Business
FG approves tax waivers for 4,000 electric vehicles
Nigeria’s 2022 Energy Transition Plan targets electric vehicles accounting for 60 per cent of the country’s vehicle fleet by 2050. However, the country is still at the early stages of the transition.
The Federal Government has approved tax waivers for almost 4,000 electric vehicles imported into Nigeria in the first half of 2026.
Government data reviewed by Reuters in a report on Wednesday showed that the approvals represented the first batch processed under a new government initiative designed to encourage the adoption of cleaner vehicles through tax incentives and local vehicle assembly programmes.
The move signals an intensification of Nigeria’s efforts to shift part of its transport system away from petrol and diesel vehicles, even though the country’s electricity supply remains far below the level required to support large-scale electric vehicle adoption.
Nigeria’s 2022 Energy Transition Plan targets electric vehicles accounting for 60 per cent of the country’s vehicle fleet by 2050. However, the country is still at the early stages of the transition.
Official data on the current number of electric vehicles on Nigerian roads is unavailable, but dealers cited by Reuters estimated that EVs account for less than one per cent of the country’s vehicle fleet, translating to only tens of thousands of vehicles.
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Business
WEF could appoint Lagarde as its next chair, sources say
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
•European Central Bank President Christine Lagarde
The World Economic Forum could appoint Christine Lagarde as its next chair as soon as next month, four people close to the organisation told Reuters, meaning she would step down early as European Central Bank chief and trigger a wider reshuffle at the top of the ECB.Lagarde’s ECB term is scheduled to end in October 2027.
Leaving early would give European Union leaders a chance to pick a new ECB President before France’s spring presidential election, which opinion polls suggest the far-right could win, and could pave the way for a deal involving two other senior ECB roles.
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
No final decision has been taken yet, they said.
A spokesperson for the WEF said the forum could not confirm when the next full Board of Trustees meeting would take place, but that the aim was to hold one before the end of the year.
Business
Germany plans tax on sugary drinks
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
The German cabinet has approved draft legislation to tax sugary drinks in Europe’s biggest economy.
If passed by the German Bundestag, the tax will take effect on 1 July 2027.
The coalition aims to raise revenue for the federal budget while encouraging manufacturers to reduce sugar content and offer healthier products.
The levy is intended to ease pressure on the healthcare system, which faces costs of more than €2 billion every year linked to the high consumption of sugary drinks, which contributes to obesity, diabetes and tooth decay.
According to the federal government, Berlin is using the tax to implement “what associations from the fields of health, science, child protection, and consumer protection have long been demanding.”
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
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