Economy
SON, Kano Govt. Target Middle East Market for Export
By Adedapo Adesanya
As part of efforts to boost non-oil exports, the Standards Organisation of Nigeria (SON) and the Kano State Government have agreed to work together to ensure ways of capturing the Middle East market with quality locally made goods.
The Governor of Kano State, Mr Abdullahi Ganduje, said this when he received the management of SON led by its Director-General, Mr Farouk Salim, at the Government House in Kano.
During the visit, both parties agreed to collaborate and provide the needed assistance for effective service delivery on quality locally made goods for exports.
Mr Ganduje stressed the need to strengthen SON to make the nation’s local industries to be competitive, saying that the Middle-East market is available for Nigeria’s export of quality products since she imports most of its food needs.
The Governor pointed out the need for economic managers to encourage SON, stating that the standards body remained vital towards the nation’s industrial and economic growth.
In his words: “There is no doubt that without standards, we all know how we would have fared in terms of being competitive in dealing with the international market, hence we need to deepen and widen the agency’s responsibilities to boost export of locally made goods.”
He added that recently, the federal government banned the importation of some food items in its bid to make Nigeria self-sufficient in food production, saying that this would attract both foreign and local investment to boost food production in Nigeria.
“Nigeria is trying to be self-sufficient and already the President, Muhammadu Buhari, has banned the importation of some food items and some countries are in trouble because we no longer import food items from them, so in order to feed ourselves well, we need standards, the right quality for the food that we eat and for export,” he said.
He expressed confidence in the director general’s ability to improve the agency’s services being provided locally and internationally.
“When we need to export we have to be competitive and in order to do that, we have to meet international standards. I believe your appointment will add more mileage to the agency’s efforts to achieve this feat.
“I believe you will raise the bar of the agency. I have heard all your request and there is no doubt that you need a befitting office and a laboratory in Kano State all we need now is a letter from your organisation telling us your specifications and requirements so that will direct the appropriate ministry to provide you this service.
“SON is vital to the nation’s development and we will continue to support you to achieve your mandate,” he assured.
On his part, the Director-General said the partnership would seek ways on how goods produced in the state and other parts of the country can be exported to the Middle-East market, saying that SON would not only improve its standardisation processes but establish laboratories to test locally and imported goods in the state.
“We want to ensure that goods produced here can be exported to the Middle East. We will not only improve our standards but also provide laboratories to test for standards because that way our goods are treated more efficiently so that they can go into the market without being compromised.
“We are partners with manufacturers and we will make sure we address their challenges,” he said.
According to him, one of the greatest challenges of manufacturers in the northern cities and states is that they have to cross the River Niger to get their goods certified, hence the need to set up laboratories to meet their product testing needs.
Mr Farouk added, “One of the biggest challenges most northern cities are having right now is that we have to cross the river Niger to get the food we eat certified and most times these goods are perishable goods that cannot travel long distances and for that reason, it will be too late to export them.”
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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