Economy
Buhari Assures Manufacturers Better Supply of Forex
By Aduragbemi Omiyale
Members of the Manufacturers Association of Nigeria (MAN) have been assured of better access to foreign exchange (forex) for importation of raw materials and machines that are not available locally.
This assurance was given by President Muhammadu Buhari when he held a meeting with the group on Wednesday in Abuja.
Mr Buhari said he would look into the issue of the supply of forex raised by the group, noting that, “Our strategic plan to boost manufacturing activities in the country is on course.”
“We will continue to improve the patronage of locally made goods, bridge the gap between skills required by industry and those provided by our tertiary institutions and ensure seamless access to long term finance for our Small and Medium-Scale Enterprises (SMEs).
“We recognize that MAN remains a key stakeholder in this journey and we will continue our engagement with you,” a statement issued by Mr Femi Adesina, spokesman to the President, disclosed.
Mr Buhari, when he met with the team led by the leader of MAN, Mr Mansur Ahmed, stated that the relevant Ministry would revisit their concerns about the increase in excise duties on the identified products and other tariff-related matters.
On the African Continental Free Trade Area (AfCFTA), the President said Nigeria would fast track the process of setting up the Designated Competent Authority that will superintend the administration of Rules of Origin and Commission as well as the automation for issuance of electronic Certificate of Origin.
He added that the federal government would also ensure that relevant structured platforms are established for monitoring and evaluation of the performance of the Ease of Doing Business and improved Government patronage of made in Nigeria products.
Affirming his belief that a private sector led economy is the way to create jobs in the country, President Buhari urged the leadership of MAN to continue to encourage manufacturers that government recognizes the resilience of their members and other private sector organisations in promoting a virile manufacturing sector in Nigeria.
“I beseech you to continue to support the government in our quest to provide the appropriate environment that will attract the necessary investment both domestic and foreign for the upliftment of the nation’s economy,” he said.
On the impact of COVID-19 on world economies, the President noted that while the pandemic had an adverse impact on the Nigerian economy with the attendant fluctuations in the price of oil, his administration has effectively contained the spread of the pandemic and other diseases.
He added that the federal government would continue to consistently deploy prudent means of judiciously utilising the limited revenue to sustain the economy and stimulate growth.
Mr Buhari also used the occasion to reemphasize that in spite of limited resources, his government has made appreciable progress in road and rail infrastructure development; provision of stimulus packages for the manufacturing sector; improvement in energy management and support for exporters with a view to improving the operating environment for businesses in Nigeria.
“These projects are there for all to see.
“Furthermore, we are vigorously pursuing reforms on ease of doing business and currently putting in place other necessary policy measures and incentives that will guarantee full recovery from the consequences of COVID-19, sustain economic development and further shield the economy from the potential impact of fluctuations in the price of crude oil in the global market.
“I have listened carefully to all the challenges enumerated by the President of MAN and would like to assure you that, like we have done in the recent past, we will give consideration to some of the constraints that are yet to be fully addressed, especially those that align with our policies and programmes for economic recovery and sustainable development.
“Let me assure you that this Administration is fully aware that the survival of Nigeria lies in Agriculture and having a viable domestic manufacturing sector.
“I must emphasise here that when I say Agriculture, I also refer to agro-allied business which is the value-added component in the value chain.
“A strong manufacturing sector creates more jobs and wealth for our people.
“It will usher in sustainable economic prosperity because we will produce what we consume as a nation and generate foreign exchange by exporting surpluses and by import substitution,” he said.
In her remarks, the Minister of State, Industry, Trade and Investment, Ms Mariam Katagum, pledged that the Ministry would continue to work with MAN in the areas of policy, trade and creating an environment to facilitate the growth of businesses in Nigeria.
“MAN is in business to create a climate of opinion in this country so that manufacturers can operate efficiently and profitably for the benefit of all,” she said.
Speaking at the event, the MAN president said the advocacy visit was largely motivated by two things: namely, to thank the President for all the support extended to the manufacturing sector since his assumption of office in 2015, and seek the urgent support of the federal government for the manufacturing sector to overcome the binding constraints to competitive manufacturing in Nigeria.
On the challenges facing the sector, the MAN president said the association has articulated remedial measures for these challenges in the Blueprint for Accelerated Development of Manufacturing in Nigeria, which will be formally presented to the President within the first quarter of 2022.
The MAN leadership, however, highlighted a few challenges that could be addressed in the immediate term in order to improve the manufacturing environment.
They include: inadequate supply of foreign exchange, inadequate electricity supply, poor access to long term fund, patronage of Made-in-Nigeria Goods and local content development, looming increases in tax rate, among others.
Mr Ahmed also used the occasion to formally present the new logo and annual report of the association to President Buhari.
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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