Business
Chinese Investing $1bn into Nigeria’s sugar Industry
In the agreement, SINOMACH is set to start by constructing a sugar production plant and sugarcane plantation with an annual production capacity of 100,000 metric tonnes, while the NSDC will facilitate and assist in obtaining the necessary authorisations, approvals and permissions to undertake the project.

SINOMACH, a Chinese conglomerate, is investing $1 billion in Nigeria’s sugar Industry.
The memorandum of understanding for the development of a sugarcane cultivation and processing plant capable of producing one million metric tonnes of sugar has been signed by the investor and the National Sugar Development Council (NSDC).
In the agreement, SINOMACH is set to start by constructing a sugar production plant and sugarcane plantation with an annual production capacity of 100,000 metric tonnes, while the NSDC will facilitate and assist in obtaining the necessary authorisations, approvals and permissions to undertake the project.
While SINOMACH is expected to contribute its vast expertise, resources, and experience in the execution of the project on an engineering, procurement, and construction (EPC) basis, the biggest advantage of the arrangement is that the Chinese conglomerate would also be financing it.
Speaking at the signing ceremony in Abuja, the Executive Secretary/CEO of NSDC, Kamar Bakrin, said that 2025 represents a pivotal year for accelerated development in Nigeria.
Bakrin said: “It is a critical period during which we expect to make significant strides in our national journey towards economic self-sufficiency and food security, especially given the fiscal pressure that Nigeria faces.“
A robust sugar industry will deliver several benefits to Nigeria. These include the creation of thousands of sustainable jobs across the value chain. Sugar, by its very nature, leads to extensive rural infrastructure development.
For Nigeria, it will also result in substantial foreign exchange savings, as it will substitute imports, which currently account for the bulk of the country’s sugar consumption.
We envision a sugar sector, when fully developed, that will serve as a blueprint for Nigeria’s broader industrialisation strategy. And, of course, China, being the world’s leader in industrialisation, can easily relate to this.
“We believe that the sugar industry can serve as a model in this regard, as it allows us to adopt a creative and transformative approach to achieving scale and speed – critical elements for Nigeria’s development.
Specific elements that we believe, if successfully implemented in the sugar sector, can be replicated in other areas of Nigeria’s industrialisation include a strategic approach to sector development, the establishment of enabling policy frameworks, effective aggregation of critical production inputs, acquisition of technical skills and competencies and innovative financing solutions.”
He said that the signing marked the beginning of what could evolve into a long-term relationship capable of delivering as much as one million metric tonnes of locally produced sugar, thereby strengthening the country’s domestic production capacity and reducing import dependence.
“It is indeed a unique model, as it combines both EPC and development financing—an essential requirement for agro-industrial development in the country,” Bakrin said.
The Vice President of SINOMACH, Li Xiao Yu, acknowledged that as Africa’s largest economy, the country’s vigorous implementation of the NSMP to achieve self-sufficiency in sugar production is laudable.
“We deeply admire this vision – it is not only an industrial policy but also a sweet revolution tied to food sovereignty and economic dignity.
We firmly believe that, through joint efforts, the success of the plantation and sugar mill project will enhance Nigeria’s sugar self-sufficiency, spur economic development in surrounding areas, create substantial employment, modernise the agricultural value chain, and generate long-term and sustainable social benefits.
“We view our partnership with NSDC not merely as a commercial endeavour, but as a concrete step toward implementing the shared vision of our two Heads of State to enhance agricultural cooperation and promote common development,” he said.
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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