The Nation Newspaper

Category: Business

Budget Office cautions against speculation on Tax Reform Acts

The Budget Office of the Federation has defended the credibility of Nigeria’s recently enacted Tax Reform Acts.

In its defence, the Office cautioned against what it described as “governance by speculation and unverified claims,” following allegations that the laws were altered after passage.

A statement signed by Director-General of the Budget Office of the Federation, the Office, Dr. Tanimu Yakubu, said it had taken note of concerns raised by the Minority Caucus of the House of Representatives, stressing that the sanctity of the law is central to constitutional democracy and goes beyond procedural formality.

According to the statement, any suggestion that a law could be modified after debate, passage, authentication, and presidential assent without following due process would “strike at the core of the Republic” and undermine citizens’ right to be governed by transparent and stable laws.

However, Yakubu also warned that democratic stability is threatened when unconfirmed claims are amplified in the public space. “A nation cannot be governed by insinuation or sustained on circulating documents of uncertain origin,” it said, adding that public confidence, once shaken by speculation, is often difficult to restore.

The Budget Office noted that both government and citizens share a common interest in truth, clarity and due process, pointing out that public finance depends heavily on trust in the legality and clarity of fiscal laws. It welcomed the decision of the National Assembly to investigate the allegations, describing institutional inquiry — not conjecture — as the appropriate response to claims of illegality.

On access to the law, Yakubu acknowledged that Nigerians and the business community are entitled to clear and authoritative texts of all laws they are required to obey. It clarified, however, that the authenticity of legislation is determined by certified legislative records and official publication processes, not by informal or viral reproductions.

The statement drew attention to the importance of separation of powers, warning that claims suggesting that Nigeria is being governed by “fake laws,” if not backed by established facts, risk eroding confidence in democratic institutions. At the same time, it said legislative scrutiny should not be treated as antagonism, noting that oversight is a constitutional duty.

From a fiscal standpoint, the Office stated that legal certainty is essential for revenue projections, macroeconomic stability, budget credibility, and investor confidence. While acknowledging that it is not the custodian of legislative records, it observed that uncertainty around operative tax provisions directly affects economic planning.

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To restore confidence, the Yakubu proposed several measures, including publication of verified reference texts in a single public repository, orderly access to Certified True Copies for stakeholders, clear public explanations where discrepancies are alleged, and strict alignment of all implementing regulations with authenticated legal texts.

Responding to calls for suspension of the tax reforms, the Budget Office cautioned against allowing prudence to slip into inaction. It argued that properly implemented tax reform is necessary to reduce dependence on borrowing and inflationary financing, while easing indirect burdens on vulnerable citizens.

“Where clarification is required, it must be provided; where correction is required, it must be effected; where investigation is required, it must proceed,” the statement said, adding that governance and reform should not be stalled by unresolved conjecture.

The Office concluded by describing taxation as a democratic covenant that binds citizens and the state, insisting that compliance depends on transparency and trust. It called on political actors to protect institutions as much as positions, urging citizens and businesses to rely on verified sources and resist the spread of unauthenticated information.

Yakubu said the agency remains committed to fiscal transparency, institutional integrity, and reforms that advance national prosperity while safeguarding citizens’ rights.

January 1, 2026
‘How 6G satellite could bridge coverage gaps on smartphone’

The next generation of smartphones might connect to orbiting satellites as easily as they currently link to cell towers.

By 2030, according to a comprehensive analysis, mobile networks could integrate satellite capabilities so seamlessly that users wouldn’t notice whether their signal comes from ground infrastructure or spacecraft racing overhead at orbital velocities, according to StudyFinds’ publication.

International standards bodies are advancing specifications through successive technical releases, though deployment typically lags years behind specification completion. Companies like SpaceX, AST SpaceMobile, and Lynk Global have proven direct satellite-to-phone connectivity works in field tests, and smartphone makers are beginning to incorporate satellite modems into devices. The goal: extend coverage to areas cell towers can’t economically reach and reduce “no service” dead zones in remote regions, at sea, and during disasters.

StudyFinds said the performance targets are ambitious. While today’s 5G networks deliver peak speeds of 10 gigabits per second, the upcoming 6G standard (officially called IMT-2030) targets 1 terabit per second. Low-orbit satellites currently offer latency around 20-50 milliseconds, far better than older high-altitude satellites at 250 milliseconds, though still not quite as fast as ground-based networks.

Coverage would extend to areas cell towers can’t economically serve like remote villages, cargo ships crossing oceans, planes flying over polar regions, and disaster zones where infrastructure has been destroyed.

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According to StudyFinds, the fundamental challenge with current mobile networks is economics. Cell towers work well in cities and suburbs where high customer density justifies infrastructure costs. That math falls apart in rural areas where expensive equipment serves far fewer people spread across vast distances. Large populations worldwide remain without reliable internet access, concentrated in these underserved regions and developing nations.

Satellite systems have existed for decades, but they operated as separate networks requiring specialized equipment. Think satellite phones costing thousands of dollars, used mainly by ships, military personnel, and expedition teams. The shift involves integrating satellite capabilities directly into mobile networks that already power standard smartphones, allowing devices to switch between terrestrial and satellite connections.

The International Telecommunication Union (ITU) has set 2030 as the target for the 6G networks. The specifications require not just faster speeds and lower delays, but seamless integration between ground-based cell towers and satellites orbiting at various altitudes. Standards are advancing through 3GPP releases, though years typically pass between specification freeze and mass deployment.

The publication noted that three types of satellites will handle different jobs. High-altitude geostationary satellites (positioned about 22,000 miles up) stay fixed above one spot on Earth and can cover enormous areas (up to 2,000 miles wide) making them ideal for network management and control. Medium-altitude satellites operate between roughly 1,200 and 12,000 miles up, providing regional coverage and services like navigation. Low-orbit satellites, flying at just 300 to 1,200 miles altitude, circle Earth every 90 minutes and deliver response times of 20-50 milliseconds.

SpaceX has already launched over 5,000 Starlink satellites into low orbit. Amazon’s Project Kuiper and OneWeb are deploying competing networks.

According to the study, published in the journal Engineering, these “mega-constellations” represent a shift in satellite economics: instead of launching a few expensive satellites that must work perfectly for 15 years, companies now mass-produce simpler spacecraft that can be replaced more frequently. When one fails, dozens of others provide backup coverage.

The trade-off is coverage area. Each low-orbit satellite’s footprint spans just 60 to 600 miles across and remains visible for only minutes as the satellite races overhead. Achieving global coverage requires thousands of satellites working in choreography, with users’ devices transferring between satellites as one disappears over the horizon and another rises.

On the technical building blocks, the report noted that standards groups have spent the past five years advancing specifications, with details still being worked out for eventual deployment around 2030 and beyond. The work involves solving problems unique to moving satellites.

High-speed satellite motion creates Doppler effects that shift radio frequencies. Modern systems track satellite positions and adjust frequencies in real-time to compensate, similar to how an ambulance siren changes pitch as it passes. Getting this wrong means garbled signals and dropped connections.

Laser links between satellites represent another major advancement. Early satellite systems routed everything through ground stations, creating bottlenecks and gaps over oceans. Satellites now communicate directly with each other using laser beams that achieve 400 gigabits per second, more than 1,000 times faster than older radio links. Data can hop from satellite to satellite, often crossing continents with minimal ground contact until reaching its destination.

Managing transitions between satellites presents ongoing challenges. Devices must smoothly transfer connections as satellites move, with systems calculating optimal targets based on trajectory, signal strength, and capacity. Recent specifications include algorithms designed to predict handoff timing and adapt to usage patterns to minimize disruptions.

The applications for 6G satellite technology extend beyond phone calls in remote areas. Autonomous vehicles could operate with consistent connectivity rather than only in areas with 5G coverage. Emergency response could benefit when natural disasters destroy ground infrastructure, satellite-integrated networks could help restore basic communications more quickly by routing traffic through orbiting spacecraft while crews work on repairs.

Cargo ships could offer crews reliable broadband for communication while transmitting real-time monitoring data from onboard sensors. Airlines could provide more consistent WiFi service regardless of flight path. For developing nations, the technology offers potential to deploy hybrid systems where satellites beam internet to strategically placed ground stations serving surrounding communities, potentially reducing the need for extensive traditional infrastructure.

According to the report, the 2030 timeline for 6G faces uncertainties. Radio spectrum allocation remains contentious as satellite and terrestrial networks must share limited frequencies while avoiding interference with each other and aviation systems. International regulators continue working on coordination mechanisms.

Orbital debris poses growing concerns. SpaceX alone has regulatory approval for over 40,000 satellites, more than 10 times the total number of satellites launched in human history. Each becomes a potential collision hazard. Companies are designing satellites to burn up in the atmosphere after their useful life, but managing tens of thousands of orbital objects requires unprecedented coordination.

Power consumption presents technical challenges. Modern satellites that process data in orbit rather than simply reflecting signals demand substantial electricity beyond what solar panels easily provide. Add in power-hungry laser systems and beam-steering capabilities and satellites push available power limits.

Artificial intelligence (AI) will likely play increasing roles in managing these networks. Machine learning could help predict optimal routing through constantly shifting satellite positions, anticipate handoff needs, and allocate spectrum based on real-time demand; potentially allowing networks to adapt to actual usage patterns rather than following rigid rules.

StudyFinds said some smartphone manufacturers have begun incorporating basic satellite capabilities, enabling emergency text messaging when cellular coverage disappears. These early implementations are limited but demonstrate that mainstream phones can incorporate satellite modems without major size or cost increases.

Whether the industry meets the 2030 target depends on resolving spectrum disputes, managing orbital traffic safely, and finalizing technical standards while allowing time for deployment after specification freeze. Standards groups are advancing through releases, but years typically pass between specification completion and mass market availability. If successful, however, the technology could substantially reduce the distinction between “having service” and “being on Earth.”

January 1, 2026
Nigeria Revenue Service unveils official logo

• FIRS nows NRS

A new dawn in revenue administration in the country officially begins today as the Nigeria Revenue Service (NRS) which replaces the now rested Federal Inland Revenue Service (FIRS) unveils its institutional brand identity.

NRS came into operation following the signing of its enabling law known as the Nigeria Revenue Service Establishment Act 2025 by President Bola Tinubu in June 2025.

Speaking at the unveiling of the logo in Abuja, yesterday, the Executive Chairman of NRS, Zacch Adedeji, said the logo and other brand elements for NRS represent an important milestone in the evolution of Nigeria’s revenue administration framework.

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In a statement, the Special Adviser (Media), to the Executive Chairman, Dare Adekanmbi, quoted him as adding that “the unveiling of the NRS identity reflects a renewed commitment to a more unified, efficient, and service-oriented revenue system, one that is aligned with Nigeria’s economic transformation agenda and global best practices.

He said the new identity “signals continuity of purpose, strengthened institutional capacity, and a forward-looking approach to supporting taxpayers and national development.”

“The Nigeria Revenue Service remains committed to transparency, partnership, and service excellence. The unveiling of this new identity represents not an end, but the beginning of a strengthened relationship between the revenue authority and the Nigerian public—built on trust, clarity, and shared prosperity,” the statement said.

January 1, 2026
Alake’s solid minerals reforms on track, double revenue base to N70b

The resolve of President Bola Tinubu’s administration to reposition the solid minerals sector as the country’s alternative source of revenue and the introduction of far-reaching reforms and policies in the sector have triggered sectoral revenue increase by triple fold in the last two years.

This submission of operational turnaround in the sector was contained in a statement by the Special Assistant on Media to the Minister of Solid Minerals Development, Segun Tomori in Abuja yesterday.

In an overview review of the activities of the sector since Dr. Dele Alake assumed officeas the Minister of Solid Minerals Development, Tomori noted that the earnings from the sector rose from N16 billion in 2023 to N38 billion in 2024 and are now on track to more than double within two years.

“It is no happenstance that revenue from solid minerals has surged astronomically since the advent of the President Bola Tinubu administration

“From a paltry N16billion generated from the sector in 2023, it moved to N38bn in 2024 and is now set to cross the N70billion mark under the stellar stewardship of the Minister of Solid Minerals Development, Dr Dele Alake.”

Tomori recalled that upon assuming office, the minister moved swiftly to reposition the mining sector with a seven-point agenda aimed at attracting credible investors and restoring confidence in the sector.

“Since assuming office, Alake has redirected global attention to the nation’s mining sector in a manner quite unprecedented.

“The part of the reforms included revoking licences held by non-performing operators. In late 2023, 1,633 licences were revoked for default in payment of annual service fees, while another 924 dormant licences were revoked early in 2024 to free up space for serious investors,” he said.

This development has further increased the confidence of the local and foreign investors in the sector, with lithium processing factories emerging across the country and plans underway for a $400 million rare earth metals plant.

“It is estimated that close to $1.5bn in Foreign Direct Investment has been attracted to the sector since 2023,” Tomori said.

The media aide to the minister also highlighted the revision of the guidelines for Community Development Agreements to ensure that the consent of host communities became an integral part of the license application process.

On the disturbing challenge of illegal mining, Tomori said the establishment of a special purpose mining marshals in 2024 had begun to yield results.

“Just over one year after, over 300 illegal miners have been apprehended; about 150 are undergoing prosecution; and 98 illegal mining sites have been recovered,” adding that nationwide satellite surveillance of mining sites is expected to commence in 2026 to strengthen enforcement.

In order to ensure inclusivity of all tiers of governance in the sector, the minister introduced a cooperative federalism approach that allows states to apply for mining licences and operate as limited liability companies.

“This has produced tremendous results as several states now have joint venture partnerships that have yielded investments in Nasarawa, Kaduna, Abuja, Oyo, amongst others,” he said.

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Nigeria’s push for local value addition to refining minerals before exports is gaining continental acceptance, a development that led to the establishment of the Africa Minerals Strategy Group.

“The body of African ministers of solid minerals unanimously elected Dr Alake as its pioneer chairman. This is a testament to how his vision has positioned Nigeria as leading the continent’s mining sector renaissance.”

Tomori said reforms to improve the ease of doing business include the launch of the Nigeria Minerals Decision Support System, a web-based platform that provides investors with access to geo-scientific and geo-economic data, interactive maps and infrastructure details.

He, therefore, said it is no surprise that Nigeria is set to cross the N70billion mark in 2025, noting that though unprecedented. The target is still a drop in the ocean, considering the vast potential of the mining sector.

“The federal government is determined to build on the gains in 2026. We go again in 2026 to surpass this record by consolidating on reforms to ensure solid minerals ultimately become a major contributor to our nation’s Gross Domestic Product,” Tomori added.

January 1, 2026
Nigeria ready to consolidate strategic partnership with China

Nigeria has expressed readiness to consolidate and deepen the Comprehensive Strategic Partnership with China in 2026.

Director-General and Global Liaison of the Nigeria–China Strategic Partnership, Mr. Joseph Tegbe noted that emphasis will continue to be placed on cooperation that directly supports Nigeria’s development priorities, including economic diversification, infrastructure delivery, human capital development, technology transfer and long-term sustainability.

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Commenting on the future of the partnership, Tegbe expressed confidence that cooperation between both countries would continue to mature.

According to him, sustained engagement and shared commitment would ensure the delivery of lasting outcomes that advance the common vision of a China–Nigeria community with a shared future.

Tegbe also noted that the Federal Government has consistently upheld the One-China principle as the foundation of its diplomatic relations with the People’s Republic of China.

January 1, 2026
NNPCL profit after tax soared to N502 billion in November

•Rakes in N4.358tr revenue •Vows to complete AKK pipeline

The Nigerian National Petroleum Company Limited (NNPCL) yesterday said its Profit After Tax soared to N502 billion in November 2025 from the N447 billion recorded in October 2025.

This was contained in its November 2025 report, which also noted that in the period under review, the state-owned oil company raked in N4.358 trillion. It was a decline from the N5.08 trillion it earned in the previous month.

From January to October, according to the report, NNPCL made N12.117trillion statutory payment.

In the month under review, NNPCL crude oil and condensate output was N1.60 million barrels per day while natural gas production was 6.968 million standard cubic feet/day.

The report however explained that the November production performance was largely due to planned maintenance activities across key assets (Esso-Erha, Stardeep-Agbami, and Renaissance-Estuary Area) nearing completion, with production recovery expected at the end of December 2025 and continued delays with West African Exploration and Production Company Limited (WAEP) first oil.

While Ajaokuta Kaduna Kano Pipeline (AKK) was 90 per cent completed, the 127 kilometers Obiafu-Obrikom-Oben (OB3) Gas Pipeline project (OB3) recorded 96 per cent completion in the period under review.

NNPC stressed that “AKK (Mainline): Significant progress recorded with completion of the mainline welding works and pressure-testing. Project is on course to be completed in 2026.

“OB3 River Niger Crossing: All required equipment, materials and personnel mobilized to site; geotechnical data acquisition completed and early construction works ongoing in preparation for commencement of drilling.”

According to NNPCL, as at November there was 100 per upstream availability.

On Premium Motor Spirit (PMS) availability, the report said NNPCL Retail Limited stations recorded 61 per cent.

The report revealed that NNPCL has completed the 2025 scheduled facilities turn around maintenance (TAM), and production initiatives from JV, PSC, and NNPC Exploration & Production Limited (NEPL) assets in readiness for delivering the 2026 production plan.

In the period under review, NNPCL said it intensified collaboration with its partners through year-end and into 2026 to ensure improved production performance, maximise infrastructure uptime, and maintain high facility maintenance standards across all our assets.”

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The report said the rehabilitation of three wards at the National Orthopaedic Hospital, Igbobi Lagos, has reached 90.1 per cent completion as of November 30, 2025.

NNPC is also reviewing its portfolio and plans to sell non-performing fields, the people said, adding that the firm will likely meet more than half of its fundraising target.

The energy company owned by Africa’s top oil producer plans to develop some of the fields in-house and is expected to call for bids early next year, the people said.

A spokesperson for the NNPC declined to comment.

The company plans to boost oil output by 5% to 1.8 million barrels per day next year compared with 2025 and is targeting 4 million barrels of daily output by 2030.

It also targets the completion of the $2.8 billion Ajaokuta-Kaduna-Kano pipeline, connecting various segments to the main line from early next year, one of the people said.

Once ready, the pipeline will deliver gas at scale to parts of northern Nigeria including the capital of Abuja, supplying industrial parks, fertilizer plants and power-generation facilities.

January 1, 2026
CBN posts $4.6b balance of payment surplus, PMI hits 57.6 points

Nigeria recorded a strong external sector rebound in the third quarter (Q3) of 2025, posting an overall balance of payments surplus of $4.60 billion.

This is a sharp shift from the deficit position in the preceding quarter according to data released by the Central Bank of Nigeria (CBN).

Acting Director of Corporate Communications at the CBN, Hakama Sidi Ali (Mrs.), also announced that domestic economic activity strengthened further in December 2025, as the Composite Purchasing Managers’ Index (PMI) climbed to 57.6 index points.

In a statement issued on Tuesday, the apex bank said “the improvement was supported by a sustained current account surplus of $3.42 billion, supported by stronger trade performance, resilient remittance inflows, increased financial flows, and continued accretion to external reserves.”

According to the report, the goods account recorded a surplus of $4.94 billion during the period, reflecting higher export earnings. Crude oil exports rose to $8.45 billion, while exports of refined petroleum products increased by 44 per cent to $2.29 billion.

The Bank noted that this trend points to “further progress in domestic refining capacity and Nigeria’s gradual transition from a net importer to a net exporter of refined petroleum products.”

Total goods exports were recorded at $15.24 billion, while imports of refined petroleum products declined by 12.7 per cent, resulting in a stronger trade balance.

Workers’ remittances also remained firm, with the secondary income account registering a surplus of $5.50 billion, out of which $5.24 billion came from inflows sent home by Nigerians in the diaspora.

Developments in the financial account contributed to the positive BOP outcome, as Nigeria posted a net lending position of $0.32 billion. Foreign direct investment inflows rose to $0.72 billion, while portfolio investment inflows were put at $2.51 billion.

The CBN noted that these figures “reflect improved investor sentiment and continued non-resident participation in domestic financial instruments.”

Nigeria’s external reserves also recorded a notable increase, rising to $42.77 billion as at end-September 2025, compared with $37.81 billion at end-June. The Bank stated that this development strengthened the country’s external buffers during the period under review.

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According to the CBN, the Q3 2025 Balance of Payments performance points to firmer external sector conditions, rising investor confidence, and the continuing effects of policy reforms in the foreign exchange market, monetary policy operations, and the domestic energy sector.

In a separate update, the CBN announced that economic activity gained more traction in December 2025, as the Composite PMI remained above the 50-point expansion threshold.

The December 2025 PMI Survey put the Composite Index at 57.6 index points, which the Bank described as “the strongest activity momentum recorded in about five years.”

The report indicated that major employment-generating sectors sustained expansion during the month. Sectoral PMI readings showed agriculture at 58.5 points, industry at 57.0 points, while the services sector recorded 51.9 points, signaling broad-based growth in business output.

The Survey further revealed that 32 out of the 36 subsectors monitored recorded expansion in production levels, new business orders and employment. According to the Bank, the outcome reflects a steady recovery in domestic demand and rising productive activity, particularly within the non-oil economy.

The CBN attributed the improved PMI readings to the impact of ongoing macroeconomic stabilisation measures and efforts to support the operating environment and business confidence.

It said these interventions continued to “bolster job creation, production efficiency, and overall optimism about economic prospects in the fourth quarter of 2025.”

The December PMI reading, the Bank added, strengthens expectations of a stable growth outlook as Nigeria moves into the new year.

January 1, 2026
Group reports gains across maritime sector

The country’s maritime industry has achieved zero piracy incidents and 10-15 per cent improvement in ship turnaround times in 2025 while recording double-digit export growth in non-oil segments, but stakeholders warn the sector must urgently address cargo dwell times of 10-18 days and operational costs 30-40 per cent above regional competitors to consolidate gains in the critical year ahead.

The Sea Empowerment and Research Centre, in its New Year Maritime Outlook Communiqué, described 2025 as “neither one of dramatic transformation nor systemic collapse” but a transition year marked by policy articulation, institutional repositioning and early-stage reforms alongside persistent structural challenges threatening Nigeria’s competitiveness within the Gulf of Guinea.

Head of Research at SEREC, Eugene Nweke, stated the industry operated within four dominant realities: a new policy identity under the Federal Ministry of Marine & Blue Economy, intensifying regional competition particularly within the Gulf of Guinea, disruptive but inevitable port and customs modernization efforts, and severe macroeconomic instability, notably foreign exchange volatility.

He emphasised that 2026 offers a critical opportunity to convert policy intent into measurable performance outcomes.

Zero piracy incidents against commercial vessels were officially reported within Nigeria’s maritime domain and the Gulf of Guinea in 2025, reflecting sustained collaboration among the Nigerian Maritime Administration and Safety Agency, the Nigerian Navy, and licensed private maritime security operators including Tantita Ltd. This achievement gained, the centre said, added significance following Nigeria’s election into the International Maritime Organisation Category C Council, while the country maintained full compliance with key IMO instruments including the ISPS Code, SOLAS, and relevant safety and environmental conventions.

According to the report, the Nigeria Customs Service’s migration from NICIS II to the B’Odogwu Unified Customs Management System dominated trade facilitation discourse, recording short-term disruptions including system downtime and 10-20 per cent longer processing times in affected commands during early deployment. However, structural gains, it said, included deployment of non-intrusive inspection scanners across major ports and borders, expansion of the Authorized Economic Operator programme with compliant traders benefiting from reduced inspections, operationalisation of Advance Ruling aligning Nigeria with WCO best practices, introduction of geo-spatial surveillance and truck tracking reducing physical checkpoints, and strengthened centrally coordinated Post Clearance Audit.

“Overall, customs modernization in 2025 was disruptive but strategically irreversible, requiring consolidation in 2026,” the report stated, noting that Nigeria’s appointment of the Comptroller-General of Customs as Chairman of the WCO Council significantly enhanced the country’s global customs governance profile.

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Average ship turnaround time, it said, improved by an estimated 10-15 per cent in Lagos ports, primarily due to improved access roads and reduced truck congestion, while the most improved operational indicator was truck round-trip time, which reduced from 3-5 days in the pre-Electronic Truck Call-Up era to 24-48 hours in controlled corridors. However, it said the nation’s ports still trail regional competitors with Apapa and Tin Can typically requiring 5-7 days compared to Lome Port’s 2-3 days and Tema Port’s 3-4 days, while total ship calls into Nigerian ports were largely flat with marginal declines in some container and general cargo segments.

Port development and automation remained “one of the most articulated but least consummated reform areas in 2025,” according to the SEREC assessment. As of end-2025, it said, Nigeria operated over 15 distinct trade-related digital platforms across port agencies with limited interoperability, while human interface accounts for an estimated 60-70 per cent of cargo clearance touchpoints compared with below 30 per cent in leading regional ports. The National Single Window project, though widely accepted, remained largely at pilot and coordination stages, delaying expected reductions in clearance time, transaction costs and informal charges.

Average cargo dwell time, SEREC said, remained between 10-18 days compared to 7-10 days at Lome and Tema ports and global best practice of 3-5 days, with primary causes including multiple agency inspections, documentation duplication, and partial automation with system overlaps, though associated logistics costs remain above regional averages.

The cost of doing business in the country’s ports remained among the highest in West Africa, with key contributors including arbitrary and non-transparent charges, terminal handling costs estimated 30-40 per cent higher than comparable regional ports, overlapping levies and fees, and implementation of the 4 per cent FOB charge further increasing import costs. The report stated these factors “reduced Nigeria’s cargo competitiveness, accelerated cargo diversion, and reinforced the loss of trans-shipment hub status to Lome Port.”

Despite policy recognition, intermodal transport integration remained weak with rail evacuation accounting for less than 5 per cent of total port cargo movement, while inland waterways and pipeline logistics remain largely underdeveloped for cargo evacuation. “Without functional intermodal connectivity, Nigerian ports will continue to face higher logistics costs, congestion risks and limited regional dominance,” the report warned.

The unstable foreign exchange regime remained the single most destabilizing macroeconomic factor in 2025, causing frequent duty recalculations, rising cargo abandonment rates, import throughput decline in real volume terms, reduced ship calls, and heightened investor caution. “Given that over 80 per cent of maritime transactions are FX-denominated, currency stability remains non-negotiable for industry sustainability,” Nweke emphasised.

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According to the maritime think tank, the proposed National Revenue Authority and evolving Nigeria Economic Port Regulatory Agency generated stakeholder debate throughout 2025, underscoring the need for clarity, phased implementation and confidence-building measures, while the freight forwarding professional regulatory framework remained relatively inactive, limiting its impact on compliance and industry professionalism. In an encouraging development, it said, Nigeria recorded double-digit percentage increases in non-oil export segments in 2025, demonstrating growing diversification and providing foundation for optimising the maritime sector’s economic role.

SEREC’s overall scorecard rated Policy Direction as “Strong” and Institutional Visibility as “Improved,” reflecting government commitment and strategic positioning, while Port User Experience was assessed as “Moderately Improved” and Trade Facilitation remained “Transitional,” indicating progress but incomplete implementation. However, it said, Cost Competitiveness was rated “Weak,” Macroeconomic Stability “Fragile,” and Investor Confidence “Cautious,” highlighting vulnerabilities that could undermine achieved gains if not urgently addressed.

In conclusion, the research body projects 2026 will be decisive for the sector, contingent on consolidation of port automation and operationalisation of the National Single Window, achievement of foreign exchange stability for trade predictability, significant reduction in port costs and arbitrary charges, functional intermodal transport integration, clear operationalisation of port economic regulation frameworks, sustained maritime security gains, and continued export growth support through facilitation measures.

“The Nigerian maritime industry in 2025 laid important institutional and policy foundations, but competitiveness, predictability and cost efficiency must define the next phase,” the communiqué concluded, reaffirming SEREC’s commitment to objective analysis, constructive engagement and evidence-based advocacy in support of a globally competitive Nigerian maritime industry.

January 1, 2026
Odubiyi, Suleiman acquire 164m additional Sterling HoldCo shares

Yemi Odubiyi, Group CEO of Sterling Financial Holdings Company Plc, and Abubakar Suleiman, Managing Director of Sterling Bank Limited, have continued to mop up the Group’s shares, closing the year with a joint secondary market share purchase valued at N1.156 billion.

According to disclosures filed with the Nigerian Exchange Limited, both parties each acquired 164,000,000 ordinary shares at N7.05 per unit across two tranches on December 24 and December 29, 2025. Seven Degrees North Limited, linked to Yemi Odubiyi, purchased 82,000,000 shares worth N578.1m. Black Rising Ltd, related to Abubakar Suleiman, also acquired 82,000,000 shares worth N578.1m.

The Group leadership’s increased investment comes ahead of the confirmation of the N88.1 billion Public Offer results, a capital raise designed to expand retail banking reach and scale its wealth management subsidiary, SterlingFi Wealth, for broader market impact.

Odubiyi’s shareholding has climbed quickly over the past year, rising from 376,417,493 units in December 2024 to more than 811 million units, reflecting a steady increase in his investment in the institution’s long-term outlook. With 52.1 billion units in outstanding share capital, Sterling HoldCo’s Chairman, Adeyemi Adeola, continues to hold the largest stake among board members at 12.256 billion units (23.52%), reinforcing the company’s tightly aligned leadership structure.

Recall that in August, prior to the commencement of Sterling HoldCo’s public offer, Suleiman increased his stake in the company with the purchase of 19,684,442 share units valued at N160.6 million. Temitayo Adegoke, the Chief Operating Officer of Sterling Bank also acquired 5.7 million shares worth N39.4 million, while Seven Degrees North Limited made an indirect purchase of 20.8 million units valued at N141.5 million.

Sterling HoldCo’s shares have delivered more than 25% year-to-date returns, opening the year at N5.60, rallying to a peak of N7.80 in August 2025 after strong July (22.81%) and August (11.43%) market momentum, before settling at N7.05 at the end of the final trading day of 2025.

December 31, 2025
Knorr spreads happiness, joy across communities across Nigeria

In a celebration that truly captured the spirit of the season, Knorr, Nigeria’s leading seasoning brand, spread yuletide cheer and joy across 21 markets and 30 communities spanning ten cities nationwide.

Through its annual “Share the Good” campaign, the brand reaffirmed its commitment to flavouring lives while celebrating consumers across Nigeria who have trusted the brand to add flavour to everyday meals.

This year, Knorr took the celebration even further, expanding its reach across multiple cities, deepening community engagement, and putting smiles on faces, food in bellies, and joy in the hearts of thousands.

Across markets and communities in Ibadan, Akure, Lagos, Anambra, Enugu, Owerri, Rivers, Delta, Benin and Abia, Knorr created meaningful moments by entertaining customers with cultural troupes, sharing nutritious food, and gifting raffle tickets to lucky shoppers who won Knorr-branded items like microwaves, umbrellas, fanny packs, gas cookers, and more.

The highlight of each market experience was the jollof cook-off, which had the markets cheering with excitement. Two market women were selected at each location to compete in a live jollof cooking competition, and the winners received cooking pot sets and Knorr Wingman Boxes.

Speaking on this year’s “Share the Good”, Damilola Dania, Foods Demand Creation Lead, Unilever Nigeria Plc, said, “At Knorr, we believe the true spirit of the season is found in the connections we create and the happiness we share.

This year’s Share the Good campaign showed that in every market, every community, and every smile we encountered. From bustling marketplaces to communities, we sparked moments of happiness. Our 30-community, ten-city celebration reinforced the powerful role food plays in connection, care, and collective celebration — and we are proud to continue sharing the good across Nigeria.”

Year after year, Knorr continues to show up at the heart of Nigeria’s most meaningful moments, from kitchens to celebrations — and 2025 was no exception. The success of this year’s Share for Good campaign once again affirmed Knorr’s belief that food is far more than a seasoning; it is a connector, a comfort, and a catalyst for shared happiness.

By consistently placing people and communities at the centre of its festive outreach, Knorr transformed markets and neighbourhoods into spaces of celebration, collective pride, and genuine appreciation.

In doing so, the brand renewed its enduring commitment to tasty, memorable moments and sustaining a tradition of sharing the good — one that continues to resonate long after the festive season has passed.

December 31, 2025