Economy
Nigeria Ready to Grow African Trade via Standardisation—SON DG
By Modupe Gbadeyanka
Director General of Standards Organisation of Nigeria (SON), Mr Osita Aboloma, has expressed Nigeria’s willingness to continue to play its required role in ensuring the vibrancy of the African Organisation for Standardisation (ARSO).
ARSO is an organisation set up to promote development within the continent, through improved intra-African trade as well trading with the rest of the world.
Mr Aboloma, while speaking at the ongoing ARSO 56th Council Meeting taking place at Ouagadougou, Burkina Faso, stated that Nigeria was also committed to the economic and social emancipation of Africa using the instrument of standardization as is being done in other continents of the world.
He noted the exemplary contributions of the founding fathers of ARSO of which Nigeria was one, for their vision in sharing and accepting common thoughts on the best ways to stimulate Africa’s development and competitiveness using the strong tool of standardization.
According to him, ARSO is playing a key role in the emancipation of the African Continent through facilitating the harmonization of National and regional standards and conformity assessment processes.
“I wish to add my voice to the need to sustain the existence and effectiveness of ARSO through our collective and selfless contributions” he said.
The SON DG reiterated that Nigeria will continue to support the effectiveness of organisation’s activities in promoting trade, particularly within Africa while also ensuring the competitiveness of its products in the international market place.
Speaking earlier, the President of ARSO who is also the Chief Executive of the Zimbabwe Bureau of Standards, Madame Eve Gadzikwa commended the Government and people of Burkina Faso for hosting the 56th Council meeting and 23rd General Assembly of the Continental standardization body.
The ARSO President stated the theme of the 2017 General Assembly as ‘Celebrating 2017 as the Year of Quality Infrastructure in Africa’ ‘Role of standardization for Better quality and Better life within a continental free trade Area.’
She disclosed that the ARSO five year strategic plan 2017-2022 seeks to build on new strategies to address the challenges of Quality Infrastructure in Africa, under the four goals, namely: to develop high-quality standards and related deliverables through ARSO members; to ensure that African standards are adopted and applied as national and sub-regional standards within the continent; to ensure that ARSO structures and operations are sustainable; and to ensure that Stakeholders are effectively engaged across the entire ARSO standardization community.
Madame Gadzikwa emphasized that the African Union (AU) and United Nations Economic Commission for Africa (UNECA) have variously expressed the need to reduce the Technical Barriers to trade among African Nations.
According to her, the two bodies have undertaken to emphasize on the responsibilities of the African countries, on the impact of standardization, in the expansion of global trade, regional integration as well as multilateral and bilateral free trade agreements.
They then called on the Continental Free Trade Area members to appreciate and recognize the important role of standards, metrology, conformity assessment and accreditation, urging them to harmonize their practices in these area to achieve mutual product recognition.
Also speaking at the occasion, the ARSO Secretary General, Dr. Hermogene Nsegimana enumerated the key programmes and activities of ARSO under the 2017-2022 as including; Technical Harmonisation Committee Meetings; the ARSO Conformity Assessment Programme (ARSO CACO); ARSO Documentation and Information Networks (ARSO DISNET); ARSO Consumer Committee (ARSO COCO); celebration of the African Day of Standardisation and National/continental Essay Competitions and ARSO Capacity Building and Training.
He commended the collaboration and support ARSO has been receiving from its member Nations and development partners towards the achievement of its set targets, promising to continue to promote openness and transparency in the activities of the secretariat.
By Adedapo Adesanya
The Senate Committee on Banking, Insurance and Other Financial Institutions has called for stronger collaboration among financial sector regulators and other stakeholders to strengthen Nigeria’s financial system and support sustainable economic growth.
The committee made the call during an expanded stakeholders’ engagement in Lagos, attended by the leadership of the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), Asset Management Corporation of Nigeria (AMCON), National Insurance Commission (NAICOM) and Nigeria Export-Import Bank (NEXIM), among other industry stakeholders and financial experts.
Chairman of the committee, Mr Adetokunbo Abiru (Lagos East), who was represented by Mr Osita Izunaso (Imo West), said stronger legislative reforms and regulatory collaboration were necessary to reposition Nigeria’s financial architecture for long-term economic prosperity.
Mr Abiru said the financial sector remained critical to investment, job creation, business expansion and macroeconomic stability, stressing that its ability to mobilise savings, channel credit to productive sectors, facilitate investment and manage risks was fundamental to sustainable economic growth.
He said the current economic realities required closer collaboration between the legislature and financial regulators, noting that challenges confronting the sector were interconnected and could not be effectively addressed through isolated interventions.
The lawmaker identified inflationary pressures, global economic uncertainties, cybersecurity threats, low insurance penetration and the need to diversify Nigeria’s export base as some of the challenges requiring coordinated policy responses.
He said the engagement was aimed at generating practical solutions to strengthen the country’s financial architecture and support sustainable economic growth.
According to him, monetary policy, financial safety nets, banking institutions, the insurance industry and export finance were interdependent components of a stable financial system and must therefore be strengthened collectively.
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Olusegun Ayo Omosehin, said the Nigeria Insurance Industry Reform Act (NIIRA) 2025 had contributed significantly to stabilising and repositioning the insurance sector.
Mr Omosehin disclosed that 43 insurance companies had successfully recapitalised, describing the development as a major milestone for the industry.
He commended Abiru and members of the committee for their role in advancing insurance sector reforms and urged the House of Representatives to expedite action on the relevant insurance reform bill to enable it to receive presidential assent and become operational.
Representatives of the CBN Governor and the Managing Directors of AMCON, NEXIM and NDIC also commended the Senate committee for its oversight and legislative support, saying its interventions had strengthened the agencies’ capacity to discharge their statutory mandates.
The engagement, held under the theme, Strengthening Financial System Architecture for Sustainable Economic Growth and Stability in Nigeria, also featured presentations by Professor Uche Uwaleke, President of Capital Market Academics of Nigeria (CMAN); Professor Biodun Adedipe, Chief Consultant, B. Adedipe Associates Limited; and Dr Tilewa Adebajo, Chief Executive Officer of CFG Advisory.
The experts presented policy recommendations on key issues affecting Nigeria’s financial system, with emphasis on financial stability, investment and sustainable economic growth.
Mr Abiru said the Senate would continue to engage financial regulators and other stakeholders to deepen financial inclusion, strengthen public confidence in financial institutions and improve regulatory effectiveness.
He said the broader objective was to position Nigeria’s financial system to compete more effectively in the global economy while remaining resilient and responsive to the country’s economic transformation agenda.
By Aduragbemi Omiyale
The first six months of 2026 were not too good for Caverton Offshore Support Group Plc, as it suffered an N8.7 billion loss compared with the N2.1 billion net profit it recorded in the same period of 2025.
This occurred as the company posted a 10.91 per cent decline in earnings between January and June 2026, according to its financial statements for the period ended June 30, 2026.
Analysis of the results showed that the revenue generated in the period under review stood at N14.7 billion versus the N16.5 billion printed in the corresponding period of last year.
Business Post observed that the revenue was negatively impacted by a decline in earnings from helicopter charter and helicopter/airplane contract.
Further analysis of the financial results indicated that operating profit went down by 22.34 per cent to N7.3 billion from N9.4 billion, with administrative expenses jumping to N7.9 billion from N4.7 billion.
But Caverton believes things will get better, noting that the clearest driver of the recovery is Caverton Marine.
Through its relationship with Stena Bulk, one of the world’s leading tanker operators, the organisation now participates in three Suezmax tankers trading a rare source of foreign-currency revenue for a Nigerian-listed company.
It noted that the relationship is being deepened through Unity Shipping Worldwide, a joint venture with the Nigerian National Petroleum Company (NNPC) Limited and Stena Bulk that pairs the state-owned oil firm’s national position and Stena Bulk’s fleet with Caverton’s indigenous operating platform
Closer to home, the firm’s OMIBUS platform, developed with Shanghai-based electric-propulsion OEM Explomar, is bringing battery-electric passenger ferries to Lagos waterways. A prototype is already in service, and Caverton holds a firm order from Lagos State for ten vessels, an early-mover position in clean inland-water transport that the group believes can be replicated across other states as the fleet enters service and ferry operations mature into steady, recurring revenue.
In aviation, the institution said the recovery is anchored on its partnership with NHV, a Belgium-based international helicopter operator, with the restructuring of charter operations targeted for the second half of 2026.
“The first half of the year tested us, but the direction of travel is now visible in the numbers.
“Quarter on quarter, we are working to build up our revenue to narrow losses. Our marine business units, from international tankers to electric ferries, are scaling.
“Meanwhile, our aviation relaunch is on track for the second half, and our cost base is tighter than it has been in years. There is distance still to travel, but Caverton is moving from stabilisation to recovery, and we intend to finish 2026 with that momentum intact,” the chief executive of Caverton, Mr Olabode Makanjuola, stated.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) and the Joint Revenue Board (JRB) have issued new guidelines clarifying the taxation of virtual assets in Nigeria.
The guidelines provide an administrative framework for the taxation of virtual assets and specify the tax obligations of individuals and businesses operating in the sector.
According to a public notice issued by the two agencies, the framework covers registration, reporting and record-keeping requirements, valuation principles and the tax treatment of virtual asset transactions.
It applies to taxpayers, Virtual Asset Service Providers (VASPs), peer-to-peer (P2P) marketplace operators, tax practitioners and other persons engaged in virtual asset-related activities.
The NRS and JRB said the guidelines were developed in line with the provisions of the Nigeria Tax Act 2025 and the Nigeria Tax Administration Act 2025.
The two bodies said the release was aimed at providing clarity, certainty and consistency in the administration of Nigeria’s tax laws as the country’s virtual asset ecosystem continues to evolve.
The agencies added that the framework would promote voluntary compliance, enhance transparency and support the development of a fair and efficient tax system for digital asset transactions.
They urged all affected taxpayers and stakeholders to familiarise themselves with the guidelines and ensure compliance with the applicable tax obligations.
The guidelines are available on the official websites of the two agencies.
