Business

Nigeria is stepping up its ambitions in Africa’s automotive market as Innoson Vehicle Manufacturing prepares to commission a major factory dedicated to compressed natural gas trucks and electric vehicles, signalling a push into cleaner transport and large-scale local manufacturing. The Executive Chairman of Innoson Group, manufacturers of Innoson vehicles, Mr. Innocent Chukwuma, has reaffirmed his long-standing commitment to domestic manufacturing …

Dangote Petroleum Refinery and Petrochemicals has dismissed reports that the $20 billion plant imports finished products into the country. Speaking on Wednesday, David Bird, MD/Chief Executive Officer (CEO) of the Dangote Refinery, said the facility only imports by-products like cracked gasoline which are further refined locally into finished products. According to him, imported byproducts include cracked gasoline, light cycle oil, …

State governments are now to bear the cost of electricity subsidy, along with the Federal Government, President Bola Tinubu, has directed. Funding for payment of the subsidy will now come from Power Assistance Consumers Fund, PCAF. PCAF is a government-backed financial pool designed to subsidise electricity bills for low-income and vulnerable households to ensure affordability in the face of rising …

The Coca-Cola Company is set to invest an additional $1 billion in its Nigerian operations, further deepening its footprint in the country and reinforcing long-standing US–Nigeria trade relations. The United States Embassy in Nigeria disclosed this in a social media post highlighting the role of American companies in driving bilateral trade and economic growth between both countries. According to the …

The Federation Account Allocation Committee, FAAC, shared a total sum of N1.969 trillion as the December 2025 Federation Account Revenue with the Federal Government, states, and the local government councils in Nigeria. In a statement by the Director of Press at Office of the Accountant General of the Federation, Bawa Mokwa, the revenue was shared at the January 2026 Federation …

Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has called on Nigerians to ensure they submit their annual tax returns as required by law. He emphasised that tax compliance is mandatory for both employers and individual taxpayers. Oyedele made the appeal during a webinar organised for HR managers, payroll officers, chief financial officers and tax …

Nigeria earned a total of N55.5 trillion from crude oil sales in 2025, according to an analysis of official production data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and crude price figures from the Central Bank of Nigeria (CBN). This figure represents an increase compared to the N50.88 trillion earned in 2024. NUPRC data reveals that Nigeria produced a …

The appointments of five out of the six executive directors of the Nigerian Revenue Service (NRS) were done in breach of the provisions stipulated in Part IV Section 17 (1) of the Nigerian Revenue Service (Establishment) Act 2025 signed into law by President Bola Ahmed Tinubu, Daily Trust reports. The Nigerian Revenue Service Act is among the four tax reform …

The House of Representatives on Thursday passed President Bola Tinubu’s N58.47 trillion 2026 Appropriation Bill for second reading. The 2026 budget proposal, titled “Budget of Consolidation, Renewed Resilience, and Shared Prosperity,” sailed through during plenary without debate. President Tinubu had presented the 2026 budget to a joint sitting of the National Assembly in December last year. The breakdown of the …

Traders at the Onitsha Main Market have pledged to end compliance with the Monday sit-at-home, declaring their readiness to resume full business activities in line with the directive of the Anambra State Government. The pledge was made on Thursday during an interactive session between Governor Chukwuma Charles Soludo and market leaders from across the state. The meeting followed the recent …