Category: Refined Living

The Federal Government has announced that Nigerian business visitors can stay in the United Arab Emirates for up to 90 days within a 12-month period, while intra-corporate transferees from Nigerian companies—including managers, executives, and specialists—can live and work in the UAE for a renewable three-year term. These provisions are part of the Nigeria–UAE Comprehensive Economic Partnership Agreement (CEPA), signed on 13 January 2026, which aims to expand market access for Nigerian products, businesses, and professionals, while encouraging increased investment flows between the two countries. In a statement, the Federal Ministry of Industry, Trade and Investment explained that the CEPA establishes a framework for mutual market access in services trade and sets clearer rules for the commercial presence of companies and the movement of professionals. Under the agreement, Nigerian business visitors can enter the UAE for 90 days per year, while intra-corporate transferees of Nigerian firms can stay for a renewable three-year period. Similarly, the UAE will allow entry for its professionals in line with Nigeria’s immigration regulations. The CEPA allows Nigerian companies to establish operations in the UAE through subsidiaries, branches, representative offices, or companies, while UAE service providers can also operate in Nigeria, subject to local laws and regulations. Services commitments cover 10 sectors from Nigeria and 11 sectors from the UAE, with market access for 99 Nigerian services and 108 UAE services. For Nigerian firms, opportunities in the UAE include tourism and travel-related services, such as hotels, restaurants, hotel management, and tourist guides. Creative and media services, including film production, digital media, entertainment, news agencies, and creative agencies, will be permitted, particularly within Dubai Media City. Professional services include legal consultancy on international law, accounting, auditing, taxation (excluding Zakat), architecture, engineering, urban planning, medical, dental, veterinary services, advertising, management consulting, and software development. Nigerian financial service providers can operate within the Dubai International Financial Centre, covering investment, corporate and private banking, capital markets, asset management, insurance, and reinsurance. In Nigeria, the CEPA opens the market to UAE service providers in financial services, health and environmental services, professional services, distribution, recreation, culture, sports, audiovisual services, telecommunications, and construction-related engineering services. All services and market access commitments are subject to relevant licensing, regulations, and certification requirements in both countries. Beyond services trade, Nigeria has removed tariffs on 6,243 UAE-imported products, while the UAE has eliminated tariffs on 7,315 Nigerian products under the pact. The agreement is expected to enhance market access for Nigerian goods, businesses, and professionals, while supporting investment flows and contributing to Nigeria’s non-oil export drive and economic diversification agenda. The CEPA was signed by Nigeria’s Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, and the UAE Minister of Foreign Trade, Dr Thani bin Ahmed Al Zeyoudi, in the presence of President Bola Tinubu and UAE President Sheikh Mohamed bin Zayed Al Nahyan. The ministry described the agreement as a comprehensive and practical pact expected to bring significant economic and strategic benefits, including expanded trade, improved market access, increased investment, and job creation, particularly for young Nigerians.

TECNO has brought artificial intelligence to the forefront of football fandom, hosting a series of AFCON watch parties in Nigeria that combined live match viewing with interactive, AI-driven experiences. The events, centred on Nigeria’s matches against Tanzania and Mozambique, transformed regular game nights into immersive fan gatherings that blended technology, lifestyle, and youth culture. In a statement on Wednesday, TECNO said the initiative aimed to show how AI can enhance entertainment and deepen fan engagement, particularly among young audiences who already see football as a shared cultural experience. Held in Lagos, the watch parties attracted football fans, influencers, and content creators, creating a vibrant social atmosphere beyond simply watching the game. TECNO integrated ELLA, its AI technology, into the events, allowing fans to engage through match predictions, trivia, and personalised digital content. The first event at VSP Lounge, Ikeja, during Nigeria’s group-stage match against Tanzania, featured music, conversations, and excitement ahead of kick-off. A TECNO booth became a key attraction, where attendees interacted with ELLA to predict match outcomes, answer AI-driven football trivia, and generate custom digital images. Fans could create visuals placing themselves alongside Super Eagles striker Victor Osimhen, turning their fandom into a personalised digital experience. Those who engaged successfully with ELLA received TECNO-branded merchandise, footballs, and other giveaways, keeping the atmosphere lively throughout the match. The second watch party at Cubana Night Club, Ikeja GRA, for Nigeria’s quarter-final against Mozambique, was transformed into a premium fan hub with large screens, curated lighting, and a high-energy social setting. ELLA again allowed real-time predictions, AI-generated content, and personalised digital keepsakes. Guests enjoyed cocktails, mocktails, and curated food platters, while live commentary and trivia kept excitement high. Goal celebrations spread across the venue, highlighting football’s unifying social power. TECNO said the watch parties demonstrated ELLA’s versatility, showing that AI can extend beyond productivity into entertainment, community building, and fan engagement. By integrating AI into the viewing experience, the brand aimed to turn passive spectators into active participants. The initiative also reflected TECNO’s broader strategy of combining innovation with youth culture and everyday experiences. As the AFCON tournament continues, the company plans more interactive fan engagements, using ELLA to create immersive, personalised moments beyond matchday.

The Nigeria Infrastructure Debt Fund posted a profit of N23.63bn for the year ended 31 December 2025, up from N19.59bn in 2024. The fund, which invests in infrastructure loans nationwide, recorded a fourth-quarter profit of N6.75bn, compared with N5.91bn in the same period the previous year. According to its unaudited financial statements, total income for 2025 rose to N25.78bn from N21.58bn in 2024. Interest income on infrastructure loans contributed N21.56bn, while net fair value gains on loans and other income added N1.0bn and N3.21bn, respectively. Total operating expenses were N2.15bn, slightly higher than N1.99bn in 2024. By the end of 2025, the fund’s total assets were valued at N137.79bn, up from N120.74bn the previous year. Cash and cash equivalents increased to N40.2bn from N25.78bn, while financial assets held at fair value through profit or loss rose to N95.86bn from N93.37bn. Liabilities edged up marginally to N7.05bn from N6.99bn, resulting in net assets of N130.74bn, compared with N113.75bn in 2024. The fund’s net asset value per unit grew to N109.28 from N107.79, with total units increasing to 1,196,358 from 1,055,292. Distributions paid and payable to unitholders for the year amounted to N21.88bn, slightly higher than N19.37bn in 2024. The fund has also committed an additional N3.0bn to investments and approved two new projects totaling N35.4bn, which are currently in the documentation stage.

The Federal Government clarified on Thursday that value-added tax (VAT) on banking services is not a new policy, following reports suggesting the levy had recently been applied to electronic money transfers and other banking transactions. The clarification came after complaints from customers who believed fresh charges were being imposed at a time of rising inflation and higher living costs. In a statement, the Nigeria Revenue Service (NRS) said existing tax laws already require banks to charge and remit VAT on fees and commissions for services such as transfer fees, USSD transactions, card issuance, and account maintenance. The agency emphasized that banks act as collection agents under Nigeria’s established VAT regime and that no new tax has been introduced. “The Nigeria Tax Act did not introduce VAT on banking charges, nor did it impose any new tax obligation on customers in this regard,” said Dare Adekanmbi, Special Adviser on Media to the NRS Chairman, Zacch Adedeji. The NRS explained that the government is now focusing on strengthening enforcement and compliance. Banks, microfinance institutions, and electronic money operators are required to ensure proper collection and remittance of VAT according to the Nigeria Tax Act. Payment platforms, including fintech company Moniepoint, had previously informed customers that from January 19, 2026, VAT at 7.5 per cent would apply to service charges on mobile money transfers, USSD transactions, and card issuance. The company clarified that VAT applies only to service fees—not to the amounts being transferred—and that the move is a statutory requirement, not a price increase. The NRS stressed that the change relates to enforcement, not the law itself, reminding financial institutions of their obligation to remit VAT already collected. The renewed enforcement effort is part of a broader initiative to standardize VAT collection in Nigeria’s digital financial sector, enhance transparency, and boost revenue amid the country’s growing digital economy. Moniepoint further clarified that services exempt from VAT include interest earned on deposits and savings, as well as essential goods, education, and medical services. VAT will be clearly itemized on transaction statements. “Services that do not attract VAT include interest on loans and advances and interest on deposits and savings. This is not a price increase by Moniepoint. The company is required to collect and remit VAT to the NRS,” the fintech said. It added that all banks, microfinance institutions, and electronic money operators must begin collecting and remitting VAT by January 19, 2026. In addition, Nigerian banks in December began applying a N50 stamp duty on electronic transfers of N10,000 and above, a charge previously known as the Electronic Money Transfer Levy, now formally reclassified as stamp duty.

US investors are increasingly betting that the stock market rally, long led by technology giants, will expand to include industrial, healthcare, and small-cap stocks, creating opportunities for these sectors to take on greater market leadership, according to Reuters. Tech leaders such as Nvidia, Alphabet, and Broadcom have powered a bull run that has lifted the S&P 500 by more than 90 per cent since the market bottom over three years ago. However, high valuations and uncertainty around the AI-driven rally have led investors to explore other areas of the market. “Conditions are likely in place for broader leadership to emerge, especially given elevated valuations in tech,” said Angelo Kourkafas, senior global investment strategist at Edward Jones. “There are pockets of value to be found beyond technology.” Since the end of October, industrial, healthcare, and small-cap stocks have outperformed the broader S&P 500, while tech stocks have shown some declines, Reuters reports. This points to a potential rotation in the market, with fourth-quarter 2025 earnings and 2026 projections expected to be key in determining whether the trend is sustainable. Analysts anticipate solid profit growth across a wide range of sectors this year. “Strategists have been predicting better earnings for a long time, but I really think it has legs this year,” said Nanette Abuhoff Jacobson, global investment strategist at Hartford Funds. “We are beginning to see AI benefits filtering through to a broader collection of sectors.” The “Magnificent Seven” tech companies, including Nvidia, Alphabet, and Apple, are projected to see earnings growth of 23.5 per cent in 2026, while the rest of the S&P 500 is expected to rise by 13 per cent, according to LSEG. Michael Arone, chief investment strategist at State Street Investment Management, noted that a narrowing of this earnings gap could further broaden market leadership. Analysts also highlight the equal-weight S&P 500, which tracks the performance of an average stock in the index, as evidence of the rotation: since the end of October, it has gained over five per cent, outperforming the standard index dominated by tech megacaps. “Investors are increasingly looking at sectors beyond technology, seeking value and growth across a wider market spectrum,” said Keith Lerner, chief investment officer at Truist Advisory Services. Despite the rotation, technology is expected to remain a major force in US equities. The sector accounts for roughly one-third of the S&P 500 and is projected to post earnings growth of more than 30 per cent in 2026, compared with 15.5 per cent for the overall index. Jack Janasiewicz, portfolio manager at Natixis Investment Managers, advised a balanced approach: “Tech still works; you don’t want to chase it, but you also don’t want to be underweight. At the same time, there is a wider range of opportunities in value-oriented sectors.” Analysts say the broadening of the rally could support the US stock market in 2026, with multiple sectors driving growth rather than relying solely on tech megacaps.

Nigeria imported around 1.31 billion litres of petrol in December 2025, according to data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). During the same month, the Dangote refinery supplied 992 million litres, marking a notable increase in domestic refining output compared with November. Total petrol supply in December averaged 74.2 million litres per day, with imports contributing 42.2 million litres and Dangote supplying 32 million litres daily. This represents a shift from November, when imports reached 1.57 billion litres and Dangote produced just 585 million litres. The average daily supply in November was 71.5 million litres, with imports at 52.1 million litres and Dangote supplying 19.5 million litres. The increase in total supply from 2.15 billion litres in November to 2.3 billion litres in December reflected seasonal demand pressures during the holiday period. Despite growth in local refining, some marketers continued to prefer imported petrol. NMDPRA noted that import licences were justified due to supply shortages in September and October 2025. In November, NNPC and other marketers imported 1.5 billion litres, with daily imports of 52.1 million litres—the highest since Dangote began petrol production in September 2024. In September, Dangote supplied 17.6 million litres per day while imports were 22.1 million litres daily. The President of the Dangote Group, Aliko Dangote, criticized the former NMDPRA Chief Executive for issuing what he described as “reckless licences” for fuel importation despite sufficient refinery stock, accusing the move of undermining the economy. He noted that licences for 7.5 billion litres were planned for the first quarter of 2026, even as Dangote guaranteed adequate supply. Dangote also disrupted the market by cutting pump prices from around N900 to N739 per litre during the period, incurring losses for both refiners and importers. The Dangote refinery has now begun night-time loading operations to maintain a daily petrol supply of over 50 million litres across Nigeria, marking a shift to full 24-hour operations. Managing Director David Bird said this move was necessary to meet market demand and improve product evacuation turnaround times. He noted that in the second half of 2025, the refinery consistently delivered over 50 million litres daily, even while ramping up capacity in conversion and downstream units. Reports from the Major Energies Marketers Association of Nigeria (MEMAN) indicate that the landing cost of imported petrol remains above Dangote’s ex-depot price of N699 per litre, fluctuating between N750 and N780. This pricing gap has made it difficult for importers to compete with Dangote-backed MRS stations. When Dangote reduced his gantry price by N129 in December, the move aimed to keep retail prices below N740 during the holiday season and to discourage unnecessary importation.

To fully harness Nigeria’s electricity potential, the country must carefully review the terms and conditions attached to foreign aid in the power sector, according to a recent study published in the Energy Research & Social Science Journal. The study, titled “Energy Transition in the Global South: Donor Bargains and the Future of the Aid Machine”, was authored by Monica Maduekwe, founder of PUTTRU. The journal is a peer-reviewed publication by Elsevier that explores the intersections of energy systems, markets, policy, climate change, and societal impacts. The research analysed several West African countries to show how financial pressures affect aid negotiations and, in turn, shape institutional performance in the power sector. It found that nations facing significant financial stress are more likely to accept aid conditions that limit long-term planning and technical capacity, often trapping power sectors in reform cycles that look promising on paper but fail to deliver real improvements. The study notes, “Aid becomes costly because of the bargaining process. The terms under which aid is negotiated influence institutional outcomes long after projects end. Without careful attention, financial stress can lock countries into cycles where aid undermines the very institutions needed for development.” It highlighted that aid negotiations are not uniform; differences in leverage, tactics, and processes mean countries under high debt and heavy aid dependence have weaker bargaining positions. In such cases, donors may impose conditions that seem reasonable short-term but, over time, can erode governance, weaken institutions, and limit the ability to deliver reliable electricity and sustained development. The research warned of a dangerous feedback loop: financial stress reduces negotiating power, harmful aid conditions follow, institutional capacity is weakened, and the country’s ability to achieve independence from aid diminishes. The study urged Nigeria and other aid-recipient countries to adopt strategic approaches to aid negotiations, especially during periods of financial strain. Governments must evaluate vulnerabilities, understand their leverage, and recognise that poorly negotiated aid can compromise long-term development goals. PUTTRU is Africa’s leading provider of financial solutions for the energy sector.

The European Union has officially removed Nigeria from its list of high-risk jurisdictions for money laundering and terrorism financing, a move expected to ease cross-border transactions and boost investor confidence. The update, published on the European Commission’s website, follows Nigeria’s removal from the Financial Action Task Force (FATF) greylist in 2025 after implementing comprehensive anti-money laundering and counter-terrorism financing reforms. Under the new EU decision, enhanced due diligence requirements for transactions involving Nigeria will be lifted from January 29, 2026, pending procedural approval by the European Parliament and the Council of the European Union. The European Commission explained that the move reflects FATF decisions from its June and October 2025 plenaries, during which several countries were removed from the list of jurisdictions under increased monitoring. The Commission stated, “The EU has added new third-country jurisdictions to the list (Bolivia and the British Virgin Islands) and delisted several others, including Burkina Faso, Mali, Mozambique, Nigeria, South Africa, and Tanzania.” With Nigeria’s removal, entities covered by the EU’s anti-money laundering framework will no longer be required to apply heightened scrutiny to Nigerian-related transactions once the regulation takes effect. Reacting to the development, the Minister of State for Finance, Dr Doris Uzoka-Anite, described the decision as a major win for the country, noting that it will boost trade and investor confidence. Coordinating Minister of the Economy and Minister of Finance, Mr Wale Edun, also called it a landmark achievement, saying it signals to investors that Nigeria is committed to a stable, credible, and transparent business environment. Nigeria’s exit from the EU high-risk list is expected to reduce transaction costs, shorten payment timelines, strengthen correspondent banking relationships, and encourage foreign investment. Banks, exporters, fintechs, and other businesses engaging with European partners will face fewer compliance hurdles, potentially improving trade flows, remittances, and capital inflows. The move also reinforces Nigeria’s credibility as the country continues reforms to curb illicit financial flows and deepen integration into global financial markets. Nigeria was delisted from the FATF greylist in October 2025 alongside South Africa, Burkina Faso, and Mozambique, all of which strengthened their anti-money laundering and counter-terrorism financing frameworks in recent years.

The Central Bank of Nigeria has disclosed that about 20 deposit money banks have already met the new capital requirements under the ongoing banking recapitalisation programme, as the apex bank shifts attention to ensuring that stronger balance sheets translate into increased credit to the real sector. This was revealed by the Deputy Governor, Economic Policy, Central Bank of Nigeria, Dr Muhammad Abdullahi, while speaking on a panel at the launch of the Nigerian Economic Summit Group’s 2026 Macroeconomic Outlook in Lagos. Abdullahi explained that the recapitalisation exercise was designed to create stronger banks capable of supporting Nigeria’s ambition of becoming a trillion-dollar economy. According to him, the goal is to ensure that well-capitalised banks can extend affordable credit to small and medium-scale enterprises and businesses that drive economic growth. As the deadline approaches, he noted that progress has been significant, with about 20 banks already meeting the requirements and more achieving compliance daily. He added that activity within the Central Bank remains intense as institutions work toward full compliance by March. However, Abdullahi emphasised that recapitalisation alone is not enough, stressing that the priority must now be on productive, targeted, and sustainable lending. He said the Central Bank is focused on ensuring that increased capital bases are effectively channelled into sectors that support economic development. He further stated that over the past year, the apex bank has strengthened its regulatory capacity through the use of technology to closely monitor how recapitalisation impacts credit flow to the real sector, particularly to SMEs. He added that the Central Bank would intervene where banks fail to deploy increased capital into productive lending. Beyond the banking sector, Abdullahi highlighted Nigeria’s significant development finance challenge, estimating the country’s funding needs at about N230tn across key sectors. He noted that the combined capitalisation of development finance institutions is far below this level, creating a substantial financing gap. According to him, efforts are now focused on mobilising private sector capital, both locally and internationally, to bridge this gap. He said the Ministry of Finance has taken the lead on development finance strategy, with the Central Bank providing support through regulation and financial system stability. He also noted ongoing efforts to reform incentives within development finance institutions to ensure funds are deployed efficiently and responsibly. Abdullahi expressed optimism that closer coordination between fiscal and monetary authorities would yield visible results in the coming months as capital mobilisation improves. Also speaking at the event, the World Bank Group’s Senior Economist for Nigeria, Dr Samer Matta, said monetary authorities had largely exhausted the tools available to them in managing current economic challenges. Meanwhile, the Minister of State for Industry, Senator John Enoh, unveiled the National Industrial Policy, aimed at driving job creation, expanding manufacturing capacity, and reducing Nigeria’s dependence on imports. He explained that the policy is built on clear execution strategies, performance benchmarks, timelines, and alignment across trade, investment, finance, energy, skills, infrastructure, and regulation. The policy is structured around six pillars, including competitive industrial production, value-chain development and import substitution, MSME-to-industry transition, trade competitiveness and AfCFTA readiness, and strong institutional governance under a Nigeria-First framework. Enoh said the policy targets sectors such as agro-processing, solid minerals, petrochemicals, automotive, and pharmaceuticals, with defined local value-addition thresholds. He described the goal of increasing manufacturing’s contribution to GDP to 20–25 per cent by 2030 as ambitious but achievable. On MSMEs, he noted that while Nigeria has over 40 million small businesses, the key challenge is integrating them into industrial value chains through access to long-term finance, supply development, and relevant skills. He stressed that implementation would determine the policy’s success, adding that a detailed implementation framework would be unveiled alongside the policy. According to him, stability has been achieved and consolidation is ongoing, but the ultimate objective remains job creation and shared prosperity driven by disciplined execution and collective commitment.

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has explained that small-scale capital market investors are fully exempt from capital gains tax, stressing that the 2026 tax reform law is designed to protect low-income earners and boost disposable income. Oyedele made this known at the Cowry Quarterly Economic Discourse themed “Nigeria in 2026: Will Politics Trump Economic Reform?”, where he addressed concerns and misconceptions surrounding the new tax framework. He noted that the law grants automatic capital gains tax exemptions to individuals whose total proceeds from asset disposals do not exceed N150m, provided the gains are not more than N10m within a 12-month period. According to him, the exemption applies automatically without conditions or explanations. He added that pension fund administrators and real estate investment trusts also qualify for exemptions as long as proceeds are reinvested. High-net-worth individuals, he said, only become liable to capital gains tax when they permanently exit investments without reinvesting the proceeds. Oyedele described Nigeria’s capital gains tax regime as one of the most competitive globally, saying it promotes reinvestment, liquidity, and growth in the capital market. He assured investors that implementation guidelines are being developed to address grey areas, while any amendments requiring legislative approval will be forwarded to President Bola Tinubu. He also noted that most young Nigerians investing in digital and virtual assets do so on a small scale, making taxation fears largely unfounded. According to him, misinformation has discouraged youth participation in the stock market, with many wrongly believing investment returns attract taxes of up to 30 per cent. On the broader goals of the 2026 tax reform law, Oyedele said it aims to end the taxation of poverty, shield low-income earners, and ensure that those with greater capacity to pay contribute more fairly. He explained that Nigerians earning the national minimum wage are fully exempt from personal income tax, while the threshold for taxable income has been significantly raised after allowable deductions and reliefs. He recalled that earlier data presented to the government showed that about 96 per cent of personal income tax previously came from low-income earners, a situation he described as unfair and economically harmful, noting that such a system amounted to taxing poverty rather than supporting growth.