Economy
Nigeria, 4 Others Ban ‘Dirty’ Fuels From Europe
By Dipo Olowookere
Five West African countries, including Nigeria, have decided to ban ‘dirty’ fuels from Europe, which are believed to contain higher sulphur levels.
This comes in response to concerns over vehicle emissions and in an effort to bring safer, cleaner air to more than 250 million people in the region, the United Nations Environment Programme (UNEP) said.
According to UNEP, last week, Nigeria, Benin, Togo, Ghana, and Côte d’Ivoire introduced strict standards that will ensure cleaner, low sulphur diesel fuels, and better emissions standards, thus effectively cutting off Europe’s West African market.
Earlier this year, a report by the non-governmental organization Public Eye exposed how European trading companies are exploiting weak regulatory standards in West African countries, thus allowing fuels with sulphur levels that are up to 300 times higher than those permitted in Europe.
“West Africa is sending a strong message that it is no longer accepting dirty fuels from Europe,” said Mr Erik Solheim, head of UNEP. “Their decision to set strict new standards for cleaner, safer fuels and advanced vehicle emissions standards shows they are placing the health of their people first.”
He hailed the move as an example for other countries, noting that air pollution kills millions annually.
“We need to ensure that all countries urgently introduce cleaner fuels and vehicles to help reduce the shocking statistics,” stated Mr Solheim.
In addition to new fuel standards, the group of West African countries has agreed to upgrade their own public and private refineries to meet the same higher standards by 2020.
UN Environment has been working with countries in West Africa to develop policies and standards that will stop the import of fuels with dangerously high levels of sulphur, as well as to introduce cleaner fuels and vehicles. Reducing such emissions around the world is essential to ensure levels of urban air pollution and climate emissions come down.
Combining low-sulphur fuels with advanced vehicle standards can lead to as much as a 90 per cent reduction in harmful emissions.
According to Nigeria’s Environment Minister, Mrs Amina Mohamed, “for 20 years, Nigeria has not been able to address the vehicle pollution crisis due to the poor fuels we have been importing. Today we are taking a huge leap forward: limiting sulphur in fuels from 3,000 parts per million to 50 parts per million. This will result in major air quality benefits in our cities and will allow us to set modern vehicle standards.”
Mrs Mohamed will meet with Lilianne Ploumen, Dutch Minister of Foreign Trade and Development Cooperation, in Hague, in order to take stock of the progress being made to improve the quality of fuels that have been exported from Dutch ports to countries in West Africa, as The Netherlands produces many of the exported dirty fuels.
“The recent report from the NGO Public Eye made abundantly clear that coordinated action is needed to stop the practice of exporting dirty fuels to West Africa. I am very pleased West African governments quickly decided to introduce standards that will help accessing European standard quality fuels. Their people deserve cleaner air, better health, and a cleaner environment. I commend UN Environment for their excellent work,” announced Minister Ploumen.
UNEP hosts the Secretariat of the Partnership for Clean Fuels and Vehicles (PCFV), a global public-private partnership that supports a shift to cleaner fuels and vehicles worldwide. When PCFV began its work in 2005, not a single low or middle income country used low sulphur fuels. Today, 23 countries have made that shift. Another 40 are on their way to doing the same.
In addition, UNEP is hosting the Climate and Clean Air Coalition, which recently adopted a global strategy for moving the world to clean, low-sulphur fuels and advanced emissions standards. Experts estimate that this measure will save an annual 100,000 premature deaths by 2030.
By Adedapo Adesanya
The United Kingdom via the British High Commission in Abuja has launched two flagship economic reform programmes – the Nigeria Economic Stability & Transformation (NEST) programme and the Nigeria Public Finance Facility (NPFF) -as part of efforts to support Nigeria’s economic reform and growth agenda.
Backed by a £12.4 million UK investment, NEST and NPFF sit at the centre of the UK-Nigeria mutual growth partnership and support Nigeria’s efforts to strengthen macroeconomic stability, improve fiscal resilience, and create a more competitive environment for investment and private-sector growth.
Speaking at the launch, Cynthia Rowe, Head of Development Cooperation at the British High Commission in Abuja, said, “These two programmes sit at the heart of our economic development cooperation with Nigeria. They reflect a shared commitment to strengthening the fundamentals that matter most for our stability, confidence, and long-term growth.”
The launch followed the inaugural meeting of the Joint UK-Nigeria Steering Committee, which endorsed the approach of both programmes and confirmed strong alignment between the UK and Nigeria on priority areas for delivery.
Representing the Government of Nigeria, Special Adviser to the President of Nigeria on Finance and the Economy, Mrs Sanyade Okoli, welcomed the collaboration, touting it as crucial to current, critical reforms.
“We welcome the United Kingdom’s support through these new programmes as a strong demonstration of our shared commitment to Nigeria’s economic stability and long-term prosperity. At a time when we are implementing critical reforms to strengthen fiscal resilience, improve macroeconomic stability, and unlock inclusive growth, this partnership will provide valuable technical support. Together, we are laying the foundation for a more resilient economy that delivers sustainable development and improved livelihoods for all Nigerians.”
On his part, Mr Jonny Baxter, British Deputy High Commissioner in Lagos, highlighted the significance of the programmes within the wider UK-Nigeria mutual growth partnership.
“NEST and NPFF are central to our shared approach to strengthening the foundations that underpin long-term economic prosperity. They sit firmly within the UK-Nigeria mutual growth partnership.”
By Aduragbemi Omiyale
A strategic partnership aimed at accelerating the growth, digital capacity, and sustainability of Nigeria’s 40 million Micro, Small and Medium Enterprises (MSMEs) has been signed by MTN Nigeria and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
The collaboration will feature joint initiatives focused on digital inclusion, financial access, capacity building, and providing verified information for MSMEs.
With millions of small businesses depending on accurate guidance and easy-to-access support, MTN and SMEDAN say their shared platform will address gaps in communication, misinformation, and access to opportunities.
At the formal signing of the Memorandum of Understanding (MoU) on Thursday, November 27, 2025, in Lagos, the stage was set for the immediate roll-out of tools, content, and resources that will support MSMEs nationwide.
The chief operating officer of MTN Nigeria, Mr Ayham Moussa, reiterated the company’s commitment to supporting Nigeria’s economic development, stating that MSMEs are the lifeline of Nigeria’s economy.
“SMEs are the backbone of the economy and the backbone of employment in Nigeria. We are delighted to power SMEDAN’s platform and provide tools that help MSMEs reach customers, obtain funding, and access wider markets. This collaboration serves both our business and social development objectives,” he stated.
Also, the Chief Enterprise Business Officer of MTN Nigeria, Ms Lynda Saint-Nwafor, described the MoU as a tool to “meet SMEs at the point of their needs,” noting that nano, micro, small, and medium businesses each require different resources to scale.
“Some SMEs need guidance, some need resources; others need opportunities or workforce support. This platform allows them to access whatever they need. We are committed to identifying opportunities across financial inclusion, digital inclusion, and capacity building that help SMEs to scale,” she noted.
Also commenting, the Director General of SMEDAN, Mr Charles Odii, emphasised the significance of the collaboration, noting that the agency cannot meet its mandate without leveraging technology and private-sector expertise.
“We have approximately 40 million MSMEs in Nigeria, and only about 400 SMEDAN staff. We cannot fulfil our mandate without technology, data, and strong partners.
“MTN already has the infrastructure and tools to support MSMEs from payments to identity, hosting, learning, and more. With this partnership, we are confident we can achieve in a short time what would have taken years,” he disclosed.
Mr Odii highlighted that the SMEDAN-MTN collaboration would support businesses across their growth needs, guided by their four-point GROW model – Guidance, Resources, Opportunities, and Workforce Development.
He added that SMEDAN has already created over 100,000 jobs within its two-year administration and expects the partnership to significantly boost job creation, business expansion, and nationwide enterprise modernisation.
By Adedapo Adesanya
The Nigerian Exchange (NGX) Limited is seeking review of the controversial Capital Gains Tax increase, fearing it will chase away foreign investors from the country’s capital market.
Nigeria’s new tax regime, which takes effect from January 1, 2026, represents one of the most significant changes to Nigeria’s tax system in recent years.
Under the new rules, the flat 10 per cent Capital Gains Tax rate has been replaced by progressive income tax rates ranging from zero to 30 per cent, depending on an investor’s overall income or profit level while large corporate investors will see the top rate reduced to 25 per cent as part of a wider corporate tax reform.
The chief executive of NGX, Mr Jude Chiemeka, said in a Bloomberg interview in Kigali, Rwanda that there should be a “removal of the capital gains tax completely, or perhaps deferring it for five years.”
According to him, Nigeria, having a higher Capital Gains Tax, will make investors redirect asset allocation to frontier markets and “countries that have less tax.”
“From a capital flow perspective, we should be concerned because all these international portfolio managers that invest across frontier markets will certainly go to where the cost of investing is not so burdensome,” the CEO said, as per Bloomberg. “That is really the angle one will look at it from.”
Meanwhile, the policy has been defended by the chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, who noted that the new tax will make investing in the capital market more attractive by reducing risks, promoting fairness, and simplifying compliance.
He noted that the framework allows investors to deduct legitimate costs such as brokerage fees, regulatory charges, realised capital losses, margin interest, and foreign exchange losses directly tied to investments, thereby ensuring that they are not taxed when operating at a loss.
Mr Oyedele also said the reforms introduced a more inclusive approach to taxation by exempting several categories of investors and transactions.
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