Latest news with #Abuja
Zawya
10 hours ago
- Business
- Zawya
Nigeria's Dangote aims to end Africa's fertiliser imports
Africa will be self-sufficient in fertiliser within 40 months, Nigerian billionaire Aliko Dangote said on Friday, on the basis of a planned expansion of his $2.5 billion plant on the outskirts of Lagos. Africa currently imports over 6 million metric tons of fertiliser annually as it struggles to produce enough food in often challenging growing conditions. The benefits of increasing domestic production would include reduced foreign exchange expenditure, which has been a major economic burden in Nigeria because of the weakness of the local currency. "In the next 40 months, Africa will not import fertiliser from anywhere. We have a very aggressive trajectory right now. We want to put Dangote to be the highest producer of urea, bigger and higher than Qatar - give me 40 months," Dangote said at the annual Afreximbank meeting in Abuja. Dangote runs Africa's largest granulated urea complex, which has annual capacity of 3 million tons, 37% of which it exports to the United States. It will need to double current output to achieve his ambition. Dangote has said he is not worried about the impact of Trump tariffs. Analysts say the market outlook for fertiliser is bullish, but there are also challenges and the kind of expansion Dangote seeks requires infrastructure to be built. "Any new fertiliser plant or expansion project faces cost overrun risks to the producer," Seth Goldstein, senior equity analyst at Morningstar Research, said. Mikolah Judson, an analyst at global risk consultancy, Control Risk, cited the need for "transport infrastructure and port capacity," saying "bottlenecks routinely delay various import and export projects in Nigeria". Dangote has a track record for delivering big projects. He also owns the Dangote Petroleum Refinery, Africa's largest, although its launch was repeatedly delayed and it exceeded its initial budget. He has said he intends to list the 650,000 barrels-per-day refinery next year and on Friday he also confirmed plans to list his fertiliser plant on the local stock exchange this year.
Zawya
11 hours ago
- Business
- Zawya
Nigeria: New tax regime's implementation to commence January 2026 — FG
President Bola Tinubu on Thursday signed into law four tax reform bills on key areas of Nigeria's fiscal and revenue framework. The bills passed by the National Assembly were signed during a ceremony held at the Aso Rock Presidential Villa, Abuja. The government has announced that the implementation of the new tax laws will commence on 1 January 2026, giving stakeholders a six-month transition period to prepare. The Federal Inland Revenue Service (FIRS) is, by presidential assent to the bills, now known as the Nigerian Revenue Service (NRS), as revealed by its Chairman, Zacch Adedeji. The bills are: the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill. The bills, which generated a lot of controversy, were passed by the National Assembly after months of consultations with various interest groups and stakeholders. 'When the new tax laws become operational, they are expected to significantly transform tax administration in the country, leading to increased revenue generation, improved business environment, and a boost in domestic and foreign investments,' Onanuga said. The presidential assent to the bills was witnessed by the Senate President, the Speaker of the House of Representatives, the Senate Majority Leader, the House Majority Leader, the Chairman of the Senate Committee on Finance, and his House counterpart. The Chairman of the Governors' Forum, Abdulrahman Abdulrazaq of Kwara State; the Chairman of the Progressives Governors' Forum, Hope Uzodinma of Imo State; the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; and the Attorney General of the Federation, Lateef Fagbemi, were also at the ceremony. One of the four bills is the Nigeria Tax Bill (Ease of Doing Business), which aims to consolidate Nigeria's fragmented tax laws into a harmonised statute. 'By reducing the multiplicity of taxes and eliminating duplication, the bill will enhance the ease of doing business, reduce taxpayer compliance burdens, and create a more predictable fiscal environment,' said the Presidency in a statement on Wednesday night. The second bill, the Nigeria Tax Administration Bill, will establish a uniform legal and operational framework for tax administration across federal, state, and local governments. The Nigeria Revenue Service (Establishment) Bill, the third bill, repeals the current Federal Inland Revenue Service Act and creates a more autonomous and performance-driven national revenue agency—the Nigeria Revenue Service. It defines the NRS's expanded mandate, including non-tax revenue collection, and lays out transparency, accountability, and efficiency mechanisms. The fourth bill is the Joint Revenue Board (Establishment) Bill. It provides for a formal governance structure to facilitate cooperation between revenue authorities at all levels of government. It introduces essential oversight mechanisms, including the establishment of a Tax Appeal Tribunal and an Office of the Tax Ombudsman. Meanwhile, the Chairman of the Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji, and the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, commended President Bola Tinubu's bold leadership in signing into law four historic tax reform bills, setting the stage for a complete overhaul of Nigeria's fiscal architecture. Speaking at a post-signing press briefing at the Presidential Villa, Abuja, Adedeji described the moment as 'a dream come true' and hailed the President's 'vision, courage, and commitment' to modernising the tax system. The four bills—the Nigeria Tax Reform Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and Joint Revenue Board (Establishment) Bill—were signed into law by Tinubu following extensive consultations and legislative processes. Adedeji announced that the implementation of the new tax laws will commence on 1 January 2026, giving stakeholders a six-month transition period to prepare. 'The effective date for implementation has been set for 1 January 2026, as announced by the relevant ministry,' he said. 'This gives us a full six-month window for robust sensitisation, thorough planning, and alignment with the government's fiscal calendar. A reform of this magnitude cannot be rushed.' He also revealed that the Federal Inland Revenue Service would now transition into the Nigeria Revenue Service (NRS) with an expanded mandate covering both tax and non-tax revenue, promising greater efficiency and transparency. In his remarks, Oyedele stressed that the reforms are pro-growth and pro-poor, aimed at improving equity, reducing burdens on vulnerable Nigerians, and stimulating economic development. 'Over one-third of workers in both public and private sectors will now be completely exempt from Personal Income Tax. More than 90% of micro, small, and nano enterprises are also exempt from Corporate Income Tax, VAT, and PAYE obligations,' he noted. Most significantly, Oyedele announced that essential goods and services, including food, healthcare, education, transportation, and accommodation, are now exempt from VAT, a move expected to lower the cost of living for millions of Nigerians. 'These essential categories account for over 80% of average household spending in Nigeria. By removing VAT, we're putting money back in the hands of ordinary people,' he added. Oyedele was clear that the tax reforms are not about increasing tax rates, but about closing loopholes, simplifying processes, and expanding the tax base through digitalisation. 'The new laws are designed to end discretionary waivers and ensure that tax incentives are accessible to all qualifying businesses, not just the well-connected,' he said. Speaking at the Presidential Villa shortly after the signing, House of Representatives member Hon. James Faleke and Senator Sani Mohammed praised the President's courage, especially in the face of initial resistance. Faleke said the National Assembly had taken its time to consult widely and harmonise over 70 disparate taxes across federal, state, and local governments. 'This is a product of deep consultations and compromise. And laws are not static. We're open to amending them if need be, in the national interest,' he said. Senator Sani Mohammed likened the reform to the removal of fuel subsidy, another tough but necessary decision by the Tinubu administration. 'This isn't about raising taxes. It's about plugging leakages, leveraging technology, and ensuring fair contributions across all sectors,' he said, adding that state and local governments should expect increased revenue from 2026 onward. Both Adedeji and Oyedele acknowledged that implementation will be the real test. 'No matter how beautiful the law, it's meaningless without proper execution,' Oyedele cautioned. 'Now is the time to move from legislation to action, and that will require a united effort from both public and private sectors.' Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Zawya
12 hours ago
- Business
- Zawya
Nigeria, Brazil sign $1bln deal to boost agriculture and food security
Nigeria and Brazil have signed a $1bn agreement focused on strengthening agriculture and food security in Nigeria. The partnership will deploy mechanised farming equipment, training programmes, and service centres to help transform Nigeria's largely subsistence agricultural sector. A drone view shows ships and containers at the Port of Santos, in Santos, Brazil April 3, 2025. Much farming in Nigeria is subsistence, and land is owned by families or individuals, which makes large-scale acquisition problematic. Nigeria also imports food for its 200 million-plus population. 'We are moving from subsistence to scale in agriculture, and in energy, we are taking long-overdue steps to attract serious investment into gas production, refining, and renewables,' says Kasim Shettima, vice president of the Federal Republic of Nigeria The agreements were signed in Abuja during a visit by Brazil's vice president, Geraldo Alckmin, to Africa's most populous nation. Shettima told his Brazilian counterpart that reforms embarked upon by President Bola Tinubu have helped reshape Nigeria's economy. Nigeria is targeting a $1t economy by 2030, with reforms to agriculture, energy, education, and public finance. The country has also asked banks to recapitalise to attract foreign investments.
The Herald
19 hours ago
- Business
- The Herald
US friendship 'could make Africa great again,' says Trump adviser
The African continent deserves balanced trade relations with the US and other economic regions, based on mutual respect and benefit. However, to achieve this Africa must be given the room to reform critical aspects of its economies. This is according to communications strategist and US President Donald Trump's adviser Jason Miller. He was addressing the African Export-Import Bank (Afreximbank) AGM in Abuja, Nigeria. Calling Africa 'the land of the future' and 'the land of limitless growth', Miller said that as the century passes by, the continent has an opportunity to redefine its trade relationship with the rest of the world and ensure that it is never exploited again. 'All of these changes have created a pivotal moment for Africa to seize its opportunities. But if these opportunities are not taken advantage of, Africa and its people risk falling further behind. And if Africa isn't strategic about how to take advantage of these opportunities and who Africa chooses as its closest allies, the continent itself risks being taken advantage of.' The Afreximbank AGM comes at a time when Trump announced major sets of tariffs, namely the section 232 tariffs aimed at protecting US industries and 'reciprocal tariffs', which were later suspended for three months. The announced tariffs had the effect of nullifying the trade benefits of the African Growth and Opportunity Act (Agoa), a piece of legislation that allows duty-free trade on specific items between the US and the continent. It is unclear if the US Congress will renew Agoa when it expires on September 30. Miller said that while Trump's second administration has been fast in seeking to redefine the global economy, the president was aware of the advantages that Africa had, including its minerals and its young population. 'As you know, the global economy is rapidly shifting. President Trump's leadership has restored America as the hottest country in the world to do business with. Technological advancements in the fields of AI, energy and so many other sectors are rapidly changing the future of our workforce. Calling China out by name, Miller said the US offered Africa 'something different' from 'sloppy' companies that polluted African ecosystems and shackled African sovereigns in unsustainable debt. He said the US and Africa could have a trade relationship characterised by 'mutual respect'. 'In the heightened demand for natural resources, critical minerals and rare earths to power the AI technological revolution [are] something Africa has and everybody wants. And, of course, Africa itself is growing rapidly. The sheer manpower available in Africa now and in the coming years, at a time when other areas in the world are facing population declines, creates a new dynamic that, too, will change the balance of power.' However, he said Africa's advantages heading into the rest of the 21st century include that it is projected to surpass Europe in economic size by 2050 to become the third-largest economic bloc in the world. 'For these reasons alone, Africa deserves more. Africa can, in fact, accomplish more. And working with the US, everything is possible. But it's Africa and Africa's leaders — you — that must make the choice. And, in fact, Africa must make several choices to realise this success.' He urged Africa to position itself for long-term success and refuse finance and investment arrangements that create endless debt for its economies. He said basics such as peace, food sustainability, energy, infrastructure and other needs should not be off the table as Africa negotiates investments with the world. 'The second point I want to raise — and I'm just going to be very blunt and take this head-on — is to attract these needed investments, African nations must continue making the needed reforms to improve the business climate. '[These are] ending corruption, enforcing contracts and the rule of law, [and] stabilising currencies. This isn't a wish list. This is exactly what is required to generate the critical investment Africa needs to realise its full potential.' He reminded delegates that the US was home to the No 1 pool of capital in the world, but said American capital was government and private capital, and this capital would 'demand results' and 'deliver accountability'. Repurposing his most famous client's election slogan, Miller said: 'Together we will make Africa powerful again. Together, we will make Africa wealthy again. Together, we will make Africa strong again. Together, we will make Africa proud again. Together, we will make Africa safe again. And together, ladies and gentlemen, we will make Africa great again.' He praised the Nigerian government for the 'gutsy' move of fixing the Nigerian currency, the naira, as this would stabilise the economy and allow US investments to flow in. He urged Africa to 'remember who its true friends are', pointing out the US's work in providing humanitarian aid, peacekeeping missions and Ebola relief on the continent. Magubane was invited to the AGM as a guest of Afreximbank TimesLIVE
Free Malaysia Today
20 hours ago
- Business
- Free Malaysia Today
Bots pushed anti-China narrative ahead of Ghana mining ban
The West African nation has long been home to an informal artisanal mining sector. (EPA Images pic) ABUJA : Before Ghana banned foreigners from its gold trade earlier this year, an online bot campaign pushed anti-Chinese sentiment, blaming Chinese nationals for exploiting the country and stealing its resources. The West African nation has long been home to an informal artisanal mining sector. However, recent years have seen foreign investors – including many Chinese nationals – bring in industrial equipment and operate without permits or regard for the environment, leading to accusations of land grabbing and the serious degradation of waterways. In April, the government took steps to rein in the 'galamsey' – as illegal mining is known – by banning foreigners from trading in Ghana's local gold markets and granting exclusive authority to do so to a new state body, the Ghana Gold Board (GoldBod). The move was seen as sending a major signal to foreign mining operators – especially Chinese ones. However, ahead of the ban, fake accounts impersonating real Ghanaians on X had been pushing a coordinated effort to link China to galamsey explicitly for at least nine months, accounts seen by AFP and reviewed by disinformation experts show. Such campaigns have become common around the world to try to influence real-life politics. Who was behind the push remains unclear. While Chinese nationals have been blamed for the mining crisis, the role of Ghanaians went mostly unacknowledged in the posts, even though many of the country's political elite have been accused of direct involvement or complicity. 'Corruption be big wahala (problem) for here – look at galamsey, when Chinese come inside, everything change sharp,' said one typical post in Ghanaian Pidgin English, which researchers contacted by AFP identified as written by a bot. 'We for keep eye on them, no let them steal we gold like they done in other countries,' they said. Another accused Chinese companies of wanting to 'exploit we (our) resources and leave we (our) people with nothing'. Disinformation experts contacted by AFP identified 38 accounts involved in the push – 'though there are likely far more', said Darren Linvill, a professor at Clemson University. Competing interests Almost all of the bots flagged by Linvill and his colleague Patrick Warren appeared to have stopped posting about galamsey by March, just ahead of the April ban. Many have since been deleted. One typical phrasing had been repeated by various bots since July 2024, a search on X showed – but stopped being used completely just hours after the rule was passed. 'China's role is significant, but it would be misleading to scapegoat foreigners alone,' said Senyo Hosi, an anti-galamsey campaigner. Grace Ansah-Akrofi, a police spokeswoman, said that officers have been 'vigilant and proactive in detecting and dismantling digital networks engaged in disinformation', but did not provide details on the bot campaign specifically. The Ghanaian government and the Chinese embassy did not respond to a request for comment. If the campaign was affiliated with the government, it would have had to span rival administrations: John Mahama was elected president in December after running for the opposition against incumbent Nana Akufo-Addo. Rabiu Alhassan, director of FactSpace West Africa, an Accra-based fact-checking and disinformation research group, cautioned that many international and domestic players have mining interests in Ghana. He also pointed out that Ghana lies just south of the volatile Sahel region, where Russia, the West and other foreign powers have jockeyed for influence. Hot sauce and football The accounts also posted about hot sauce, a British football team and Russia's role in the conflict in Mali. Given the diverse targets, they are likely bots for hire, Linvill said – alhough attacking both Russia and China is 'unique'. Linvill also said that the campaign shed light on a 'blind spot' when it comes to disinformation and influence campaigns, where researchers often focus on Chinese, Russian and Iranian campaigns against Westerners. 'However, Westerners are not targeted nearly as much as non-Westerners,' he said. The most common culprits behind influence campaigns, he added, are governments trying to sway their own people. In May, the GoldBod announced its first arrests of foreign nationals since the ban. All the men in the group were from India.
