Business
Afreximbank Makes Nigeria Permanent Regional Office
President Bola Tinubu, represented by the Secretary to the Government of the Federation, Dr. George Akume, highlighted the AATC’s strategic importance, its pivotal role in shaping Africa’s economic future, and its potential impact on the continent’s trade and investment landscape.
The African Export-Import Bank (Afreximbank) says its goal to make Nigeria permanent regional office, has been achieved with its just commissioned $120 million Afreximbank African Trade Centre (AATC) in Abuja.
The President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah, said , noting that the project, which began in November 2021 in Abuja, has brought a three-decade-old aspiration to fruition.
“This project marks the first of seven planned Afreximbank African Trade Centres (AATCs) across Africa, including Kampala, Uganda, Harare, Zimbabwe, Cairo, Egypt, Yaoundé, Cameroon, Tunis, Tunisia, and Kigali, Rwanda,” he said.
He emphasized that the project’s an initiative that aims to accelerate intra-African trade, deepen regional integration and foster economic transformation across the continent with a potential to advance the country’s ambition of emerging as the regional hub.
He added , this AATC in Abuja has been a 41 -month journey—one built on hope and determination. Like the other centres, it will serve a multi-purpose function: as a hub for fostering deeper regional and continental integration.
Oramah expressed gratitude to the Federal Government for its unwavering support, describing the bank’s relationship with Nigeria as mutually beneficial and cordial.
“Over the last three decades, successive governments have extended unflinching support to Afreximbank—responding positively to capital calls, providing an enabling environment for smooth operations, and offering strong domestic policy support that helped implement numerous development programmes in Nigeria.
“With these, we expect to create a sizable network of AATCs that will serve as lighthouses guiding the interconnections and flow of trade and investment within continental Africa and between Africa and the Caribbean,” he added.
At the commissioning of the centre, the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, praised Afreximbank for its strategic foresight, describing the Abuja AATC as a “vital infrastructure” for the successful implementation of the AfCFTA.
She noted that as Nigeria positions itself as a key player in Africa’s economic landscape, the AATC is expected to catalyze investment, local entrepreneurship, and export promotion.
President Bola Tinubu, represented by the Secretary to the Government of the Federation, Dr. George Akume, highlighted the AATC’s strategic importance, its pivotal role in shaping Africa’s economic future, and its potential impact on the continent’s trade and investment landscape.
Meanwhile, the Abuja AATC comprises two interconnected nine-storey towers.
One tower features world-class commercial A-grade office spaces, a trade and exhibition centre, a conference centre, a technology and SME incubator, a Digital Trade Gateway and a trade information services hub.
The adjoining tower boasts a 148-room business hotel, seminar and meeting rooms, a wellness centre, a restaurant and other ancillary facilities.
These features are designed to provide a comprehensive ecosystem for trade and business activities, catering to the diverse needs of African businesses.
It also host office spaces for local and international financial institutions and policy organisations, ensuring a complete support system for trade and business activities.
Business
NRS Chair: New tax laws won’t be implemented until January
According to Adedeji, the Federal Inland Revenue Service, FIRS by the signing of the bills into Law is now the Nigeria Revenue Service (NRS), explaining that the new law now defines the NRS’s expanded mandates…
•President Bola Tinubu shake hands with NRS Chairman, Zach Adedeji.
The Chairman of the Nigeria Revenue Service (formerly FIRS), Zach Adedeji, has disclosed that the implementation of the newly signed four tax fiscal reform laws will commence by January 1st, 2026.
Adedeji told State House correspondents shortly after the President signed the bills into law, the previous day.
Adedeji said that the modalities will be put in place ahead of the implementation.
Adedeji further explained that the six-month period between the enactment of the new fiscal laws is designed to give ample time to those saddled with the implementation to carefully prepare and ensure that all Nigerians are adequately sensitised.
According to Adedeji, the Federal Inland Revenue Service, FIRS by the signing of the bills into Law is now the Nigeria Revenue Service (NRS), explaining that the new law now defines the NRS’s expanded mandate, including non-tax revenue collection, and lays out transparency, accountability, and efficiency mechanisms.
Business
President Tinubu List Economic Expectations from New Tax Laws
On his verified X handle @officialABAT, the President had said that the new tax laws form the groundwork for the Nigeria of tomorrow, focused on unlocking opportunities for all.
President Bola Tinubu said today that the four tax reforms bills he signed into law reflect his administration’s resolve to create a modern, transparent, and efficient tax system capable of supporting national development, promoting investment, and reducing the burden of multiple taxation on citizens.
President Tinubu explained that the laws would be unifying Nigeria’s fragmented tax system, remove redundant overlaps, boost investor confidence, enhance transparency, and promote coordinated efforts across all levels.
He also described the legislation as a clear departure from previous policies, emphasising that the reforms are designed to ease the burden on working families, small businesses, and low-income earners while eliminating inefficiencies that have long plagued Nigeria’s fiscal structure.
On his verified X handle @officialABAT, the President had said that the new tax laws form the groundwork for the Nigeria of tomorrow, focused on unlocking opportunities for all.
“We are also building a framework for the Nigeria of tomorrow-leaner, fairer and laser focused on unlocking opportunities for all,” he said.
He added : ” These reforms go beyond streamlining tax codes. They deliver the first major, pro-people tax cuts in a generation, targeted relief for low-income earners, small businesses, and families working hard to make ends meet.
Designed to overhaul Nigeria’s fiscal and revenue administration framework, the laws which have been described as a major leap in the nation’s economic reform drive.
“For too long, our tax system has been a patchwork-complex, inequitable, and burdensome. It has weighed down the vulnerable and shielded inefficiency. That era ends today.”
Business
Tinubu signs four Tax Reform Bills to law today
The bills were recently passed by the National Assembly following extensive stakeholders consultations and technical reviews.
President Bola Ahmed Tinubu will today (Thursday) sign into law four tax reform bills set to overhaul Nigeria’s fiscal landscape, streamline tax administration, and boost investor confidence.
The ceremonial signing is scheduled to take place at the State House, Abuja.
In a statement , Bayo Onanuga, Special Adviser to the President on Information and Strategy, said that the four bills are : the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill
The bills were recently passed by the National Assembly following extensive stakeholders consultations and technical reviews.
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