Business
Ice -Cream Manufacturers Clamouring For Inclusion on CBN’s Milk Import List
Just Food Nigeria Limited, one of the indigenous ice – cream manufacturing companies in the country, says that the list of approved dairy importers should be enlarged by the Central Bank of Nigeria (CBN).
Recall that in 2020, the Federal Government, had through the CBN, gave approval to six dairy companies to import milk into the country.
The six dairy companies are FrieslandCampina WAMCO Nigeria; Chi Limited; TG Arla Dairy Products Limited; Promasidor Nigeria Limited; Nestle Nigeria PLC (MSK only) and Integrated Dairies Limited.
In the circular issued and dated February 11, 2020, the apex bank said that the approval was given in line with its objective to increase and improve the local production of milk, its derivatives and other dairy products in the country.
However, Mr. Apollos Ikpobe, the Chairman of Just Food Nigeria Limited, noted that there was a need now for for government to revisit the policy and enlarge the list.
” This is because there are so many businesses that are involved with dairy products conversion and processing such as infant formula, cheese, pizza, biscuits and Ice cream companies that are not on the list,” he said.
He said that consequently, the end users/consumers ultimately suffer by paying higher for products due to the difficulties arising from this and other challenging policies.
” The indigenous manufacturers should be encouraged with enabling policies, grants, subventions and with targeted funding to boost their capacity to produce, enhance comparative advantage and position them to effectively compete internationally.
This will result in more employment of our youths and greater contribution to our Gross Domestic Product,’ he said.
Business
CBN Holds Benchmark Interest Rate at 26.5% Amid Renewed Inflation Concerns
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR) at 26.5 per cent, maintaining the current stance after its two-day meeting that ended on Wednesday, May 20, 2026.
CBN Governor Olayemi Cardoso announced the decision, noting that the committee voted unanimously to hold all key parameters unchanged. The asymmetric corridor around the MPR remains at +500/-450 basis points, the Cash Reserve Ratio (CRR) stays at 45 per cent for commercial banks and 16 per cent for merchant banks, while the liquidity ratio is retained at 30 per cent.
The hold comes as headline inflation rose for a second consecutive month to 15.69 per cent in April 2026, up from previous levels, driven largely by food inflation at 16.06 per cent and higher transportation costs. Cardoso emphasised the need for a cautious and vigilant approach to anchor inflation expectations and safeguard macroeconomic stability.
This decision aligns with analysts’ expectations ahead of the 305th MPC meeting and follows the first rate cut in years implemented in February 2026, when the MPR was reduced by 50 basis points to the current 26.5 per cent.
The CBN Governor highlighted ongoing reforms, exchange rate stability, and efforts to improve food supply as factors supporting the disinflation process, even as global and domestic risks persist. The next MPC meeting is expected in July.
The retention signals the apex bank’s priority on taming inflation while monitoring the impact of previous policy actions on the broader economy.
Business
South African pension fund expresses interest in Dangote IPO
Dangote Group , in a statement shared on its official X handle, underscored increasing attention from African institutional investors towards projects considered critical to strengthening energy security, industrial capacity, food systems and regional economic resilience across the continent.
Photo: Aliko Dangote address representatives of South African pension fund, Tuesday May 19, 2026.
Representatives of South Africa’s Government Employees Pension Fund (GEPF) and the Public Investment Corporation (PIC) visited yesterday the Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited , and expressed interest in the upcoming Dangote IPO.
The planned IPO is expected to involve the sale of about 10 percent equity in the refinery through what the Dangote Group has described as a pan-African public offering.
Dangote Group , in a statement shared on its official X handle, underscored increasing attention from African institutional investors towards projects considered critical to strengthening energy security, industrial capacity, food systems and regional economic resilience across the continent.
According to the company, African investors and institutions are increasingly looking inward to support large-scale infrastructure projects capable of driving sustainable economic growth and accelerating industrial transformation across the region.
The engagement also comes as the refinery moves closer to its planned Initial Public Offering (IPO), which is expected to open up ownership of the facility to a broader pool of investors across Africa.
The company noted that ongoing engagements with major institutional investors reflect growing recognition of strategic infrastructure as a key driver of Africa’s long-term economic transformation and industrial expansion.
Business
NRS Enforces Unified Tax ID system for all taxable persons in Nigeria
In addition, NRS said that the Tax ID framework would harmonise taxpayer information across all levels of government.
Nigeria Revenue Service (NRS), in collaboration with the Joint Revenue Board (JRB) commences the implementation of a new Taxpayer Identification (Tax ID) system for all taxable persons in Nigeria.
The agency announced this via a public notice issued on Monday.
NRS said that the initiative is in line with Sections 6, 7 and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in the country to obtain a Tax ID.
The agency explains that taxpayers will now operate with a single tax identity for all tax-related transactions and engagements across the country.
The NRS added that the initiative would simplify tax compliance processes, including registration, tax filing, and payment procedures.
It also noted that the system would improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection.
In addition, NRS said that the Tax ID framework would harmonise taxpayer information across all levels of government.
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