro-processing businesses. Speaking in Lagos, Olakulehin said growing awareness of the health benefits of coconut products has continued to increase demand across the country. He noted that the coconut value…
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AFAN CALLS FOR REVIVAL OF NIGERI’S COCOA SECTOR TO BOOST ECONOMY
AFAN has called for urgent efforts to revive Nigeria’s cocoa sector and restore its contribution to the country’s economy. Speaking in Lagos, the association said cocoa was once one of Nigeria’s leading cash crops but has lost its former prominence despite strong global demand. AFAN urged government support for farmers and renewed investment in cocoa…
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LAGOS RESIDENTS SAY CHEAPER FOOD DOESN’T MEAN EASIER LIVING
Many Lagos residents say even though prices of staples like garri, rice and beans have dropped slightly in recent months, low income and rising living costs are still making feeding difficult. Some residents who spoke in different parts of the state said transportation costs, stagnant salaries and expensive proteins like meat, fish, eggs, tomatoes and…
