Business
Nigeria To Spend USD123.5BN On Industrial Minerals Development
The Ministry of Mines and Steel Development has estimated that over USD 123.5 billion will be required for the development of the country’s industrial minerals over the next five years (2023-2028).
Project Coordinator, MinDiver, Dr. Sallim Salaam, who discloses this, said that Nigeria is richly endowed with over 30 industrial mineral types found in about 752 locations.
He said that these minerals are at different stages of development, from exploration to mining, adding that the
key participants in the industrial minerals sub-sector are artisanal and small-scale operators who exploit feldspar, trona, kaolin, talc, silica sand and dolomite for the chemical polymer and pharmaceutical industries.
” Others are quarry operators that mine and process granites, limestone, and marble as aggregates for the construction industry, cement, and lime production.
” Also included are barite and mica for mud drilling in the oil industry and phosphates for fertilizer production and soil liming.
“Generally, the local production of industrial minerals has steadily grown from 43,725,070 tonnes in 2016 to 78 454,628 tonnes in 2021.
” Even at this level of progress, Nigeria currently imports over 80 percent of its industrial minerals for the local industries.
” The Federal Government is determined to develop the available industrial minerals to stimulate industrial growth further and for import substitution, ” he said.
The estimated cost for implementing the actions described in the roadmap is 123.5 USD, to be spent over five years, the direct economic benefit obtained from the substitution of mineral imports covers this cost.

Business
WEF 2026: Shettima commissions first-ever Nigeria House in Davos
The Vice President noted that although Nigeria House was conceived as a whole-of-government platform, bringing together leadership across trade, investment, foreign affairs, energy, infrastructure, technology, climate and culture, its success would ultimately be driven by private enterprise.
Vice President Kashim Shettima on Monday formally opened Nigeria House, the country’s first-ever sovereign pavilion at the 2026 World Economic Forum in Davos.
Speaking during the commissioning ceremony, Shettima said that nations do not prosper in isolation and stressed that Nigeria’s future growth depends on deliberate, structured engagement with the world.
“For the first time in our nation’s history, Nigeria stands at Davos with a sovereign pavilion of its own,” he said, adding that Nigeria House “reflects our intention, our seriousness, and above all our resolve to take a front-line seat in the discourse of the global economy, not as observers, but as participants with a clear sense of purpose.”
The Vice President noted that although Nigeria House was conceived as a whole-of-government platform, bringing together leadership across trade, investment, foreign affairs, energy, infrastructure, technology, climate and culture, its success would ultimately be driven by private enterprise.
Business
NTA didn’t introduce VAT on charges collected by banks — NRS
The Nigeria Revenue Service (NRS) wishes to address and correct misleading narratives circulating in sections of the media suggesting that Value Added Tax (VAT) has been newly introduced on banking services, fees, commissions, or electronic money transfers.
Photo: NRS chairman, Zacch Adedeji
The Nigeria Revenue Service (NRS) has clarified that the Nigeria Tax Act (NTA) did not introduce VAT on banking charges, nor did it impose any new tax obligation on customers in this regard.
In a statement made available to newsmen and signed by Dare Adekanmbi, Special Adviser on Media to the NRS chairman, Zacch Adedeji, the service said the claims are incorrect.
According to the NRS, VAT has always applied to banking services and was not introduced by the Nigeria Tax Act.
The statement reads:
“The Nigeria Revenue Service (NRS) wishes to address and correct misleading narratives circulating in sections of the media suggesting that Value Added Tax (VAT) has been newly introduced on banking services, fees, commissions, or electronic money transfers.
This claim is categorically incorrect.
“VAT has always applied to fees, commissions, and charges for services rendered by banks and other financial institutions under Nigeria’s long-established VAT regime.”
Business
LIRS gives employers Jan 31 deadline for filing 2025 tax returns
The Executive Chairman of LIRS, Dr Ayodele Subair, who gave the directive on Thursday, reminded employers that the obligation to file annual returns is in line with the provisions of the Nigeria Tax Administration Act 2025.
The Lagos State Internal Revenue Service(LIRS) fixed statutory deadline of January 31, 2026, for all employers of labour in the state to file their annual tax returns for the 2025 financial year.
The Executive Chairman of LIRS, Dr Ayodele Subair, who gave the directive on Thursday, reminded employers that the obligation to file annual returns is in line with the provisions of the Nigeria Tax Administration Act 2025.
Subair explained that employers are required to file detailed returns on emoluments and compensation paid to their employees, as well as payments made to service providers, vendors, and consultants, and to ensure that all applicable taxes due for the 2025 year are fully remitted.
He emphasised that the filing of annual returns is a mandatory legal obligation and warned that failure to comply would attract statutory sanctions, including administrative penalties, as prescribed under the new tax law.
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