Economy
High Mortality Rate of SMEs in Nigeria Worries Osinbajo
By Adedapo Adesanya
Vice President Yemi Osinbajo has assured that the demon, multiple taxation, would be tackled by the Presidential Enabling Business Environment Council (PEBEC) so as to allow the business environment in Nigeria to thrive.
Mr Osinbajo gave this assurance on Monday in Abuja at the First Abuja Small and Medium Enterprises (SMEs) Conference and Exhibition 2021 organised by the Abuja Chamber of Commerce and Industry (ACCI).
The event was aimed at providing solution strategies for resolving tax, regulatory, packaging and logistic challenges facing Nigerian SMEs, causing the sector to have a high mortality rate.
Mr Osinbajo, represented by Mrs Mariam Katagum, Minister of State for Industry, Trade and Investment, said the government was focused on improving the Ease of Doing Business and encouraging tax and fiscal responsibility.
He noted that the problem of taxation on the growth of SMEs in the country was exacerbated by a lack of reliable data for statistical analysis.
According to him, the mortality rate of SMEs in Nigeria is very high, and among the factors responsible for this are tax-related issues.
He said it was because of this that the government, through the Finance Act 2019 and 2020, amended various tax and fiscal legislation to align the Nigerian business environment with global standards.
“One of such amendments is the categorisation of companies into small, medium, and large companies, based on annual gross turnover as seen in the Finance Act 2019. The Act also has, as one of its strategic objectives, support to small businesses, in line with the Ease of Doing Business reforms.
“However, some of the specific challenges related to taxation are multiple taxations at the national and sub-national levels, non-clarity on the procedure and amount to pay and non-friendly tax administrators,” he said.
For SMEs to sustain their role of contributing to the mainstream economy, Mr Osinbajo said they must implement effective strategies in their business operations, inclusive of logistics.
He said the function of logistics is important to SMEs because it is the quintessence of the organisation’s relationship with suppliers and customers.
He noted some challenges related to logistics as high transportation costs, lack of quality delivery service and infrastructure, adding that the challenges related to packaging are non-availability of quality materials, high cost of materials and lack of an inbuilt culture of packaging.
To resolve some of these challenges, he said specific actions must be put in place to overcome them. He noted that the Muhammadu Buhari-led administration was taking measures like sensitisation and awareness creation, general capacity building and streamlining of taxes across the national and sub-national levels.
He listed others as the implementation of relevant sections of the Finance Acts, specific technical training on packaging and logistics, sharing of knowledge and peer review with SMEs in other jurisdictions.
He also called for strict observance of international standards, adding that regulatory authorities must develop friendly criteria for SMEs.
Mr Osinbajo noted that the conference is apt, in view of the African Continental Free Trade Area (AfCFTA), because several African countries have the scale to compete with Nigerian businesses in terms of productive capacity, packaging, exports and logistics.
By Adedapo Adesanya
The National Insurance Commission has issued new guidelines for the collection, management, and administration of the Insurance Policyholders’ Protection Fund.
In a circular issued to all insurance institutions on Tuesday, the regulator also set May 31, 2026, as the deadline for insurers to submit their assessment returns for the 2025 financial year.
Recall that on August 5, 2025, President Bola Tinubu signed into law the Nigerian Insurance Industry Reform Act ( NIIRA 2025).
This landmark legislation repeals the Insurance Act 2003, and consolidates related provisions, ushering in a modern regulatory framework. It lays a strong foundation for sustainable growth and increased investment in the country’s insurance sector.
The commission said the guidelines were issued in exercise of its powers under the 2025 Act and other existing insurance laws and regulations to provide regulatory clarity, improve guidance, and ensure ease of compliance across the industry.
According to NAICOM, the guidelines establish a comprehensive structure for the operation of the IPPF, which serves as a statutory safety net to protect insurance policyholders in the event of distress or insolvency of a licensed insurer or reinsurer. The framework also provides direction on the reimbursement of loans by insurers and reinsurers.
NAICOM stated, “The guidelines ensure regulatory clarity, guidance and ease of compliance, as it provides a comprehensive regulatory framework for the collection, management, and administration of the Fund, which serves as a statutory safety net designed to protect insurance policyholders against distress and insolvency of a licensed insurer or reinsurer, including guidance for the reimbursement of loans by an insurer or reinsurer.
“Please be informed that the IPPF Assessment Returns in respect of the year 2025 shall be submitted to the Commission not later than 31st May 2026, while subsequent submissions shall be in line with Section 4.3 of the Guideline on Insurance Policyholders Protection Fund.”
By Adedapo Adesanya
The Dangote Refinery on Wednesday returned the petrol price to N1,200 per litre, less than 24 hours after it increased it by 5 per cent.
The private refinery had raised the ex-depot price by N75 on Tuesday, citing pressure from volatile global oil markets, but quickly brought it back to N1,200 per litre from N1,275 per litre.
The swift downward review is directly linked to a sharp drop in international crude prices. Brent crude has plunged to $95.05 per barrel, after a 13 per cent decline, while the US West Texas Intermediate (WTI) crude closed at $97.18, recording nearly a 14 per cent drop.
This development comes after US President Donald Trump announced a conditional two-week ceasefire with Iran, which eased fears of immediate supply disruptions in the global oil market.
“This will be a double-sided CEASEFIRE!” Trump said on social media, marking a sharp reversal from his earlier warning that “a whole civilisation will die tonight” if Iran failed to comply with US demands.
Iran’s Foreign Minister, Mr Abbas Araqchi, confirmed that the country would halt attacks provided strikes against Iran cease and transit through the Strait of Hormuz is coordinated by Iranian forces.
Despite the breakthrough, tensions remain elevated across the region, with several Gulf states reporting missile launches, drone activity, or issuing civil defence warnings.
While oil prices have fallen back below $100, they remain significantly elevated after surging by a record amount in March. Market analysts noted that regardless of how successful the ceasefire is, geopolitical risk related to the Strait of Hormuz is likely to remain elevated for the foreseeable future under the control of Iran.
By Adedapo Adesanya
Crude oil deliveries from the Nigerian National Petroleum Company (NNPC) Limited to the Dangote Petroleum Refinery doubled in March, boosting prospects for improved fuel availability.
This was revealed by the chief executive of Dangote Industries Limited, Mr Aliko Dangote, on Tuesday, when he received the Deputy Secretary-General of the United Nations, Mrs Amina Mohammed, at the industrial complex in Ibeju-Lekki, Lagos.
While speaking on feedstock supply, Mr Dangote commended the NNPC for increasing crude deliveries to the refinery in March, noting that volumes rose to 10 cargoes—six supplied in Naira and four in Dollars—to support domestic fuel availability, according to a statement by the Refinery.
“Last month, they gave us six cargoes for Naira and four cargoes for Dollars,” he said.
Despite the improvement, Mr Dangote noted that the supply remains below the 19 cargoes required for optimal operations, with the refinery continuing to bridge the gap through imports from the United States and other African producers.
He also expressed concern over the unwillingness of international oil companies operating in Nigeria to sell to the refinery, stating that their preference for selling crude to traders forces it to repurchase at higher costs, with broader implications for the economy.
Mr Dangote added that the refinery is seeking increased access to domestically priced crude under local currency arrangements as part of efforts to moderate fuel costs and enhance long-term energy and food security across the continent.
On her part, Mrs Mohammed underscored the strategic importance of Dangote Industries Limited -particularly Dangote Fertiliser Limited—in addressing Africa’s mounting food security challenges, while calling for stronger global partnerships to scale its impact.
Mrs Mohammed said the United Nations would prioritise amplifying scalable solutions capable of mitigating the continent’s food crisis, describing Dangote’s integrated industrial model as a critical pathway.
“I think the UN’s job here is to amplify and to put visibility on the possibilities of mitigating a food security crisis, and this is one of them,” she said. “I hope that when we go back, we can continue to engage partners and countries that should collaborate with Dangote Industries.”
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