Business
NACCIMA Tasks FG “Don’t Stripe FTZs of Tax Exemptions “
FTZs association and companies were not formally consulted before February 20, 2024, when the chairman of the fiscal policies and tax committee, Mr. Taiwo Oyedele, who as a panelist at the 3rd Nigerian Economic Zones Association conference informed the FTZ community of the intended substantial amendment of the rules and laws regulating investment in the FTZs.
▪︎ Mr Taiwo Oyedele
The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) is urging the National Assembly to reassess the implications of stripping investors in the country’s Free Trade Zones of tax exemptions, as proposed in the Nigeria Tax Bill 2024 on the Free Trade Zone Scheme.
There are 50 FTZs in Nigeria and 48 were developed through private-sector investments.
The National President of NACCIMA, Dele Oye, expressed grave concern over the proposed amendments, particularly Sections 57, 60, 198(2), and 198(3), which threaten to dismantle key incentives that have sustained FTZ investments since the scheme was introduced through the Nigeria Export Processing Zones Act in 1992.
In the provisions outlined for the FTZs, the government seeks to introduce minimum tax rates and remove long-standing tax exemptions for businesses operating within FTZs.
Dele Oye, highlighted that stripping away established tax exemptions is a drastic measure that will diminish investor confidence and jeopardize Nigeria’s standing in the global investment community.
Dele Oye, who is also the Chairman of Nigeria’s Organised Private Sector, OPS, noted that since the inception of the FTZ scheme in 1992, through the Nigeria Export Processing Zones Act, businesses operating in these zones have significantly contributed to Nigeria’s economic landscape.
With special tax incentives, these zones were designed to attract investment, promote job creation, and foster industrialization.
However, the proposed amendments in the Tax Bill, particularly Sections 57, 60, 198(2), and 198(3), directly contradict this framework by introducing minimum tax rates and eliminating existing exemptions that have been instrumental in attracting investments.
He noted that the tax exemptions within the zones had been crucial in attracting investors, creating jobs, and generating over N650 billion in government revenue through Customs duties and related economic activities.
He noted that stakeholders were also not consulted before the tax reforms were announced.
“FTZs association and companies were not formally consulted before February 20, 2024, when the chairman of the fiscal policies and tax committee, Mr. Taiwo Oyedele, who as a panelist at the 3rd Nigerian Economic Zones Association conference informed the FTZ community of the intended substantial amendment of the rules and laws regulating investment in the FTZs.
Business
We didn’t shutdown Tummy Tummy noodles factory – NAFDAC
In a statement released on Wednesday, the Director-General of NAFDAC, Prof. Mojisola Adeyeye, clarified that the viral recording was not only misleading but also a recycled falsehood.
The National Agency for Food and Drug Administration and Control (NAFDAC) has issued a formal disclaimer concerning an audio recording circulating on social media.
The audio recording falsely claims the agency shut down the Tummy Tummy noodles manufacturing facility in Anambra State.
In a statement released on Wednesday, the Director-General of NAFDAC, Prof. Mojisola Adeyeye, clarified that the viral recording was not only misleading but also a recycled falsehood.
According to her, the same audio first appeared in Oct. 2023 and was thoroughly investigated at the time.
“The claims made in the recording are entirely false.
“The Tummy Tummy noodles facility in Anambra State was not sealed,” she stated.
Business
Illicit Financial Flows Draining National Resources – Adedeji
He emphasized the need to strengthen Nigeria’s domestic resource mobilisation to safeguard national wealth.
•Chairman of FIRS, Zacch Adedeji
On July 22, 2025, the Executive Chairman of FIRS, Zacch Adedeji, delivered the welcome address at the National Conference on Illicit Financial Flows in Abuja.
He emphasizied the need to strengthen Nigeria’s domestic resource mobilisation to safeguard national wealth.
He cited the recent tax reforms as a major step forward and highlighted the following as key points in his welcome address:
* Illicit Financial Flows through tax evasion, profit shifting and money laundering are draining national resources and threatening fiscal stability.
- The recent signing of four tax reform bills marks a critical step toward transparency, system overhaul, and stronger institutions.
- FIRS is responding with a multi-dimensional strategy: promoting voluntary compliance, embracing digital intelligence and enhancing enforcement under the Proceeds of Crime Act.
- * A need for unified, data-driven, and globally coordinated action to close fiscal gaps and protect Nigeria’s economic future.
Business
Just in: CBN Retains July Interest Rate at 27.5% , Says 8 banks meet recapitalisation target
The Governor of CBN, Mr. Olayemi Cardoso, disclosed this at the MPC briefing in Abuja this afternoon.
The Central Bank of Nigeria (CBN) has maintained the July Monetary Policy Rate (MPR) of 27.5 percent with all policy parameters.
The Governor of CBN, Mr. Olayemi Cardoso, disclosed this at the MPC briefing in Abuja this afternoon.
Mr Cardoso explained that the asymmetric corridor was retained at +500/-100 basis points around the MPR, leaving the Cash Reserve Ratio at 50 per cent for Deposit Money Banks and a general Liquidity Ratio of 30 percent.
He said that the decision to maintain the current MPR was premised on the need to continue to ensure the ongoing inflation reduction while vigorously ensuring declining prices.
The CBN boss revealed that as of July 18, the nation’s foreign reserve stood at 40.1 billion, which could provide import cover of nine and a half months.
He also disclosed that eight banks had achieved the new recapitalisation requirements.
The governor said the monetary and fiscal authorities would continue to work together to reduce the nation’s inflation rate to a single digit.
We didn’t shutdown Tummy Tummy noodles factory – NAFDAC
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