Economy
Ways Firms Can Optimise Human Capital—PwC Nigeria
By Modupe Gbadeyanka
Organisations that will thrive in a constantly disrupted and divergent world will require adaptability, rethinking their employer value proposition and leveraging organisational data more effectively.
Human Resources department needs to take a more prominent role in enabling their organisations build these capabilities.
This was the overriding consensus that emerged at a breakfast meeting hosted by PwC’s People & Organisation (P& O) team on the theme Disruption in HR: Revving your game with strategic reward which recently held in Lagos.
The firm says that the current environmental realities present an opportunity for discerning HR leaders to deliver greater value.
The options open to HR leaders looking to achieve better results from their workforce and sustain employee engagement formed the crux of discussions at the breakfast meeting, which was well attended by HR leaders across industries.
Dr Bert Odiaka, PwC Nigeria Partner and Advisory leader, in his opening remarks at the event clearly illustrated the changing landscape when he noted: “The average tenure on a job for Millennials who will constitute 75% of the workforce in 2025 is now about five years. This is a major departure from the employment for life philosophy of older generations.”
The breakfast meeting featured presentations from various subject matter specialists drawn from across the firm. The discussions also addressed questions around how HR can be more innovative and flexible with rewarding and engaging employees in the face of shrinking budgets while also helping them increase their pay-outs through tax efficient reward.
Esiri Agbeyi, PwC Nigeria Partner and P & O Tax unit leader, commenting on the tax presentation made during the event highlighted that:
“HR leaders must help their organisations achieve a strategic balance between rewarding employees and costs to other relevant stakeholders. They can achieve this by adopting a multi-competency approach that considers the entire business and core strategic values.
“As an example, paying attention to tax advantages or leakages in determining a reward policy is critical to mitigating extra costs to both employees and employer, more so when such employees are internationally mobile and can pick up more costs in the host countries due to difference in tax treatments or the absence of a double tax treaty.
“We typically find this with long term incentive schemes such as share schemes where the cost consequences of accounting, tax and even foreign exchange implications should not be overlooked.”
Ibironke Tolu-Ogunpolu, PwC Nigeria P& O Advisory Competency Leader comments: “Drawing on our research on disruptive developments across various sectors and the future of work, we’ve identified key priorities for optimising talent – or human capital – today, while building for the future. Some of these include developing dynamic models for the workforce of the future, maximising the potential of digital talent exchange, digitising the work place to fuel productivity and integrating data analytics for decision making support. It is also important to redesign jobs and compensation models to reward contribution to business value.”
During the session, other presenters, Seyi Onasanya and Ade Ogunsanya, Senior Manager and Manager respectively of the P & O team also announced PwC’s upcoming 2016 REMbenefit and REMChannel Policies Survey. The survey which seeks to explore how benefit policies and practices compare between employers in Nigeria, will be published early 2017 and is now open for participation.
Speaking on the reward survey, Seyi explained that one way organisations around the globe retain talent is through robust and value adding benefit structures. Benefits form one of the key elements of any value proposition and it is essential for organisations to understand the landscape of current and future benefit trends in Nigeria and globally. PwC aims to achieve this through the survey findings, which will be published as a report and serve as a guide for Nigerian employers in decision making.
The breakfast meeting ended on a positive high with many participants welcoming the opportunity to share experiences, and discuss various trends that impact their contributions as HR professionals with subject matter specialists from PwC. They also welcomed the insights shared on best practice and ways they can better align their people strategy to help their organisations remain competitive today and in the future.
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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