Economy
Udoma Briefs National Assembly On Economic Plan
By Modupe Gbadeyanka
National Assembly has been asked to join forces with the executive and ensure that the National Economic Recovery and Growth Plan (NERGP) does not end up as another beautifully bound document meant for the shelves.
Minister of Budget and National Planning, Mr Udoma Udo Udoma, while briefing a select joint committee of the National Assembly recently as part of consultations towards packaging a strategic and all inclusive economic policy document, said the need for the plan and its effective implementation was all the more imperative, especially given the current state of the economy.
Recalling that the country has had several beautifully packaged but hardly implemented economic plans in the past, he urged that every effort must be made to ensure that the new plan eventually does not suffer the fate of those before it.
To ensure the NERGP does not go the way of others, he disclosed that Government is putting in place a specially staffed Delivery Unit that will drive implementation of the NERG Plan through effective monitoring and evaluation.
He explained that the plan is structured in such a way that it will be the basis for all subsequent budgets, which is why the contributions and support of the National Assembly is very critical, to ensure the effective realization of the objectives.
The NERGP focuses on five broad areas namely: macroeconomic policy, economic diversification and growth drivers, competitiveness, social inclusion and jobs, and governance and other enablers.
Acknowledging receipt, and confirming consideration of earlier inputs from the National Assembly, the Minister told the members, drawn mainly from the relevant Committees of the two chambers, that “we are here to consult you in a more organized and focused way so as to further enrich the plan with further inputs from you.”
He told them that the plan is national in nature and will require inputs from the National Assembly and the sub-national governments. The time-frame for the plan is 2017 – 2020 and all subsequent annual budgets under the Buhari Administration will be driven by the NERGP.
“This plan builds on the previous development plans the country has developed, particularly the Vision 20-2020. The development of this plan is part of a process we have been working on since we came into government. We started with the Strategic Implementation Plan (SIP) for the 2016 Budget”, he explained.
The SIP was followed with the development of the Medium Term Sector Strategies (MTSS) for some selected big spending ministries; and subsequently the Medium Term Expenditure Framework (MTEF). All these documents were developed after extensive consultations with experts and relevant stakeholders.
The Minister told the legislators that regarding the NERGP, consultations already have been held with several stakeholders, including a retreat involving representatives of the private sector, academia, government officials and other stakeholders, which generated very insightful ideas on issues to consider in the plan. “We also held a roundtable with the Honourable Commissioners and Permanent Secretaries of State’s Ministries of Economic Planning and Budget, as well as our Development Partners”.
Explaining the scope of the plan, the Minister said it is a medium-term plan (2017-2020), which is expected to drive Nigeria to a minimum growth rate of 7% within the plan period.
“However, the fact that we are in recession means that the Plan is one that must also be designed to get us quickly out of recession. The NERGP therefore fulfils the dual goal of identifying short-term recovery initiatives to get us quickly out of recession, as well as presenting a medium-term growth plan.
“Our goal is to have an economy with low inflation, stable exchange rates, and a diversified inclusive growth. The proposed initiatives prescribed by the plan address the country’s poor competiveness, and are designed to improve the business environment and attract investment in infrastructure. Jobs and social inclusion are also key deliverables of the plan”, he explained.
In his response, the Chairman of the Session, Senator Gershom Bassey, who is also the Vice Chairman of the Senate Committee on Petroleum Upstream, said there is a need to focus on some very strong points of the economy, as trying to address all the economic challenges at once may be counter-productive.
While agreeing that there was need for effective implementation of strategic economic plans, Mr Bassey also emphasized the need for a balance-sheet approach to national development where inputs match outputs.
He suggested the domestication of the oil and gas industry as, according to him, the local content participation in the industry is embarrassingly low.
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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