Economy
Exporters Want OGFZA to Enjoy 7% Import Surcharge Fund
By Modupe Gbadeyanka
Federal Government has been urged to allow the Oil and Gas Free Zones Authority (OGFZA) benefit from the 7 percent import surcharge fund set aside for port-based agencies of government.
This appeal was made by the Association of Nigerian Exporters (ANE) during a courtesy visit on Managing Director of OGFZA, Mr Umana Okon Umana, in Abuja recently.
In 2006, the presidency approved the inclusion of OGFZA in the sharing of the import surcharge fund following the recommendation of the National Council on Commerce.
According to the president of ANE, Mr Sunny Jackson Udoh, the income from the fund would enable OGFZA provide facilities in the free zones to enhance the ease of doing business.
Also, Mr Udoh advised government to allow for the establishment of modular refineries in the country’s oil and gas free zones.
He explained that locating modular refineries in the oil and gas free zones would cut cost of such investments because of the regime of incentives that exempts free zone enterprises from import duties and other forms of taxation.
Speaking further, Mr Udoh urged government to appoint OGFZA the lead agency for the establishment of the modular refineries in the oil producing areas to replace the “illegal refineries,” adding that they should be modelled on the US export-oriented refineries to produce special products such as aviation fuel and industrial raw materials.
He said the advocated policy on modular refineries should go together with the establishment of oil and gas free zones in all oil producing states as a means of diversifying the economy.
The exporters association commended Federal Government on the policy that allows goods manufactured in the free zones to be exported into the Nigerian Customs Territory, irrespective of whether such goods are on the import prohibition list.
The ANE president also commended the leadership of OGFZA on positive changes in the free zones such as review of excessive tariffs; licensing of a new oil and gas free zone developer; the drive to facilitate the birth of new free zones to generate more jobs; and collaboration between OGFZA and the Nigerian Content Development and Monitoring Board to ensure higher level of value addition in free zone manufacturing processes.
The association made a couple of other advocacies, including suggestions that the Federal Government should set up a “dedicated statutory fund” for OGFZA to finance infrastructure development in the free zones.
They called for ANE-OGFZA collaboration in the promotion of investment roadshows, and expressed support for the ongoing process to amend the OGFZA law.
In his remarks, Managing Director of OGFZA, Mr Umana Okon Umana, expressed appreciation to the ANE for “the patriotic support of the programmes and policies of the Federal Government with regard to the attraction of FDI,” which he said, is at the core of the mandate of OGFZA.
Mr Umana said his management decided to review charges in the free zones to prevent erosion of incentives provided by law for investors, and to provide a level-playing field for all licensees in the free zones. He said similar patriotic intention informed the support of his management for the amendment of the principal law of the Authority to remove areas of ambiguity that tended to promote confusion and conflicts with sister agencies and reduce its effectiveness as a regulator.
Mr Umana expressed support for ANE’s call for a fund dedicated to infrastructure development in the free zones, adding, “We should provide amenities that investors would benefit from when they come.”
He lauded the ANE leadership for its “support of government efforts to restructure the economy and generate more exports, particularly in agriculture,” and said OGFZA was looking forward to working more closely with ANE in the years ahead.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.
The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.
According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.
The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.
“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.
The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.
According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.
“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.
The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.
By Adedapo Adesanya
Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.
This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.
Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.
The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.
During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
By Adedapo Adesanya
It was a horrible day for the Nigerian Naira in the different segments of the foreign exchange (FX) market on Monday, May 15, as its value further weakened against the United States Dollar.
In the black market window, the Naira lost N5 against the Dollar yesterday to sell for N1,390/$1 compared with the previous value of N1,385/$1, but at the GTBank forex counter, it remained unchanged at N1,383/$1.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), the Nigerian currency depreciated against the greenback by N2.66 or 0.19 per cent to sell for N1,373.70/$1 compared to last Friday’s rate of N1,371.04/$1.
Equally, it fell against the Pound Sterling in the same market segment by N9.05 to trade at N1,839.66/£1 versus N1,830.61/£1, and lost N5.42 on the Euro to close at N1,600.49/€1 versus N1,595.07/€1.
The performance of the local currency during the session indicates early worries despite all signals pointing to stability, amid improved Dollar sales by the Central Bank of Nigeria (CBN), with steady, higher oil receipts to bolster the nation’s reserves.
Activity at the market showed that turnover rose 57.3 per cent to $76.29 million on Monday from $48.49 million posted on Friday.
Over the weekend, S&P raised Nigeria’s credit ratings for the first time since 2012 and highlighted improved FX market liquidity and $10 billion turnover recorded in April 2026 as one of the major gains of the CBN-led FX reforms.
The agency said the liberalisation of the exchange rate has bolstered access to foreign currency and enabled a market-driven exchange-rate environment while supporting investor and consumer confidence.
Meanwhile, the cryptocurrency market was bullish on Monday as investors monitored developments in the Iran conflict and weighed the impact of surging oil prices on inflation and US interest-rate expectations.
Ethereum (ETH) gained 0.7 per cent to trade at $2,134.10, Cardano (ADA) rose by 0.6 per cent to $0.2515, Solana (SOL) expanded by 0.3 per cent to $85.11, Binance Coin (BNB) jumped 0.2 per cent to $643.29, TRON (TRX) increased by 0.03 per cent to $0.3565, and Bitcoin (BTC) advanced by 0.02 per cent to $76,912.12.
On the flip side, Dogecoin (DOGE) slid by 1.5 per cent to $0.1044, and Ripple (XRP) decreased by 0.5 per cent to $1.38, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
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