Economy
Reforms by Buhari Have Attracted Investors’ Interests—Osinbajo
By Modupe Gbadeyanka
Nigeria’s Vice President, Mr Yemi Osinbajo, has said Nigeria, under the President Muhammadu Buhari administration, was making steady progress and on the path of prosperity as a result of reforms covering critical sectors of the economy over the past four years.
He said even though much still needed to be done in the different sectors of the economy, the country has enormous potential which would be realised.
In a keynote address delivered at the Redeemer’s Men Fellowship Conference themed Galvanized for Geometric Growth in Lagos on Saturday, Mr Osinbajo stressed that the reforms by the present administration have spurred progress and attracted investors’ interests across different sectors comprising agriculture, technology, tourism and entertainment, manufacturing amongst others.
“Just this week, the Spur Group, an IT company from China indicated that it will be establishing a computer hardware manufacturing plant in Nigeria.
“In the course of last year, the Mara Group of Ashish Thakkar had also indicated that it will set up a manufacturing plant for Mara Phones in Nigeria.
“Kobo360, which was one of the start-ups in a group that I led to Silicon Valley in July 2018, aggregates end-to-end haulage operations and raised $30m in a Series A round led by Goldman Sachs and Nigerian commercial banks.
“Using technology, Kobo360 has made it possible for providers of haulage services to find cargoes for their trailers on return journeys, in effect halving the cost of transporting goods,” the Vice President said at the
event organised by the men group of the Redeemed Christian Church of God (RCCG), where he is an ordained pastor.
VP Osinbajo also referenced the recent US-based Newsweek magazine’s special cover edition which described Nigeria as the Black China and Africa’s first super-power, saying “despite our challenges, Nigeria is the ‘last major open market, and like China and India, its population and economic size will enable economies of scale and attract international investment.”
Continuing, the Vice President said the potential of the Nigerian economy has also been boosted by the Buhari administration through direct and indirect investments in agriculture, manufacturing, technology and creative industries.
According to Mr Osinbajo, who is a Professor of Law and a Senior Advocate of Nigeria (SAN), “the story of increased rice production in Nigeria is well known, with production of paddy rice in 2019 estimated at 7.3 million metric tonnes compared to about 5 million metric tonnes in 2015.”
“A little noticed phenomenon taking place in agriculture is the use of technology to attract crowdfunding into the sector. Given the huge interest in agriculture and the relative ease of investing through such platforms, we will see a huge increase in investment in agriculture and subsequent increases in agricultural output across the value chain,” he added.
In the manufacturing sector, the Vice President said all critical indices have so far indicated significant improvements between 2018 and 2019.
He said, “this positive outlook for the manufacturing sector can be seen from the Leventis Group which, for instance, continues to make substantial investments in the Nigerian manufacturing sector through its subsidiaries, the Nigerian Bottling Company and Beta Glass.
“The Nigerian Bottling Company will soon be commissioning its Asejire Plant, which has taken a substantial part of a recent $500 million investment in Nigeria, while Beta Glass which makes the bottles for the pharmaceutical sector and for beverages like Coca-Cola and Star Beer, has invested another $30 million to expand its furnace capacity.”
The technology sector, according to Vice President Osinbajo, “continues to hold out great promise.”
Citing recent industry reports, he said, “Nigerian start-ups attracted $122 million out of the $492 million in funding to the African start-up sector in 2019.
“Perhaps more compelling is the increasing use of e-payment channels within the economy. The value of Point of Sale (POS) transactions is reported to have reached over N3.2 trillion in 2019 as compared to N2.3 trillion in 2018, an increase of 38 percent, while the volume also increased by 153 million transactions to a total of 438 transactions in 2019.”
In the area of infrastructure, the Vice President disclosed that the Federal Government’s interventions through the various reforms would yield greater results.
Noting the efforts of the Buhari administration to address the country’s major infrastructure deficit, the VP said, “So, our focus in the last few years has been on investing in roads, rail, and power. We have a major road project going on in every state of the federation.
“Some of the road projects scheduled for substantial completion in 2020/2021 include: Dualization of Suleja-Minna road, Ilorin-Jebba-Mokwa/Bokani road, Nnewi-Oduma-Mpu (in Enugu)-Uburu (Ebonyi), Yenagoa-Okaki-Kolo-Nembe-Brass road, Bodo-Bonny road with a bridge across the Opobo channel, the rehabilitation and expansion of Lagos-Badagry expressway and, of course, the Lagos-Ibadan expressway.”
He added that 19 other road projects measuring about 800 kilometres have been prioritised in 11 states across each of the six geo-political zones, which would be done by 10 local companies that have applied to join Dangote group and NLNG in the Investment Tax Credit Scheme of the Federal Government encouraging private sector investments in infrastructure.
Also speaking on the new Finance Act 2019, the Vice President said the law is government’s fiscal response to the issues of limited revenue sources and the need to improve the business environment, especially for small and medium businesses.
“The Act has two main purposes with extremely beneficial effects on the Nigerian economy. It addresses the issue of domestic revenue mobilization on which Nigeria has often paraded quite a low record.
“However, even while achieving this objective for the public sector, the Finance Act is calibrated to improve the ease of doing business in Nigeria and actively foster private sector growth.”
The event was also attended among others, by the President of the African Development Bank (AfDB), Mr Akinwumi Adesina, and the National Overseer of RCCG, Pastor Joseph Obayemi, who is also President of the Fellowship.
Earlier in his own speech, Mr Adesina, commended the Buhari administration for the achievements recorded in the agricultural sector, noting that the efforts of the federal government have revolutionized agriculture in the country.
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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