By Adedapo Adesanya

The federal government has urged Nigerians to help drive transparency in the country’s tax system as it launched the toll-free call centre and website of the Tax Ombud Office.

The Minister of Information and National Orientation, Mr Mohammed Idris, during the unveiling, described the development as a major step toward improving public confidence in the country’s tax system and enhancing access to complaint-resolution services for taxpayers.

“This is a major milestone in strengthening public trust, improving accessibility, and promoting fairness in Nigeria’s tax administration system. Effective communication and citizen engagement remain central to the success of ongoing economic reforms such as this,” the minister said.

He noted that the Bola Tinubu administration was focused on implementing reforms aimed at strengthening revenue generation, ensuring fiscal sustainability and driving national development.

According to him, “Under the visionary leadership of His Excellency, President Bola Ahmed Tinubu, the Federal Government remains steadfast in its commitment to building a stronger, more resilient, and prosperous economy through bold and strategic reforms.”

The minister stressed the importance of taxation in national development, saying it provides resources needed for investments in critical sectors such as infrastructure, healthcare, education, transportation and security.

He, however, maintained that tax administration must be built on trust, transparency and fairness rather than enforcement alone.

“Tax administration cannot succeed on enforcement alone. It must be supported by public trust, transparency, fairness, and effective communication,” Idris stated.

He explained that the Tax Ombud Office was created to serve as a bridge between taxpayers and tax authorities by providing a fair and professional platform for handling complaints and resolving disputes.

The minister also commended the introduction of the toll-free call centre and official website, describing them as important tools for improving public access to information and removing communication barriers.

“The launch of the Toll-Free Call Centre demonstrates a commitment to removing communication barriers and ensuring that Nigerians can easily seek information, make enquiries, and resolve complaints without unnecessary difficulties or financial burden,” he added.

Mr Idris further emphasised the need for sustained civic education and public enlightenment to encourage voluntary tax compliance and responsible citizenship.

“Tax education is not just about revenue generation; it is about building a culture of national participation and shared responsibility,” he said.

The minister warned that misinformation and poor communication often weaken public trust in reforms, calling for stronger collaboration among government institutions, the media, civil society groups and other stakeholders.

“Misinformation and inadequate communication often contribute to distrust and resistance to reforms. This underscores the importance of strategic media engagement and sustained public communication,” he noted.

He pledged the continued support of the Federal Ministry of Information and National Orientation in sensitising Nigerians on tax reforms, taxpayers’ rights and available complaint-resolution mechanisms.

By Adedapo Adesanya

The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, says Nigeria has continued to maintain crude oil production within its Organisation of the Petroleum Exporting Countries (OPEC) quota while simultaneously expanding its production capacity.

Mr Lokpobiri disclosed this after participating as head of the Nigerian delegation at the 41st OPEC and non-OPEC Ministerial Meeting, the 66th Joint Ministerial Monitoring Committee (JMMC) meeting, and the 193rd OPEC Conference.

According to the minister, participating countries reaffirmed existing crude oil production levels under the Declaration of Cooperation (DoC) framework, which will remain in force until December 31, 2026, as agreed at the 38th OPEC and non-OPEC Ministerial Meeting.

According to a statement on his official X handle, the meetings focused on sustaining market stability, transparency and long-term growth in the global energy industry.

“During these engagements, we reaffirmed the overall crude oil production levels for OPEC and non-OPEC Participating Countries under the Declaration of Cooperation (DoC), as agreed at the 38th OPEC and non-OPEC Ministerial Meeting, with the framework remaining in place until 31 December 2026,” Mr Lokpobiri stated.

The minister noted that member countries also reviewed progress on the Maximum Sustainable Capacity (MSC) assessment, which will serve as the benchmark for determining future production baselines from 2027.

“We also noted the importance of completing the Maximum Sustainable Capacity (MSC) assessment for all DoC countries, which will serve as the reference point for determining production baselines from 2027,” he said.

Mr Lokpobiri explained that the discussions underscored the collective commitment of oil-producing nations to maintaining a balanced market while ensuring sustainable long-term investments in the energy sector.

“These deliberations reflect our shared commitment to ensuring market stability, transparency, and long-term sustainability within the global energy sector,” he added.

For Nigeria, however, the minister said the more significant development was the country’s ability to comply with its OPEC obligations while strengthening production capabilities through ongoing reforms and investment inflows.

“For Nigeria, it is particularly noteworthy that we have consistently maintained production within our OPEC quota while simultaneously strengthening our capacity to produce more,” he stated.

He said the strategy places Nigeria in a stronger position to respond to future increases in demand without compromising market stability or national economic objectives.

“This balanced approach positions us to respond effectively to future opportunities while safeguarding the best economic interests of our people and supporting national development objectives,” Mr Lokpobiri said.

Nigeria’s crypto regulatory environment keeps shifting. Traders looking for the best crypto derivatives exchange in Nigeria are still figuring out how to navigate evolving frameworks while accessing global derivatives platforms — and the choice comes down to a handful of practical concerns: how painful is onboarding, what contracts are available, how high does leverage go, what do fees actually look like at your volume tier, and can you practice before putting real money at risk?

Choosing a Crypto Derivatives Exchange in Nigeria

A crypto derivatives exchange in Nigeria gives traders access to perpetual futures — instruments that let you speculate on price movements with leverage without holding the underlying asset. Perpetual futures don’t expire and rely on funding rate mechanisms to keep prices anchored to spot. Margin can be denominated in USDT, USDC, or the base coin.

Several factors carry extra weight for traders based in Nigeria. KYC processes can drag on or hit dead ends depending on your region, so low-barrier onboarding matters a lot. Fiat on-ramp variety, competitive fees, demo environments for learning leverage mechanics, and transparent reserve data — these are what separate serious platforms from thin wrappers. BYDFi Nigeria— the regional arm of a global exchange founded in 2020 that has been operating for over 6 years — addresses several of these needs in ways worth examining.

Six Years Running, Plus a Premier League Deal

The exchange launched in 2020 and now serves more than 1,000,000 registered users across 190+ countries and regions. Six years of continuous operation gives it a track record that newer platforms simply can’t replicate.

One credibility signal that lands particularly well in Nigeria: BYDFi became the Official Crypto Exchange Partner of Premier League club Newcastle United through a multi-year deal announced in August 2025. The Premier League has enormous Nigerian viewership, so the partnership signals brand visibility and commercial commitment. The platform is registered as a Money Services Business with FinCEN in the U.S. and holds membership in South Korea’s CODE VASP Alliance.

How Nigeria’s Regulatory Reality Shapes Platform Choice

Banking restrictions and verification bottlenecks have historically been the biggest headache for Nigerian crypto traders. For anyone evaluating a crypto derivatives exchange in Nigeria, the onboarding experience matters enormously. The exchange’s approach here is notable: users can sign up with just an email address and start trading without immediate identity verification, subject to tier-based limits.

That low-friction entry is a genuine practical edge. Optional KYC unlocks higher withdrawal limits and features like P2P trading, so anyone planning to move significant capital can verify at their own pace.

Perpetual Futures, Copy Trading, and Leverage Tools

Nigeria’s derivatives trading community has grown fast, fueled by traders who want leveraged exposure to BTC, ETH, and altcoins without the capital demands of spot accumulation. Contract infrastructure matters enormously here.

In December 2024, the platform upgraded its perpetuals system with three features experienced derivatives traders will recognise as significant: opening new positions without unrealized profits, bi-directional long/short hedging, and shared funds in full-margin mode to reduce liquidation risk. The hedging capability — holding simultaneous long and short positions on the same contract — is a tool commonly used during volatile sessions to manage directional exposure without closing positions.

Fees sit at maker 0.02% / taker 0.06% at the base VIP 0 tier. A 7-tier VIP program (VIP 0–6) offers up to 60% futures fee discount based on 30-day trading volume or asset balance.

Copy Trading went live in January 2025, followed by Perpetual Smart Copy Trading in August 2025. Users can automatically follow professional traders with proportional order sizing and isolated positions. Entry starts at just $10, with flexible margin options and multi-asset contract support. On the automation side, the platform offers four trading bots — Spot DCA, Spot Grid, Futures Grid, and Spot Martingale — plus a Bot Marketplace for community-created strategies.

Demo Trading: Learning Leverage at Zero Cost

Probably the most underappreciated feature for anyone entering the derivatives space. Setting up BYDFi’s demo trading account takes under two minutes. It comes preloaded with 50,000 USDT and mirrors real market conditions, supporting both USDT-M and COIN-M perpetual contracts.

For Nigerian traders new to futures, it’s a practical way to understand how margin calls and liquidation actually work before converting naira into risk capital. Not a luxury — a necessity. Any crypto derivatives exchange in Nigeria worth considering should offer this kind of risk-free practice environment.

What to Watch Going Forward

Nigeria’s crypto regulatory picture is still developing, and how global exchanges adapt to local compliance requirements will determine which platforms remain accessible. The tiered access model works today, but the broader industry trajectory points toward tighter verification standards.

The more concrete metric to track: whether the platform keeps expanding its contract types and risk-management tools.